Former CIBC Broker To Pay $1M In Market Timing Case

Law360, New York (July 22, 2008, 12:00 AM EDT) -- A former CIBC World Markets Corp. broker has agreed to pay a $1 million civil penalty to put to rest market-timing claims brought by the U.S. Securities and Exchange Commission.

The SEC issued a settled order against Michael Sassano on Friday, in which Sassano agreed to pay $1 in disgorgement, plus the hefty civil penalty, without admitting or denying the commission’s allegations that he participated in a scheme to defraud mutual funds.

The SEC initiated proceedings against Sassano and a second broker, Dogan Baruh, as well...
To view the full article, register now.

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.