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December 30, 2003 at 07:00 PM
Dec. 23, 2003 — The SEC said it filed civil fraud charges against Las Vegas-based Security Brokerage Inc. and its president and majority owner, Daniel Calugar, for defrauding mutual-fund shareholders through improper late trading and market timing.
The SEC charged that from at least 2001 to 2003, Calugar, trading through Security Brokerage, reaped profits of approximately $175 million from improper late trading and market timing, principally through mutual funds managed by Alliance Capital Management and Massachusetts Financial Services.
