Hedge Fund To Pay $38M In Spitzer Probe

Law360, New York (December 22, 2005, 12:00 AM EST) -- New York Attorney General Eliot Spitzer’s market timing investigation has yielded yet another multi-million dollar settlement, with two Texas hedge funds agreeing to pay $37.7 million to settle allegations of market timing and late trading.

The charges, brought by the U.S. Securities and Exchange Commission, the New York Attorney General’s office, and the Commodities Futures Trading Commission, allege that Veras Capital Master Fund and VEY Partners Master Fund conducted inappropriate mutual fund trades between January 2002 and September 2003.

Also named in the suit were Veras...
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