Thursday, 28 May 2015
Last updated 21 min ago
Jan 28 2008 | 7:53am ET
A Boston-area hedge fund has settled mutual fund market-timing charges, the Securities and Exchange Commission said Friday.
Cambridge, Mass.-based Chronos Asset Management had been accused of using “deceptive tactics” and “false and misleading information to hide Chronos’ identity” to market-time mutual funds. One Chronos trader allegedly opened a variety of accounts, named for his dog, hometown and wife, to facilitate the trades.
The $250 million firm will pay $2 million to settle the charges. In addition, Mitchell Dong, who heads the hedge fund, has been barred from the securities industry for a year.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…