Tuesday, 31 March 2015
Last updated 59 min ago
Feb 5 2009 | 12:29am ET
Three former brokers who allegedly helped hedge fund Millennium Partners deceptively market-time mutual funds are now barred from the securities industry on both sides of the Hudson River.
The former Merrill Lynch and UBS brokers, Christopher Chung, Kevin Brunnock and William Savino, the so-called “CBS Group,” signed a consent order with the New Jersey Bureau of Securities, banning them from the industry in the Garden State. In June, the trio were censured and permanently barred by the New York Stock Exchange.
Chung, Brunnock and Savino used a variety of deceptive practices to allow Millennium to continue market-timing despite receiving more than 150 stop notices from mutual funds seeking to end the practice. The trio even ignored an order from their bosses at Merrill to stop the trading. All told, they helped Millennium make some 25,000 short-term trades in mutual fund shares between 2001 and 2003.
“The hard-earned money of investors was put at unnecessary risk by the illegal actions of these individuals,” Anne Milgram, the New Jersey Attorney General, said.
The CBS Group’s New Jersey trading licenses were revoked four years ago. Chung and Savino have agreed to pay $425,000 each in civil penalties, while Brunnock has agreed to pay $300,000; all three neither admitted nor denied the allegations.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…