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Ex-Millennium Trader To Pay $570,000 In SEC Suit

Law360 (October 11, 2006, 12:00 AM EDT) -- A former trader at hedge fund Millennium Partners LP was stuck with a steep penalty Wednesday after the U.S. Securities and Exchange Commission determined he had breached a settlement from three years ago.

Steven Markovitz, who is awaiting sentencing, pled guilty in 2003 to late trading. In the settlement from that case, he agreed to a ban on his involvement with an investment advisor to partially resolve the SEC charges.

While Markovitz awaited civil penalties in that matter, the SEC found that Markovitz had launched his...
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