4/21/2008
The SEC has continued its action against foreign-based hedge funds with a civil action against London-based Headstart Advisers Ltd. (HAL), alleging that the fund defrauded U.S. mutual fund investors through late trading and deceptive market timing, reaping $198 million in illicit profits in the proc ...
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4/14/2008
The SEC has sued a colorful and well-connected UK hedge fund manager over alleged late trading and market timing in U.S. mutual funds, prompting the group to shut down its funds.The SEC complaintalleges that Lewis Chester, chief executive of Pentagon Capital Management in London, and his firm obtain ...
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2/11/2008
The SEC fined a Chicago-area hedge fund adviser, Ritchie Capital Management, and others a total of $40 million in connection with a late-trading scheme that used time stamps before 4 p.m. to trade after the close."The respondents' attempt to cover their tracks by using falsified order tickets merely ...
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2/4/2008
The SEC fined a hedge fund adviser $1.8 million and ordered disgorgement of $377,000 in a case involving market timing and late trading of mutual funds. The settlement also enjoined Chronos Asset Management and owner Mitchell Dong from further such actions and barred Dong from associating with an in ...
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12/24/2007
We haven't heard the last of market timing for hedge fund clients as the SEC last week announced a $17 million settlement with Morgan Stanley in a case dating back more than four years. The SEC in the previous week filed a complaint against two of the four advisers involved.The advisers drew at leas ...
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09/24/2007
Practices contrary to prospectus disclosures have again tripped up another investment adviser in a market timing case. Evergreen Investment Management Company, three of its affiliates, and a former officer settled an SECenforcement action last week after the Commission found the parties allowed cert ...
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06/18/2007
The SEC last week announced a second fair fund distribution-this time in the amount of $73 million-to another group of investors impacted by fraudulent market timing in the Pilgrim Baxter & Associates, Lad's PBHG Funds. In April an initial distribution of $125 million was made to more than 250,000 i ...
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4/27/2007
The SEC last week announced a $125 million fair fund distribution to more than 254,000 investors who were harmed by market timing in Pilgrim Baxter & Assocs., Ltd.'s PBHG Funds. The distribution is the first in a series of three that will distribute $267 million to more than 384,000 impacted PBHG Fu ...
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3/30/2007
The first-ever criminal action against a hedge fund for deceptive market timing was brought by the SEC last week. Beacon Rock Capital LLC was criminally charged with scheming to defraud mutual funds and their shareholders of $2.4 million. Along with the Portland, Oregon-based hedge fund, Thomas Gerb ...
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1/26/2007
An investment adviser purchased 39 variable annuity contracts and set up dozens of shell trusts and companies to make more than 900 market timing transfers, according to a recent SEC complaint.In its complaint, the SEC alleged that beginning in 2002 John Fife, general partner of Clarion Management, ...
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