SEC Blasts Hedge Fund Over Alleged Late Trading

Law360, New York (June 27, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has charged a hedge fund advisory firm, its owner and the top trader with illegally reaping $57 million in profits by engineering a plot through which hundreds of mutual funds committed illegal late trading.

On Wednesday, the U.S. Securities and Exchange Commission filed suit in the U.S. District Court for the Southern District of New York, charging Robert Simpson, trader John Dowling and Simpson Capital Management Inc. with carrying out more than 10,000 late trades.

“By fraudulently late trading, the...
To view the full article, register now.