, Execs Settle With SEC For $5M

Law360, New York (September 28, 2007, 12:00 AM EDT) -- Online mutual fund trader 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,, 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



Illinois Southern

Nature of Suit


Michael J. Reagan

Date Filed

March 23, 2000

Government Agencies

UK Financial Services

UK Financial Services

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