Millenium Partners May Write Spitzer $100 Million Check
According to Fortune, Eliot Spitzer is about to milk the mutual fund timing scandal for another big chunk of change. The magazine cites “people close to the case” saying that Millenium Partners’ secretive founder Izzy Englander is close to a $100-million-plus settlement with the Attorney General. Fortune’s sources claim that the firm concocted a byzantine web of thousands of mutual fund accounts and variable annuity accounts in a scheme that netted the firm hundreds of millions of dollars in profits. Englander, who’s reportedly worth $1 billion and resides at storied 740 Park Avenue, may also be facing a charge of failing to supervise his brokers. “There was systematic, organized, pervasive wrongdoing on a huge scale at Millennium,” claims one of the sources. Millennium spokesman Thomas Daly counters: “There was no fraud whatsoever.”
Damaged Goods [Fortune]
Millenium Nears Pact [Wall Street Journal]
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