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

Law360 (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...
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