August 22, 2007
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.
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