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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...
Americans Face Serious Risk for Outliving Their Retirement Savings
(ARA) - As Baby Boomers creep ever closer to their golden years, they face unprecedented challenges to their future financial security. Retirement nest eggs have eroded considerably since the equity bubble burst on the bull market of the 1990s....
Does Your Life Include a RIPE Plan?—Planning Tips for Retirement, Investing, Protection, and Estate Planning – Part 2 (Investing)
Does Your Life Include a RIPE Plan?—Planning Tips for Retirement, Investing, Protection, and Estate Planning – Part 2 (Investing) by: Janet L. Hall After reviewing your retirement plan, or lack of one, you might have had a huge eye opener to the...
Financial Planning Software - Retirement Calculations
Plan your Retirement in as easy as 1 - 2 - 3 Using Financial
Planning Software
Rather than spend your hard earned money hiring a financial
planner or consulting with one, there are actually countless
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Health Insurance for the Self-Employed - Protecting Your Business's Greatest Asset
Health Insurance for the Self-Employed - Protecting Your Business's Greatest Asset © 2002 Elena Fawkner "I've been considering quitting my full-time job and getting a part-time job that would pay the bills [so I can start a home business] ......
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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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