Wednesday, 20 August 2014
Last updated 12 hours ago
Jan 7 2009 | 10:55am ET
A U.S. Court of Appeals has put the kibosh on a former registered representative of broker-dealer Prudential Securities for helping a group of hedge funds place market timing trades on mutual funds.
According to the Securities and Exchange Commission, Justin Ficken and four other former Prudential representatives known as the “Druffner Group” defrauded mutual funds and their shareholders by placing thousands of market timing trades worth more than $1 billion for five hedge fund customers from January 2001 through September 2003.
The group knew that the mutual fund companies monitored and restricted excessive trading in their mutual funds, but it evaded those restrictions by establishing multiple broker identification numbers and disguised its customers' identities by opening numerous accounts.
For his part, Ficken has been ordered to pay $589,854 in disgorgement and pre-judgment interest.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note