SEC Charges Ex-Broker From Wall Street Access
October 9, 2006
The Securities and Exchange Commission has filed civil charges against Gene Mancinelli, a former broker with Wall Street Access, for allowing a hedge fund to place more than 2,000 improper trades in mutual funds between April 2001 and October 2001.
The hedge fund both market timed and late traded the funds, the SEC said, while 12 other clients market timed the funds. Although the mutual funds complained about the activity, Mancinelli ignored them and set up multiple accounts for each client to help them try to conceal the trades, earning $630,000 for himself in 2001.
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