{"id":27,"date":"2006-12-15T13:54:19","date_gmt":"2006-12-15T13:54:19","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2006\/12\/johnson_capital_management_inc"},"modified":"2021-09-20T15:41:11","modified_gmt":"2021-09-20T20:41:11","slug":"johnson-capital-management-inc","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/johnson-capital-management-inc\/","title":{"rendered":"Johnson Capital Management Inc. and Samaritan Asset Management Services Inc. Are Sued For Alleged Illegal Market Timing Scheme"},"content":{"rendered":"

\t\t\t\tThe New York Attorney General’s Office has announced that Attorney General Eliot Spitzer, also now Governor-elect of New York, is filing a lawsuit against Samaritan Asset Management Services Inc., Johnson Capital Management Inc., and the principals of both companies for allegedly participating in a fraudulent mutual fund market timing scheme. The principals are Edward T. Owens and Michael A. Johnson, respectively. According to the lawsuit, all parties knew they were being deceptive by “flying under the radar” so they could avoid the monitoring systems geared toward detecting market timing in regard to mutual funds. The lawsuit is looking to enjoin the defendants from engaging in such deceptive practices and wants there to be a restitution of money for their fraudulent actions.<\/p>\n

Johnson Capital, Samaritan, and their principals are believed to have been “piggybacking” their trades onto investment accounts of retirement plans that were customers of trust company and national banking association Security Trust Company (STC) and of varying the amount of each trade so the mutual funds wouldn’t notice.<\/p>\n

In an October 22, 2001 email sent to Johnson Capital by an STC employee:<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The New York Attorney General’s Office has announced that Attorney General Eliot Spitzer, also now Governor-elect of New York, is filing a lawsuit against Samaritan Asset Management Services Inc., Johnson Capital Management Inc., and the principals of both companies for allegedly participating in a fraudulent mutual fund market timing scheme. The principals are Edward T. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3749],"tags":[],"class_list":["post-27","post","type-post","status-publish","format-standard","hentry","category-market-timing"],"yoast_head":"\nJohnson Capital Management Inc. and Samaritan Asset Management Services Inc. 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