SEC Displays Enforcement Commitment in Leveling Record Penalty

Published Friday, January 13, 2006

Daniel Calugar, a former Las Vegas stock trader, settled with the SEC regarding charges involving market timing and late trading of mutual funds. The settlement will require him to pay a record $153 million in penalties. The payments include fines of $50 million and $103 million, which he must turn over as restitution for his of ill-gotten gains. The SEC reported the fine as “the largest amount thus far imposed by the Commission on an individual in a late trading or market timing case.” The SEC alleges Calugar executed the offenses while he owned Securities Brokerage in Las ...

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