Ex-CIBC Brokers Accused Of Market-Timing
The SEC has initiated proceedings against Michael Sassano and Dogan Baruh, claiming the two former brokers worked with hedge funds to make a series of rapid trades using mutual fund accounts.
Market-timing, which involves making short-term trades with high frequency, is not necessarily illegal, but is prohibited by many mutual funds.
“Mutual funds, for example, repeatedly detected...
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