It's a sad but familiar story on Wall Street - a former top dog hauled away in handcuffs after crossing a legal line. Yet the arrest of former Deutsche Bank structured finance co-head Kevin Ingram on June 12 will certainly pass into Wall Street legend as the first time a Street executive was nabbed for alleged involvement in an arms sales scheme that included the sale of hand-held missiles to an unknown country.

The strangeness of the arrest left many Wall Street veterans mumbling to themselves last week, as Ingram had been a high-profile figure in the 1990s structured finance markets. "It's a complete shock," said one longtime mortgage professional who had worked with Ingram for years.

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