Thursday, 28 August 2014
Last updated 4 hours ago
Dec 1 2008 | 2:04am ET
Paul Flynn, who battled charges that he helped hedge funds illegally trade mutual fund shares and won, has made peace with his former employers.
The Canadian Imperial Bank of Commerce said Friday it had settled a lawsuit brought by Flynn, accusing it of misrepresenting his role in the alleged market-timing and late-trading scheme. Flynn served as managing director of equity investments for CIBC in New York at the time of his arrest in 2004.
As part of the deal, Flynn has “entered into a consulting arrangement” with his former employer.
In a statement, CIBC said it had reached an “amicable resolution” with Flynn, and said it was “sympathetic” to the trouble he has suffered since he was caught up in former New York Attorney General Eliot Spitzer’s investigation into illicit mutual fund trading in 2003 and 2004. The criminal charges against him were dropped last November, with Securities and Exchange Commission civil charges being thrown out in August.
CIBC paid US$125 million to settle the illegal trading charges.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...