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Advantages and Disadvantages of Mutual Funds
Outlined below are some of the advantages and disadvantages of mutual funds. Every investment has advantages and disadvantages. But it's important to remember that features that matter to one investor may not be important to you. Whether any...
Exchange Traded Funds: 7 Reasons They Beat Most Mutual Funds
There’s been a lot of recent talk in the financial press about exchange traded funds, or ETFs. Some of you may already be familiar with them, but my guess is for most individual investors, the term “exchange traded fund” is just another bunch of...
Optimize Portfolio Performance with Equity Styles
1) Equities can be grouped into six "equity styles"
2) Returns of each equity style can vary significantly with trends persisting for months and years.
3) By dynamically altering a portfolio's exposure to various equity styles, investors can...
Services For Retirement Planning
Retirement Planning Services
Financial advice is literally everywhere. Everybody has an
opinion to give it seems, friends, family, neighbors and even
strangers. A lot more people therefore are going to financial
planners. They consult these...
Where to invest your money
If you are new to investing, or even if you've been playing the market for a while, investment options can be overwhelming. Stocks, bonds, mutual funds. How do you pick the best place to invest your money? That's quite a decision!
Here are some...
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Peter Scannell - Market Timing Whistle Blower
In March 2000, Peter Scannell had only a fundamental knowledge of how a mutual fund company worked. Despite this, he got a job at Putnam Investments' call center in Quincy , Massachusetts .
Peter Scannell was only working there a short time when he became aware of efforts by outside investors to make rapid trades in and out of Putnam.
Calls would flood the call center in the late afternoons between 3 and 4 pm. The trades were made by eager investors ready to make huge transfers, reflecting a practice known as market timing.
When U.S. stocks surged, the boilermakers bought into funds composed of foreign companies, which had finished trading before prices for those funds were set at 4 p.m. They were betting that the international markets would follow Wall Street's trajectory the next day, scoring them a quick profit.
Market timing is not illegal. However, it can erode the gains of long-term investors.
Scannell says he told supervisors he thought the transfers might be against the National Association of Securities Dealers' rules. His supervisors laughed at him saying it was not his concern and that it wasn't illegal.
With this Scannell told his bosses he would no longer accept
transfers from known market timers. His bosses were furious.
Two days later, Scannell was hit in the head with a brick by a man wearing a "Boilermakers Local 5' sweatshirt. The Boilermakers Local 5 union were one of the groups known to Scannell as engaging in the market timing scandal.
Undeterred, Scannell went to the Boston office of the Securities and Exchange Commission. Five months went by. The agency didn't act on his tip, even though he had documents that backed up his claims which he had taken the day after he quit.
Finally, the Massachusetts regulators stepped in. They determined that in the last three years at least 28 of the unions members made between 150 and 500 trades, scoring gains of up to $1 million each. The investigators also zeroed in on two e-mails from the firm's internal monitors: It appeared they had been aware of the troublesome activity since the spring of 2000.
This led to state civil fraud charges against Putnam, the resignation of its CEO, Lawrence Lasser, and the withdrawal of more than $20 billion from its funds.
About the Author
Founder of corporatenarc.com. corporatenarc.com is dedicated to exposing corporate and business scandals, scams, fraud and deception.
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