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...
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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

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