Hedge Fund Principal Settles Late Trading Charges

The SEC settled late trading charges against Michael Carl Hoffman, a principal of a  hedge fund known as Ilytat (formerly  based  in  San  Francisco).  The SEC alleged that Ilytat engaged in late trading of
mutual fund shares through Bear Stearns from about 2000 through  2002 and that Ilytat's clearing broker, Bear Stearns,  provided Ilytat with direct access to its mutual fund order entry system, which
allowed Ilytat to late trade, or  place  orders  to  buy,  redeem,  or exchange mutual fund shares after the 4:00 p.m.  Eastern  time  market close while still receiving  the  current  day's  mutual  fund  price.
The Order requires Hoffman to pay a civil monetary penalty of  $100,000.