Tuesday, 22 July 2014
Last updated 1 hour ago
Mar 22 2007 | 11:48am ET
The Securities and Exchange Commission has distributed the $38 million it collected from a Texas hedge fund accused of illegally market-timing and late-trading mutual funds.
Approximately 810 mutual funds that the SEC says were victims of Veras Investment Partner’s scheme received a share of the Fair Funds, which represents all of the money in disgorgement and civil penalties paid by Sugar Land-based Veras and its managing members, Kevin Larson and James McBride.
Veras and its principals settled the SEC’s charges in December 2005, without admitting or denying the accusations. In its settlement order, the agency said that Veras had for almost two years used deceptive tactics to continue market-timing after it had been caught by mutual funds, in addition to its late-trading activity.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…