But his work with the Colombian debt did not end there. In March 1991, the indictment charges, Young set up a company, Y & A Holdings "as a vehicle for Daniel Young and others to profit from the Colombian asset and other [less developed country] debt."

Official explanations of Young's record at Manufacturers and his communications with the Business School have been non-existent. Piper and other Business School officials were tight-lipped on the specifics of Young's case, and officials at Chemical Bank, which now owns Manufacturers Hanover, also declined to answer specific questions about the case last week.

After graduating from the University of Pennsylvania in 1985, Young went to work at Manufacturers, becoming a senior trader and vice president who worked in a special unit to invest and trade debts of for- eign companies.

The indictment charges that he induced Manufacturers to sell a stake in Colombian debt to Tritech, a company in which Young allegedly had a financial interest, because Young knew the debt was about to be restructured.

Tritech's exact financial status is unknown. But in a March article, Harbus, the Business School's student newspaper, quoted sources familiar with the Young case as saying that Tritech may have been involved with BCCI, an international bank which laundered billions of dollars between foreign governments and overseas bank accounts.

In an apparent attempt to distance the Business School from the indictment, a spokesperson for the school told the New York Times last week that the activities for which Young was indicted occurred in 1990 and 1991 before he was a student at the school.

The indictment, however, directly contradicts that statement and lists three transactions made by Y&A in the 1991-92 academic year, while Young was a student here. Business School spokesperson Loretto F. Crane, the only school employee authorized to speak with the press, did not return repeated telephone calls on Friday.

Despite their silence, Crane and others know that Young, like Cecola before him, is no ordinary Business School student. Both have played in the same den as many of the biggest thieves in the world of finance