Mass. Hedge Fund Settles Market-Timing Charges

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.

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