Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

JB Oxford Holdings Settles With SEC for $2.1 Million

JB Oxford Holdings' trade processing unit, National Clearing Corp. (NCC), has agreed to pay $2.1 million to the Securities and Exchange Commission over allegations of abusive mutual fund trading. NCC allegedly facilitated late trading and market timing in mutual fund shares, for which it is paying a $1 million fine and will reimburse clients up to $1.1 million.

Three former NCC executives have also settled with the SEC. James G. Lewis, former CEO, agreed to pay $200,000 and is banned from the brokerage industry for five years. Kraig L. Kibble, former director of compliance, will pay $50,000 and has been banned for four years. James Y. Lin, former vice president of correspondent services, agreed to a $35,000 fine and a three-year ban.

(c) 2006 Money Management Executive and SourceMedia, Inc. All Rights Reserved.