SEC Charges Ex-CIBC Broker
Updated from 1:15 p.m.
Securities regulators finally have caught up with Michael Sassano.
More than three years after the mutual fund trading scandal first made headlines, the Securities and Exchange Commission is filing civil administrative charges against Sassano and several of his colleagues. The agency alleges the former broker made millions of dollars executing abusive mutual fund trades for numerous hedge funds.
The complaint charges Sassano, a former CIBC and Oppenheimer (OPY) broker, with collaborating with "numerous hedge fund customers to deceptively market time mutual funds" and improperly executing trades after hours.The SEC is asking an administrative judge to hear the charges against the former broker, who is believed to be living in Russia with his girlfriend. Ira Lee Sorkin, Sassano's attorney, says, he could not comment because "we have not seen the papers and Mr. Sassano has not been served.'' Sassano, 35, has residences in New York and Florida. Sassano's exploits have been
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