Thursday, 24 July 2014
Last updated 13 hours ago
Jun 29 2007 | 11:37am ET
The Securities and Exchange Commission has filed civil fraud charges against hedge fund shop Simpson Capital Management along with founder Robert Simpson and head trader John Dowling.
Between May 2000 and September 2003, Simpson and Dowling allegedly defrauded hundreds of mutual funds and their shareholders of approximately $57 million when they placed thousands of illegal late trades after the close of the market, according to the SEC.
The duo used five separate introducing broker-dealers to place more than 10,700 trades in over 375 mutual funds with some trades being placed as late as 5:45 p.m. Simpson and Dowling both earned some $19 million and $996,000 respectively during this period.
The SEC is seeking permanent injunctions, disgorgement of all ill-gotten gains together with prejudgment interest, and civil monetary penalties.
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…