Thursday, 28 August 2014
Last updated 7 hours 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.”
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 ...