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N.Y. Broker Fined $400K For Market Timing Violations

Law360 (November 29, 2007, 12:00 AM EST) -- New York-based broker-dealer Rafferty Capital Markets LLC will have to pay more than $400,000 for allegedly failing to prevent late trading and deceptive market timing practices by its hedge fund customers.

The Financial Industry Regulatory Authority announced sanctions on Thursday which prohibit Rafferty Capital from opening new mutual fund brokerage accounts for new or existing customers for 90 days. The firm was fined $350,000 and ordered to pay about $60,000 in restitution to the AIM and Northern Funds mutual fund families affected by the alleged market...
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