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Rating:SEC Files Charges Against Brokerage Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, December 23, 2003

SEC Files Charges Against Brokerage

by: Nicole Halsey

Security Brokerage, Inc., a Las Vegas brokerage firm, and its president, Daniel Calugar, have been charged with improper mutual fund trading by SEC, Reuters reports.

According to the SECís complaint, from 2001 to 2003 Calugar gained about $175 million in profits from late trading and market timing through Security Brokerage of mutual funds primarily managed by Alliance Capital Management (AC) and by Massachusetts Financial Services (MFS). The SEC is seeking disgorgement and fines from the firm.

The suit also alleges that Calugar attempted to transfer $50 million of proceeds out of MFS the same day the SEC brought enforcement action against Alliance. According to a civil complaint filed in a federal court in Las Vegas, the SEC is seeking disgorgement and fines from the firm.  

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