Sunday, 31 August 2014
Last updated 1 day ago
Jan 13 2006 | 9:02pm ET
Daniel Calugar, who ran a registered broker-dealer business, has agreed to pay more that $150 million to settle fraud and market timing charges with the Securities and Exchange Commission. The fine is the largest ever imposed on an individual in a late-trading or market-timing case, according to Randall Lee, director of the SEC's Pacific regional office.
As part of the settlement, Calugar, owner of Las Vegas-based Security Brokerage Inc., will disgorge $103 million in gains and pay a $50 million civil penalty.
"Daniel Calugar's late trading was phenomenally profitable to him and came at the expense of long-term mutual fund shareholders," said Linda Chatman Thomsen, director of the SEC's enforcement division, in a statement. "The magnitude of this settlement reflects both the seriousness of the wrongdoing and the commission's resolve to hold accountable those who defraud mutual-fund shareholders."
The charges against Calugar state that from 2001 to 2003 he made $175 million in profits through improper late trading and market timing. The trades came at the expense of investors in mutual funds managed by Alliance Capital Management and Massachusetts Financial Services.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...