Monthly Archives: November 2003
New York Prosecutors Widen Investigation of Improper Mutual Fund Trades
Nov. 22–Federal prosecutors in New York are jumping into the widening investigation of improper mutual fund trades. The U.S. attorney for the Southern District in Manhattan, James Comey, has subpoenaed Bear Stearns & Co. “seeking information regarding trading in shares […]
Weed out funds that fail high standards
THE SAVINGS GAME Weed out funds that fail high standards By HUMBERTO CRUZ Tribune Media Services Saturday, November 22, 2003 As helpless and confused as we may feel about the ever-growing mutual fund scandal, we the individual investors have the […]
QuoteMedia Signs Service Contract and Investor Awareness Campaign with Equity Alliance International
PHOENIX–(BUSINESS WIRE)–Nov. 21, 2003–QuoteMedia, Inc. (OTCBB:QMCI) announced today a contract with leading full-service investor relations firm Equity Alliance International, LLC, to provide acomprehensive range of market data solutions for its extensive network of investors, brokers, market commentators and stock analysts. […]
GIS Way Out Ahead with Functionality to Combat Market Timing
HACKENSACK, N.J.–(BUSINESS WIRE)–Nov. 21, 2003–Global Investment Systems, announced today that its June 2003 release of MSHARE(R) had features in place to combat market timing, once again, provingGIS is the leader in anticipating industry trends and providing for client needs. In […]
US agencies investigate $750m Irish-listed fund
A $750 million (E629 million) hedge fund quoted on the Irish Stock Exchange is under investigation by two US regulatory agencies over its valuation policies. Davy Stockbrokers is the sponsoring broker of the Trinity Fund, which is based in the […]
PBHG Founders Charged in Trading Case
Regulators filed civil fraud charges against the two founders of the Pilgrim Baxter mutual fund family Thursday, saying they made millions for themselves and friends in an improper trading schemethat harmed other fund shareholders. Gary Pilgrim and Howard Baxter were […]
Ex-fund chiefs tied to fraud
Ex-fund chiefs tied to fraud PBHG founders permitted improper trading, regulators say By REED ABELSON AND RIVA ATLAS New York Times Friday, November 21, 2003 Regulators on Thursday accused Gary L. Pilgrim and Harold J. Baxter, founders of PBHG mutual […]
Business & Media: Market forces: Evil influence at Photo Me
Photo-Me International has had a fairly torrid time since the start of the month and last night it became clear exactly who has been exerting the selling pressure. It’s the market’s old friend SimonCawkwell, aka Evil Knievil. This week it […]
Tokyo Stocks Seen Top-Heavy Next Week
Tokyo, Nov. 21 (Jiji Press)–Tokyo stocks are seen top-heavy next week, as buying on expectedly upbeat bank earnings would be countered by unabated position-adjustment selling. Growing concern over terrorism could also check active buying, traders forecast. Major Japanese banks next […]
Old Mutual US arm faces 148m settlement payout
OLD Mutual’s US group Pilgrim Baxter could face settlement costs of $250 million (148 million) over trading violations in the widening mutual funds scandal. US regulators have brought charges against the two founders of Pilgrim Baxter, threatening to make an […]
The Kansas City Star, Mo., Jerry Heaster Column
Nov. 21–FREE TRADE SUCCUMBS TO POLITICS: President Bush is jeopardizing America’s long-term economic health by using protectionist trade policy to further his quest for a second term in the WhiteHouse. Problems with European trading partners over U.S. steel tariffs ruled […]
Wayne, Pa., Mutual Fund Firm, Founders Accused Fraud
Nov. 21–Gary L. Pilgrim and Harold J. Baxter defrauded investors in their PBHG funds, the Securities and Exchange Commission and New York state attorney general alleged yesterday in simultaneouscivil actions. The complaints accuse the founders and their mutual-fund firm, Pilgrim, […]