HedgeCo.Net (New York) – State Attorney General Eliot Spitzer sued Samaritan Asset Management Services Inc, their advisors, Johnson Capital Management Inc, and Edward Owens, a principal at the hedgefund.<\/p>\n
The company allegedly engaged in a fraudulent mutual fund market-timing scheme. The defendants secretly \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cpiggy-backed\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d their trades on the investment accounts of retirement plans. The suit claims that the market timing trades hurt long-term investors and the suit seeks restitution and an order to stop them from carrying out improper trades. <\/p>\n
Last month Spitzer also sued the mutual fund manager J. & W. Seligman for the same practice, contending that it owes investors $80 million in compensation for improper market-timing trades. In July, Waddell & Reed Financial Inc., one of the nation\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s oldest mutual fund management companies, agreed to pay $50 million to settle Spitzer\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s investigation into improper trading. <\/p>\n
That was the 19th settlement for Spitzer since he began the mutual fund investigation in 2003. Investors have received $3.4 billion in restitution under the settlements, Spitzer said. <\/p>\n
Market timing involves rapid in-and-out trades that can disadvantage ordinary shareholders by diluting the value of their shares. It\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s not illegal but it\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s prohibited by many funds, as any standard that favors one investor at the expense of another tends to undermine the credibility of the industry. <\/p>\n
Alex Akesson HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! <\/p>\n Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a> <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" HedgeCo.Net (New York) – State Attorney General Eliot Spitzer sued Samaritan Asset Management Services Inc, their advisors, Johnson Capital Management Inc, and Edward Owens, a principal at the hedgefund. The company allegedly engaged in a fraudulent mutual fund market-timing scheme. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5296","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=5296"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5296\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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HedgeCo.Net
Email: Editor@hedgeco.net<\/a> <\/p>\n