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Univ. of Toledo College of Law

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Friday, June 29, 2007

SEC Settles Market Timing Charges with Former Trautman Wasserman Officer

On June 29,  the  SEC  settled an administrative hearing with Jerome Snyder, the former Chief Administrative  Officer of Trautman Wasserman & Company, Inc. (TWCO).  The SEC alleged that Snyder participated in a scheme to defraud  mutual  funds  through  deceptive market timing. Snyder received  numerous warning or kick out letters from mutual funds requesting TWCO to  stop market timing, but Snyder did not stop the market timing as the  funds requested. Instead, Snyder signed numerous account opening  forms  for TWCO and assisted in procuring multiple broker numbers  for  two  TWCO brokers, who then used the multiple accounts  and  broker  numbers  to deceive mutual funds about the identity of their customers in order to market time mutual funds.

   

http://lawprofessors.typepad.com/securities/2007/06/sec-settles-mar.html

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