Sep 8 2006 | 12:00am ET
As the days get shorter and regulators prepare for whatever scam or fraud may hit in the fall, prosecutors, lawyers and defendants have been putting a bow on several long-running legal dramas.
After three years, the improper mutual fund trading scandal seems to be on its last embers. The Securities and Exchange Commission this week said it would not appeal the dismissal of its case against Paul Flynn, marking the end on his two-year odyssey through the halls of justice.
Or, in this case, perhaps, injustice: Flynn was arrested in February 2004 and charged criminally by New York Attorney General Eliot Spitzer and civilly by the SEC for his alleged role in helping a pair of hedge funds late-trade mutual fund shares. But in November, Spitzer dropped the charges, saying he found two officials from electronic trading firm Security Trust Co. “significantly more morally culpable.” Then, last month, Administrative Law Judge Robert Mahony tossed the SEC’s case, saying Flynn had no idea he was abetting improper trading. Flynn’s attorney told the Journal News of White Plains, N.Y., that Flynn will seek to get back his job as managing director of equity investments at the Canadian Imperial Bank of Commerce.
Mar 17 2014 | 9:30am ET
“Transparency” has become a touchstone for investors in the post-Madoff world but, according to Carl Lingenfelter, chief administration officer at Northern Trust Hedge Fund Services, it's a concept that has evolved over the past five years from fraud protection to risk management to investment performance. Read more…
Mar 10 2014 | 11:33am ET
A huge thank you to all of the people who helped make last Thursday’s HFC NY Open Your Heart to the Children Benefit such a success. The charity gala raised nearly $2 million to prevent and treat child abuse in New York, New Jersey and Connecticut. Read more…