Wednesday, 6 May 2015
Last updated 14 hours ago
Jan 16 2007 | 4:01pm ET
A former trader at hedge fund Millennium Partners has avoided jail time by cooperating with investigators in the mutual fund after-hours trading scandal that rocked the financial community back in 2003.
Steven Markovitz was sentenced to five years probation and 300 hours of community service on Tuesday for his role in late-trading at Millennium. A probe into the illegal practice of trading mutual funds after the closing bell was spearheaded by then-New York Attorney General Eliot Spitzer, who now serves as the state’s governor.
Thomas Fitzpatrick, a lawyer for Markovitz, said that he thought the sentence was appropriate, and that it reflected the fact that his client has cooperated with regulators.
Millennium coughed up $180 million in penalties in late 2005 in order to end Spitzer’s probe of the firm. Over the last few years, the attorney general's office has reportedly recovered more than $4 billion in similar settlements from the industry.
“I'm here today because 3½ years ago, I broke the law,” Markovitz said. “At the time I believed this practice was in a gray area and did not understand I was committing a felony.”
Markovitz has also agreed to be permanently barred from working with a registered investment company.
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…