Calugar is alleged to have invested $10 million in one of Franklins funds in exchange for market timing other funds, and in the process, he earned $45 million in profits, at the expense of long-term shareholders.
"We have an outrageous example of a company requiring a quid pro quo, basically a legal bribe, to be market timed," Galvin told the New York Post. "Its truly outrageous that we have a company being the beneficiary of the market timing," he added.
Franklin issued a
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Some financial advisors and tax professionals with high net worth clients could find big advantages before the expiration of provisions of the Tax Cuts and Jobs Act.
Executives say the results show the wisdom of the firm's deliberate decision to focus on high net worth clients.
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It's that time of year again. Here's how to nominate a colleague — or yourself — for Financial Planning's Rising Star awards.
