A former Las Vegas securities broker has agreed to pay $153 million to settle charges alleging he defrauded mutual fund investors through improper late trading and market timing, the Securities and Exchange Commission said Tuesday. Under terms of the settlement, Daniel G. Calugar will relinquish $103 million in ill-gotten gains and pay a civil penalty of $50 million, the largest penalty regulators have imposed on an individual in a late trading and market timing case, SEC officials said.
January 12, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A former Las Vegas securities broker has agreed to pay $153 million to settle charges alleging he defrauded mutual fund investors through improper late trading and market timing, the Securities and Exchange Commission said Tuesday.
Under terms of the settlement, Daniel G. Calugar will relinquish $103 million in ill-gotten gains and pay a civil penalty of $50 million, the largest penalty regulators have imposed on an individual in a late trading and market timing case, SEC officials said.
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