 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
SEC ADMINISTRATIVE PROCEEDING
|
EXTRACTED KEY WORDS
SIHPOL MUTUAL FUNDS SECURITIES INVESTMENT TRADE BAS EXCHANGE ACT TRADING INVESTMENT ADVISERS INVESTMENT COMPANY ACT INSTITUTING LLC MUTUAL FUND SHARES VIOLATIONS ORDER TICKETS ELECTRONIC SYSTEM CHARGES COMMISSION BROKER AMERICA SECURITIES LLC YORK ENFORCEMENT ALLEGES RECEIVING PRIOR ADMINISTRATIVE LAW JUDGE HEDGE FUND CUSTOMERS PURSUANT PRICE CANARY CAPITAL PARTNERS |
SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
RELEASE NO. 8288 / September 16, 2003
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 48493 / September 16, 2003
INVESTMENT ADVISERS ACT OF 1940
RELEASE NO. 2172 / September 16, 2003
INVESTMENT COMPANY ACT OF 1940
RELEASE NO. 26179 / September 16, 2003
ADMINISTRATIVE PROCEEDING File No. 3-11261
PROCEEDINGS INSTITUTED AGAINST THEODORE CHARLES SIHPOL III, A FORMER BROKER
AT BANC OF AMERICA SECURITIES LLC, FOR ENABLING CERTAIN HEDGE FUND CUSTOMERS
TO "LATE TRADE" MUTUAL FUNDS
The Commission today announced that it has instituted administrative
and cease-and-desist proceedings pursuant to Section 8A of the
Securities Act of 1933 ("Securities Act"), Sections 15(b) and 21C of
the Securities Exchange Act of 1934 ("Exchange Act"), Section 203(f)
of the Investment Advisers Act of 1940 ("Advisers Act"), and Sections
9(b) and 9(f) of the Investment Company Act of 1940 ("Investment
Company Act") against
* Theodore Charles Sihpol III, age 36, a former registered
representatives at Banc of America Securities LLC ("BAS"). BAS is
a subsidiary of Bank of America Corporation ("BAC"). BAS is
registered as a broker-dealer under the Exchange Act and as an
investment adviser pursuant to the Advisers Act. Sihpol, a
resident of New Canaan, Connecticut, was a broker in BAS' high-net
worth group located in New York.
The Division of Enforcement alleges in the Order Instituting
Proceedings that Sihpol played a key role in enabling certain hedge
fund customers to engage in "late trading" of mutual fund shares. Late
trading refers to the practice of placing orders to buy or sell mutual
fund shares after the close of trading at 4 00 p.m. Eastern Time
("ET"), but receiving the price based on the prior net asset value
already determined as of 4 00 p.m. Permitting late trading violates
the federal securities laws concerning the price at which mutual fund
shares must be bought or sold and defrauds innocent investors in those
mutual funds by giving to the late trader an advantage not available
to other investors.
The Division of Enforcement alleges that Sihpol engaged in the
SNIPPETS:
|
|
|
| | | |
|
|
