Sunday, 26 June 2016
Last updated 1 day 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.