Two hedge fund managers are paying $275,000 to settle with the Securities and Exchange Commission over improper mutual fund trading, the Associated Press reports.

Brent Federighi, a former manager for the Ilytat and Gage hedge funds, is paying a $175,000 civil penalty and is banned from working for an investment advisor for 18 months. Michael Hoffman, who founded Ilytat, is paying a $100,000 civil penalty and is also banned from working for an investment advisor for 18 months.

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