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A SAFE HARBOR FOR MUTUAL FUND PIRATES!
Soft dollars, a form of legal kickback, is a sly way you can get ripped off by mutual fund managers. Full service brokers give these kickbacks to non-indexed mutual funds in the form of a “rebate” to purchase research, software, and even...
Making Outsized Returns in the Stock Market - Using the Dow Theory
The Dow Theory
Charles H. Dow
Robert Rhea
E. George Schaefer
Richard Russell
The Dow Theory Today
Charles H. Dow
It is interesting and amazing to note that not until Charles Dow started compiling the Dow Jones Industrial and...
Timing Market Turns-2006: The Markets Through April 2006
Monday, January 9, 2006
After a rally to new highs this spring, most of 2006 will be a
downward tilting year for stocks, as will much of 2007. Forward
looking into any new year can be dicey for an investor or
trader. We see several...
Wealthy people became rich thanks to their assets
What is an asset ? An asset is simply something that brings money into your pocket. Liability is the opposite. It is something that takes money out of your pocket. Personal loan is a liability, your credit cards debt are liabilities. Your car,...
Why Now Could Be The Best Time to Make Money On The Stock Market?
Do you wish to make money on the stock market? Would you like to know why there could be no better time then now to make money on the stock market? The answer is demographics. Demographics is the statistical study of the human population. No doubt...
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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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