Daniel Calugar, the former owner of the broker/dealer Security Brokerage, agreed to pay $103 million in ill-gotten gains and a civil penalty of $50 million to settle charges of late trading and market timing, the Securities and Exchange Commission announced last week. The civil penalty is the largest the SEC has imposed on any person or company in the mutual fund trading scandal to date.

Calugar and his firm, which closed its doors in November 2003, consented to the judgment before the United States District Court for the District of Nevada without admitting or denying the allegations. Calugar also agreed to be permanently banned from working at any broker/dealer.

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