We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

SEC Slaps Broker With Record $153M Fine

Law360 (January 10, 2006, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has imposed its largest fine to date in the investigation of mutual fund trading abuses, ordering Daniel Calugar to pay $153 million to settle allegations of late trading and market timing.

Calugar will pay $103 million in disgorgement and a $50 million civil fine. Caluger has already paid $71 million to settle a class action suit filed against him, said Michele Wein Layne, Associate Regional Director of the SEC’s Pacific Regional Office.

As part of the penalty, Calugar will also...
To view the full article, register now.



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

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.