Two former fund managers at
Scott is paying disgorgement of $489,439 plus $159,474 in interest and a civil penalty of $400,000, for a total of $1,048,914 to be split evenly between the SEC and the
Kamshad is paying $57, 157 in disgorgement, plus $13,709 in interest and a civil penalty of $400,000, for a total of $470,866, also to be split between the two regulators. Kamshad has also been suspended for 12 months.
Scott’s attorney, Jack Silvia of
“We believe the SEC’s offer reflects the strength, or lack thereof, of the case against Mr. Kamshad. Mr. Kamshad is very pleased to put this matter behind him.”
Rather than charging the two with market timing, the SEC characterized their actions as excessive “short-term trading” of mutual funds between 1998 and 2003.