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Millennium Partners

New York State attorney general, Eliot Spitzer, and the U.S. Securities and Exchange Commission filed charges against the hedge fund for improperly trading mutual funds at the expense of other investors. The company drove up costs for long term investors and defrauded other fund companies from 2000 to 2003 by rapidly buying and selling shares, a practice known as market timing. Millennium Partners is run by Israel Englander who has agreed to pay $30 million towards the $180 million settlement. His management companies will pay $26.6 million and the rest will be paid by the Millennium fund. The money will be used to make restitution to mutual fund shareholders. (Dec-02-05) [INTERNATIONAL HERALD TRIBUNE]


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Published on Dec-19-05


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