BROWSE BY TOPIC
Stories of Interest
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
- House Passes Bill to Streamline 'Volcker Rule'
- CEO Charged with Penny Stock Fraud - SEC
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.