BROWSE BY TOPIC
Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
For Eaton Vance Portfolio Manager, It Was 'Game, Set and Matched-Trades' - SEC
The SEC charged Kevin Amell, a Massachusetts-based portfolio manager with Eaton Vance, with diverting at least $1.95 million to his personal brokerage account from a fund over which he had trading authority. The name of the fund was not identified.
THE DEFENDANT. Amell, 45, a resident of Hingham, MA, was an employee of Eaton Vance from 2009 until his resignation in April 2017. After starting out as an options trader, Amell later served as a VP and Portfolio Manager for one of its registered investment companies (RIC).
ACCORDING TO THE SEC COMPLAINT. Over a 2-year period, from December 2014 through January 2017, Amell diverted at least $1.95 million from the Eaton Vance fund to himself by pre-arranging at least 265 options trades between his personal brokerage account and the Fund’s brokerage accounts, over which he had trading authority.
Amell did so by carrying out a fraudulent matched-trades scheme in which he prearranged the purchase or sale of call options between his own account and the brokerage accounts of the fund at prices that were disadvantageous to the fund and advantageous to him. In one series of trades, involving Amazon securities, Amell allegedly generated a $23,000 profit for himself in less than 23 minutes at the fund’s expense.
Amell profited from his matched trades scheme, at the Fund’s expense, by either: (i) buying call options from the Fund at artificially low prices and selling them shortly thereafter at higher prices to 3rd parties; or (ii) purchasing call options from 3rd parties and selling them shortly thereafter to the Fund at artificially high prices.
The SEC, which is continuing its investigation, seeks disgorgement, interest and penalties. In a parallel action, the U.S. Attorney’s Office for the District of Massachusetts today filed criminal charges against Amell.