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SEC Penalizes Brokerage Firm For Fund Trades

Law360 (October 16, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has come down against registered broker-dealer Wall Street Access for allegedly letting its hedge fund clients market time mutual funds.

The SEC also said Friday that the brokerage firm permitted one unnamed hedge fund client to take part in the late trading in mutual funds. From April through October 2001, Wall Street Access allegedly accepted and carried out more than 2,000 late trades for that customer, and broker Gene Mancinelli routinely allowed the customer to take part in late trading....
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