Hedge fund companies Haidar Capital Management and Haidar Capital Advisors, along with their over, Said Haidar, have settled mutual fund trading charges by the Securities and Exchange Commission with a fine of $4.58 million. Haidar and his companies, however, neither admitted to nor denied the charges.

The SEC said that the companies earned profits of $3.3 million on $143 million in rapid mutual fund trades between 2001 and 2003 and that to shield its activity, the company created eight subsidiaries to carry out these trades, used broker/dealers with multiple registered representative numbers and also placed trades through variable annuities.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.