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The SEC also said that while they initially submitted at least 52 late-trade mutual fund orders through broker/dealer JB Oxford Holdings, they later created sham third-party 401(k) administrators to submit $268 million worth of late trades on behalf of their hedge fund clients to
The five have each been barred from the industry for five years and fined a total of approximately $340,000 in disgorgement and interest. Byck’s fine is more than $143,000, Cole’s and Summer’s $37,000 each and Irwin and Price $61,000 each. However, the SEC is waiving $22,838.69 of Irwin’s and Price’s fine due to their sworn testimonies as to their financial conditions.
All five consented to the order without admitting or denying the findings.