Law360, New York (January 10, 2006, 12:00 AM ET) -- The U.S. Securities and Exchange Commission has imposed its largest fine to date in the investigation of mutual fund trading abuses, ordering Daniel Calugar to pay $153 million to settle allegations of late trading and market timing.
Calugar will pay $103 million in disgorgement and a $50 million civil fine. Caluger has already paid $71 million to settle a class action suit filed against him, said Michele Wein Layne, Associate Regional Director of the SEC’s Pacific Regional Office.
As part of the penalty, Calugar will also...
SEC Slaps Broker With Record $153M Fine
To view the full article, take a free trial now.
