Fund Cops Finally Nail Millennium Partners
Updated from 12:04 p.m. EST
Millennium Partners, Israel Englander's $5 billion hedge fund, agreed to pay $121 million Thursday to settle charges that it used abusive trading strategies to harvest millions of dollars in tainted profits from mutual funds.
Englander, the storied arbitrager and onetime partner of Boesky-era trading legend John Mulheren, will pay an additional $30 million in civil penalties. Two management companies he controls will pay $27 million more. The $180 million settlement was announced Thursday by New York Attorney General Eliot Spitzer and the Securities and Exchange Commission.
Many of the details of Millennium's involvement in the mutual fund scandal were first reported by TheStreet.com, including early trepidation among its investors when the scandal broke, word that it had set up a legal reserve to cover a settlement, and a bizarre scheme to game variable annuities involving phony doctor's visits. ...
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