Ex-CIBC Supervisors Settle SEC Market Timing Cases

Law360 (May 30, 2008, 12:00 AM EDT) -- Two ex-CIBC World Markets Corp. supervisors have settled regulators' civil charges of aiding and failing to supervise properly two CIBC brokers who violated federal securities laws by engaging in market timing with mutual fund accounts.

On Wednesday, the U.S. Securities and Exchange Commission accepted agreements submitted by Robert Okin, former head of CIBC’s private client-services arm, and R. Scott Abry, a former branch manger, concluding internal administrative proceedings against the two.

The SEC initiated proceedings against Okin, Abry and the brokers, Michael Sassano and Dogan Baruh,...
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