New York (Sept. 26, 2003) -- Federal regulators, using newfound authority granted them by the Sarbanes-Oxley Act, arrested a former Ernst & Young partner Thursday and charged him with obstructing justice by altering and destroying audit work papers.

Thomas C. Trauger, a former E&Y partner, was arrested by FBI agents on criminal charges for obstructing investigations by the Securities and Exchange Commission and the Comptroller of the Currency.

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