Burlington hedge fund agrees to pay $1M fine

The Lowell Sun – A Burlington hedge fund and its former manager have agreed to pay more than $1 million for trading on inside information surrounding the Citizen Bank’s $10.5 billion purchase of Chapter One.

Federal regulators from the U.S. Securities and Exchange Commission announced a settlement with Global Time Capital Management and former chief Michael Tom, of Waltham, over trades made about six days before the 2004 Citizens Bank deal with Charter One.

Tom has agreed to surrender $801,000 in profits, penalties and interest, while Global time Capital and its GTC Growth Fund will pay an additional $252,000.

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