Always gotta look out for whistleblowers who know what really goes on in the inside. Hell, many a fortunes were made by exposing inefficiencies in the market place. Long live Capitalism. Edit: What happens to the clowns who give away company secrets? Its been awhile since I've read those about those cases. Ya mean people have wised up or do they get dismissed quietly?
Fund Scandal in New Territory Definition of 'Insider Trading' Broadens By Brooke A. Masters Washington Post Staff Writer Friday, November 7, 2003; Page E01 NEW YORK, Nov. 6 -- The exploding mutual fund scandal makes some regulators and prosecutors wonder if they've uncovered a new kind of insider trading. There is growing evidence that some fund company executives who had access to inside information made short-term personal trades that may have hurt their investors, and nearly a third of large fund families have admitted to the Securities and Exchange Commission that they shared private portfolio information with hedge funds, which are largely unregulated investment pools for the wealthy. [more] Regulators Scrutinize Two More Fund Firms N.Y., SEC Probing Sales At Alliance, Invesco By Brooke A. Masters Washington Post Staff Writer Thursday, November 6, 2003; Page E01 NEW YORK, Nov. 6 -- Two more large mutual fund families are in regulators' sights in the rapidly expanding state and federal probes of improper trading in the $7 trillion industry, sources familiar with the investigations said Wednesday. New York Attorney General Eliot L. Spitzer, who became the first to move against mutual fund abuses in September, is weighing bringing cases against Alliance Capital Management L.P. and the Invesco Funds, a division of Amvescap PLC, for failing to stop improper short-term trading that cut into returns for long-term investors, the sources said[more] . Report: Regulators Investigating Clinton Group November 06, 2003 The Commodity Futures Trading Commission has opened an investigation into the Clinton Group, a $10 billion New York hedge fund firm, to examine whether it misstated the value in its flagship fund and mispriced securities in its portfolio, according to reports. [more] Don't Panic, But Start Selling By James K. Glassman Sunday, November 9, 2003; Page F01 As the scandal in the mutual fund industry spreads, the case for hanging on to funds that engaged in unfair or illegal practices diminishes -- and, in some instances, vanishes into thin air. At Putnam Investments, Lawrence J. Lasser, the chief executive, resigned after securities regulators sued his firm for fraud. Putnam, according to the charges, did little to stop market-timing abuses -- not only by big outside investors but also by its own managers. At Strong Investments, Richard S. Strong, the chairman and founder, resigned after allegations that he himself executed improper trades in his company's funds. At Fred Alger Management, James P. Connelly Jr., the head of fund sales, settled civil charges with the Securities and Exchange Commission for allowing market timing, and then pleaded guilty to obstructing an investigation by New York Attorney General Eliot L. Spitzer, who charged that Connelly asked subordinates to delete potentially incriminating e-mails [more]
Fund Scandal in New Territory Definition of 'Insider Trading' Broadens By Brooke A. Masters Washington Post Staff Writer Friday, November 7, 2003; Page E01 NEW YORK, Nov. 6 -- The exploding mutual fund scandal makes some regulators and prosecutors wonder if they've uncovered a new kind of insider trading. There is growing evidence that some fund company executives who had access to inside information made short-term personal trades that may have hurt their investors, and nearly a third of large fund families have admitted to the Securities and Exchange Commission that they shared private portfolio information with hedge funds, which are largely unregulated investment pools for the wealthy. [more] Regulators Scrutinize Two More Fund Firms N.Y., SEC Probing Sales At Alliance, Invesco By Brooke A. Masters Washington Post Staff Writer Thursday, November 6, 2003; Page E01 NEW YORK, Nov. 6 -- Two more large mutual fund families are in regulators' sights in the rapidly expanding state and federal probes of improper trading in the $7 trillion industry, sources familiar with the investigations said Wednesday. New York Attorney General Eliot L. Spitzer, who became the first to move against mutual fund abuses in September, is weighing bringing cases against Alliance Capital Management L.P. and the Invesco Funds, a division of Amvescap PLC, for failing to stop improper short-term trading that cut into returns for long-term investors, the sources said[more] . Report: Regulators Investigating Clinton Group November 06, 2003 The Commodity Futures Trading Commission has opened an investigation into the Clinton Group, a $10 billion New York hedge fund firm, to examine whether it misstated the value in its flagship fund and mispriced securities in its portfolio, according to reports. [more] Don't Panic, But Start Selling By James K. Glassman Sunday, November 9, 2003; Page F01 As the scandal in the mutual fund industry spreads, the case for hanging on to funds that engaged in unfair or illegal practices diminishes -- and, in some instances, vanishes into thin air. At Putnam Investments, Lawrence J. Lasser, the chief executive, resigned after securities regulators sued his firm for fraud. Putnam, according to the charges, did little to stop market-timing abuses -- not only by big outside investors but also by its own managers. At Strong Investments, Richard S. Strong, the chairman and founder, resigned after allegations that he himself executed improper trades in his company's funds. At Fred Alger Management, James P. Connelly Jr., the head of fund sales, settled civil charges with the Securities and Exchange Commission for allowing market timing, and then pleaded guilty to obstructing an investigation by New York Attorney General Eliot L. Spitzer, who charged that Connelly asked subordinates to delete potentially incriminating e-mails [more]