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Millennium Partners will pay $121.4 million in “ill-gotten revenues,” its founder, Israel Englander, will pay $30 million in civil penalties and two management companies will pay $26.6 million under an agreement in a New York and federal investigation into market-timing schemes, New York Attorney General Eliot Spitzer said Thursday.

The agreement is the first major settlement involving a hedge fund for Spitzer and the U.S. Securities and Exchange Commission. They have been investigating similar market-timing schemes in mutual funds that benefit insiders at the expense of individual investors.

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