New York Times – Millennium Partners, one of the most successful hedge fund managers, agreed yesterday to a $180 million settlement over an elaborate, scheme to trade in and out of mutual funds.
Millennium’s founder, Israel A. Englander, a prominent Wall Street figure for decades, will personally pay a $30 million fine under the civil settlement with Eliot Spitzer, the New York attorney general, and the Securities and Exchange Commission. Unlike previous mutual fund trading cases, Mr. Englander will not be required to step down from overseeing his $5.4 billion hedge fund firm.
