{"id":4369,"date":"2007-02-02T07:04:34","date_gmt":"2007-02-02T07:04:34","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/02\/securities_and_exchange_commis_1"},"modified":"2007-02-02T07:04:34","modified_gmt":"2007-02-02T07:04:34","slug":"securities-and-exchange-commis-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-and-exchange-commis-1\/","title":{"rendered":"Securities and Exchange Commission Charges Clarion Management LLP and Its Hedge Fund Manager With Involvement In Alleged Market Timing Scheme"},"content":{"rendered":"

\t\t\t\tThe SEC is charging Clarion Management LLP and its hedge fund manager, John Fife, with allegedly buying variable annuity contracts, with the intention of taking part in market timing in mutual funds on behalf of the hedge fund. <\/p>\n

According to the SEC, in their lawsuit filed in the U.S. District Court of the Northern District of Illinois on January 18, Fife and Clarion Management allegedly made hundreds of thousands of dollars in profits at the expense of other shareholders. The Securities and Exchange Commission wants the court to order disgorgement plus prejudgment interest, injunctive relief, and civil penalties. <\/p>\n

The SEC claims that Clarion Management and Fife allegedly took part in a fraudulent scheme to buy variable annuity contracts issued by the Lincoln National Life Insurance Company for Clarion Capital LP. The purpose of these purchases was to take part in market timing. The SEC says that Clarion Capital was created to market time international funds through variable annuities and that Clarion Management and Fife engaged in deceptive methods to buy contracts and take part in market timing to benefit Clarion Capital. One example the SEC cited was that of Clarion Management and fife using limited liability companies and trusts as nominee beneficiaries and contract owners to cover up the fact that Clarion Capital had a financial interest in the variable annuity contracts.<\/p>\n

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

The SEC is charging Clarion Management LLP and its hedge fund manager, John Fife, with allegedly buying variable annuity contracts, with the intention of taking part in market timing in mutual funds on behalf of the hedge fund. According to the SEC, in their lawsuit filed in the U.S. District Court of the Northern District […]<\/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":[3799],"tags":[],"class_list":["post-4369","post","type-post","status-publish","format-standard","hentry","category-mutual-funds"],"yoast_head":"\nSecurities and Exchange Commission Charges Clarion Management LLP and Its Hedge Fund Manager With Involvement In Alleged Market Timing Scheme — Investor Lawyers Blog — February 2, 2007<\/title>\n<meta name=\"description\" content=\"The SEC is charging Clarion Management LLP and its hedge fund manager, John Fife, with allegedly buying variable annuity contracts, with the intention of — February 2, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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