As part of an investigation into market-timing schemes, Millennium Partners will pay $121.4 million in "ill-gotten revenues," its founder will pay $30 million in civil penalties and two management companies will pay $26.6 million, New York Attorney General Eliot Spitzer said Thursday. The agreement is the first major settlement involving a hedge fund for Spitzer and the SEC, who have been investigating similar market-timing schemes in mutual funds that benefit insiders at individual investors' expense.
Millennium Partners, Execs to Pay $180M in Hedge Fund Probe
The Associated Press
December 2, 2005