SEC Slaps Broker With Record $153M Fine

Law360, New York (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.

Related

Sections

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

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.