Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Seligman May Have Violated Rules by Rewarding B/Ds. Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 08, 2004

Seligman May Have Violated Rules by Rewarding B/Ds.

by: Sean Hanna, Editor in Chief

Fund advisor J. & W. Seligman admitted Thursday in an SEC filing that it had entered into one arrangement with a market timer in September. It also revealed that one Seligman employee left the firm in connection with an internal review. However, the New York City-based firm also said that an internal review found no improper trades by its employees.

In the filing Seligman also admitted to compensation arrangements with brokerage firms that may have violated some rules. That finding came after the firm how it had tied some fund orders to buy and sell portfolio securities with brokerage firms that had sold Seligman Funds. Seligman ceased that practice in October.

The SEC filing was precipitated by the SEC asking for information on the firm's review, reported Dow Jones on Thursday.

Seligman officials said in the filing that they will continue to cooperate fully with the SEC. They added that the firm was ending the timing relation even before the scandals first broker on September 3. The review also found three market timing arrangements dating from before the end of September 2002.

The filing also said that Seligman will make restitution to any fund that financially harmed by violations of law or internal policies Seligman employees.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use