Spitzer Indicts Another Broker For Late Trading

Sep 22 2006 | 12:10pm ET

New York Attorney General  (and Democratic candidate for governer of the Empire State) Eliot Spitzer will force us to eat some crow. In spite of our prediction last week that the late-trading/market-timing scandal was winding to a close, the AG found a new broker to throw the book at.
James Wilson of Manhattan was indicted on 11 counts related to his alleged role in making late trades of mutual fund shares for hedge fund clients of Trautman Wasserman & Co.

Janus Capital Group got in trouble last month for allegedly bending its rules regarding market-timing for Trautman customers.

If convicted, Wilson, who’s out on bail, faces four years in prison.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…