|
|
Article: Securities and Exchange Commission Adds Voice to New York's Mutual-Fund Query.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- September 7, 2003
CopyrightCOPYRIGHT 2003 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Joseph N. DiStefano
Sep. 7--One of the most persistent doubts facing the stock market is the fear it's rigged in favor of insiders and their wealthiest clients.
That suspicion got a chilling confirmation last week when New York State Attorney General Eliot Spitzer said dozens of mutual-fund companies had accepted payments for letting an unregulated investment fund for millionaires trade securities at times and prices not available to smaller investors, enriching its clients at their expense.
Canary Capital L.P., a Secaucus, N.J., hedge fund, on Thursday agreed to pay $40 million in restitution and fines to settle Spitzer's civil-fraud ...