Mutuals.com, Execs Settle With SEC For $5M

Law360, New York (September 28, 2007, 12:00 AM EDT) -- Online mutual fund trader Mutuals.com has agreed to pay the U.S. Securities and Exchange Commission $5 million to settle allegations that the company facilitated market timing and late trading by a handful of institutional investor clients.

As part of a settlement, reached Sept. 26, Mutuals.com, along with affiliated broker-dealers Connely Dowd Management Inc. and MIT Fundcorp Inc., has been ordered to disgorge $4,580,798 plus prejudgment interest of $1,042,492, and to cease and desist from any future violations.

However, based on the company's statement of financial condition,...
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Case Information

Case Title

USA v. Hinojosa, et al


Case Number

4:00-cr-40031

Court

Illinois Southern

Nature of Suit

Judge

Michael J. Reagan

Date Filed

March 23, 2000

Government Agencies

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