Thursday, 2 October 2014
Last updated 13 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...