Spitzer Probe Into Illegal Trading Snags Calugar

Law360, New York (January 26, 2006, 12:00 AM EST) -- A former securities broker has pled guilty to a criminal charge of defrauding mutual fund investors, just two weeks after he agreed to disgorge $153 million to settle civil charges. The deal, which comes as a virtual warning to players in the mushrooming mutual fund scandal, crowns an aggressive probe by New York Attorney General Eliot Spitzer into illegal trading.

Daniel Calugar, former president and majority owner of the now-defunct Securities Brokerage Inc., pled guilty Wednesday to one felony count of violating state securities law through...
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