Nearly seven years after then-NYAG Eliot Spitzer started his investigations into market-timing trades at mutual funds, the SEC has finished returning more of the ill-gotten funds to mutual fund investors.
The SEC used an eleven step distribution plan to return $178 million of assets collected from hedge funds timing mutual funds. More than 1,000 mutual funds and annuities received distributions from the fund. [pdf of the SEC distribution plan
ďThe total distribution of more than $178 million in this case further demonstrates the SECís commitment to holding wrongdoers accountable and recovering funds for injured investors from illegal activity,Ē said George Canellos, Director of the SECís New York Regional Office.
The distributions are part of the Millennium Fair fund (Millennium was one of the hedge funds) that is admistered by Boston Financial Data Services for the SEC. Joe Grundfest, a former SEC commissioner and the "independent distribution consultant" (IDC) to the Millennium Fair fund, to oversaw the distribution provess.
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