Fund Executive Pleads Guilty To Tampering

Article Abstract:

Fred Alger Management Inc. former executive James Patrick Connelly Jr. will be fined $400,000 and be banned from the securities industry for life in a settlement reached with the Securities and Exchange Commission. The S.E.C. and the New York Attorney General's Office were both involved in an investigation of Mr. Connelly for improper trading of mutual funds and attempting to destroy email correspondence related to those trades. Fred Alger Management Inc. is still under investigation for 'market timing' and the improper trading of mutual funds.

Compromise and settlement, Settlements (Law), United States. Securities and Exchange Commission, New York. Department of Law

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Mutual Fund Ex-Executive Is Sentenced To Prison

Article Abstract:

Former Fred Alger Management senior executive John Patrick Connelly Jr. was sentenced from one to three years for evidence tampering in NY Atty. Gen. Elliot Spitzer's investigation into the company's mutual fund trading. The extent of the sentence reflected the NY Supreme Court's intolerance for white collar obstruction of justice. Even the judge, James Yates, indicated that investigation into improper securities trading was less important than interference with the process of justice.

Justice, Public Order, and Safety Activities, Executive changes & profiles, Rules of Evidence, Officials and employees, Evidence (Law), Securities trading, Market timing

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In Settlement, Alliance Agrees to Cut Fees

Article Abstract:

Alliance Capital has offered to cut its mutual fund management fees by 20% for the next five years. It is part of a settlement the company wants to reach with NY Atty. Gen. Eliot Spitzer for its improper trading in mutual funds. Alliance has agreed also to pay $250 million that will be used to reimburse investors.

Commodity & service prices, Prices and rates, Alliance Capital Management Holding L.P., AC, Company pricing policy

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