Violation Tracker Individual Record

Company: 
Zurich Capital Markets Inc.
Current Parent Company: 
Zurich Insurance
Penalty: 
$16,800,000
Year: 
2007
Date: 
May 7, 2007
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
securities issuance or trading violation
Violation Description: 

Zurich Capital Markets Inc. agreed to pay a $4 million penalty and $12.8 million in disgorgement to settle allegations relating to its role in providing financing to hedge fund clients that engaged in market timing of mutual funds and facilitating the hedge funds' deceptive trading tactics.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Switzerland
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
insurance
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.