- Money Management Executive
Lawyers and investigators predict that due to the recent hedge fund scandals, most recently the collapse of Bayou Management and the suspected fraud at Wood River Capital Management, investors are more likely to take precaution before entering into the industry, Reuters reports.
October 14 - Money Management Executive
Charles Schwab announced Thursday that its funds are now being made available to third parties through clearinghouses and brokers outside of the company.
October 14 - Money Management Executive
L. Douglas Schmidt, the former chief operating officer of hedge fund Durus Capital Management, pleaded guilty Wednesday in U.S. District Court in Bridgeport, Conn., to charges that he manipulated two stocks, which led to a profit of $40 million for Durus, The Wall Street Journal reports. Schmidt also admitted responsibility for filing false statements with the Securities and Exchange Commission,
October 14 - Money Management Executive
Standard and Poor's has introduced new "style" and "pure style" indexes to provide investors with a better look at true growth and true value stocks, but the differentiation - which will soon be available through index, exchange-traded and mutual funds - may be lost on the average investor, The Wall Street Journal reports.
October 13 - Money Management Executive
The U.S. Attorney's Office for the Southern District of New York charged Refco CEO Phillip R. Bennett Wednesday with securities fraud, and charges from the Securities and Exchange Commission were also said to be pending against the nation's ninth-largest futures brokerage firm.
October 13 - Money Management Executive
The Securities and Exchange Commission and the New York Stock Exchange have alerted A.G. Edwards Inc. they intend to impose disciplinary action against the firm, A.G. Edwards indicated in an SEC filing. The SEC has issued a "Wells Notice" telling the brokerage firm it is likely to bring a civil injunctive action against the firm for allowing clients to market time mutual funds prior to October 2003.
October 13 - Money Management Executive
The Securities and Exchange Commission and the New York Stock Exchange have alerted A.G. Edwards Inc. they intend to impose disciplinary action against the firm, A.G. Edwards indicated in an SEC filing. The SEC has issued a "Wells Notice" telling the brokerage firm it is likely to bring a civil injunctive action against the firm for allowing clients to market time mutual funds prior to October 2003.
October 13 - Money Management Executive
Theodore C. Sihpol III, a former broker with Bank of America Corp., is about to reach a settlement with the Securities and Exchange Commission for permitting hedge fund Canary Capital Parners to conduct improper mutual fund trades, and it is likely to include a fine and a banishment from the securities industry, people familiar with the matter said. The SEC originally brought its charges against Sihpol two years ago.
October 13 - Money Management Executive
The Investment Company Institute has selected Martin L. Flanagan, president and CEO of AMVESCAP, as chairman of the institute for one year, replacing James S. Riepe, who will continue to serve as vice chairman of ICI.
October 13 - Money Management Executive
Theodore Sihpol III settled with the Securities and Exchange Commission Wednesday for a $200,000 fine and a five-year ban from the securities industry. While he neither admitted nor denied the charges and still faces civil charges, the settlement, as some observers had expected, bought him leniency from New York Attorney General Eliot Spitzer, who dropped the final four criminal charges against the former Bank of America broker.
October 13