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Monetta Financial Services Ordered to Pay $300,000
NEWS: Monetta Financial Services Ordered to Pay $300,000
The SEC brought charges against Illinois based Monetta and its president, alleging that they improperly passed along hot new stocks to the accounts of some of its fund directors. Monetta did so without disclosing these actions to the funds' shareholders and without obtaining the consent of the funds' disinterested representatives.
An administrative law judge agreed with the SEC, and ordered that the firm pay $200,000 and its president pay $100,000 as a fine. The judge also ordered two fund directors to disgorge the profits that they had made.
Source: Wall Street Journal, March 29, 2000
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