Saturday, 23 May 2015
Last updated 16 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…