Shareholders filed a class action lawsuit against the Las Vegas stock trader for allegedly engaging in market timing, or abusive short-term trading, at the expense of investors. Calugar illegally moved in and out of the market thousands of times, by trading after 4 p.m. and executed rapid trades, which is prohibited by most companies. The former head of a firm called Securities Brokerage has agreed to pay a $50 million civil penalty and return $103 million in trading gains to investors. (Jan-11-06)
[NEW YORK TIMES]
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