A Drop in the Late-Trading Bucket

Barely a drop in the bucket of the late-trading windfall for securities regulators, Morgan Keegan agreed to a $500,000 fine and a slap on the wrist to settle with the SEC on Wednesday. The Memphis-based firm did not admit nor deny allegations that its Dallas branch office executed about 90 trades in mutual funds after the market closed at 4 p.m. Eastern time. The SEC claimed that the trades, made over a five-month period in 2003, were done on behalf of a Houston hedge fund advisor and were limited to certain funds in two mutual fund families. Neither the hedge fund advisor nor the mutual funds were identified by name.
Morgan Keegan Agrees to Settle [MarketWatch.com]

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