Sunday, 28 December 2014
Last updated 3 days ago
Dec 19 2007 | 12:08pm ET
Morgan Stanley has agreed to pay $17 million to settle charges that it allowed hedge fund clients to deceptively market-time mutual funds four years ago.
The Securities and Exchange Commission had charged the firm with failure to supervise four employees who allegedly set up multiple accounts for hedge funds to allow them to skirt mutual funds’ market-timing protections in 2002 and 2003.
Two of those former financial advisers, Darryl Goldstein and Christopher O’Donnell, were charged by the SEC last week; a third, Marc Plotkin, has settled with the agency for $90,000 without admitting or denying the charges. The fourth adviser has not been identified.
Morgan Stanley consented to the settlement without admitting or denying the charges.
“Morgan Stanley is please to settle this matter involving the behavior of four Financial Advisors that occurred more than four years ago,” the firm said in a statement. “We have since adopted new policies and procedures to detect and prevent market-timing and late-trading.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.