New York and the SEC are investigating whether Alliance permitted Canary Capital Partners and Las Vegas Daniel Calugar to market time its funds and may press charges. Calugar reportedly moved more than $100 million in and out of Alliance Capital funds in return for investing $20 million in some of Alliances hedge funds. The Times left an unanswered message for Calugar at a number in Ponte Verda Beach, Fla.
Meanwhile, New York Attorney General Eliot Spitzer is reportedly investigating Deutsche Bank, which owns Scudder Investments and Invesco Funds, late trading and market timing. The bank issued a statement yesterday saying: "To our knowledge, no regulator has targeted Deutsche Bank in these industry-wide inquiries."