Hedge Fund Managers Settle Late Trading Charges

Law360, New York (August 23, 2007, 12:00 AM EDT) -- Two former hedge fund managers at Ilytat have agreed to pay a combined $275,000 to settle charges that they used clearing broker Bear Stearns Cos. Inc. to make mutual fund trades after the close of the market.

Under the settlements, reached Wednesday, Ilytat founder Michael Hoffman will pay a $100,000 civil penalty, while Brent Federighi, a former hedge fund manager for Ilytat and then later Gage Capital, will pay a $175,000 penalty. Both were also banned from working as an investment advisor for 18 months, and...
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