{"id":4771,"date":"2006-07-25T00:00:00","date_gmt":"2006-07-25T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"waddell-reed-agrees-to-market-timing-settlement","status":"publish","type":"post","link":"https:\/\/staging.hedgeco.net\/news\/07\/2006\/waddell-reed-agrees-to-market-timing-settlement.html","title":{"rendered":"Waddell &#038; Reed Agrees to Market-Timing Settlement"},"content":{"rendered":"<p>Street.Com &#8211; <span class=\"default\">Money manager <strong>Waddell &amp; Reed<\/strong> (<a href=\"http:\/\/tools.thestreet.com\/rmy\/quotes.html?pg=qcn&amp;symb=WDR\">WDR<\/a> &#8211; <a href=\"http:\/\/find.thestreet.com\/cgi-bin\/texis\/find\/results.html?tkr=WDR\">news<\/a> &#8211; <a href=\"http:\/\/find.thestreet.com\/cgi-bin\/texis\/cramertake?tkr=WDR&amp;site=tsc\">Cramer&#8217;s Take<\/a>) will pay a $50million penalty to securities regulators to settle claims arising from the nearly 3-year-old investigation into abusive mutual fund trading.<\/span><\/p>\n<p>  <span class=\"default\">The Kansas-based financial firm said Monday it had reached a settlement with both state regulators and the <strong>Securities and Exchange Commission.<\/strong> The penalty  stems from allegations that Waddell &amp; Reed permitted hedge funds and other traders to market time some of its mutual funds.<\/span><\/p>\n<p>  <span class=\"default\">Market timing is a trading arbitrage that involves frequently buying and selling mutual fund shares and playing them against the shares the fund owns. It&#8217;s often harmful to  long-term fund investors because it drives up the costs of operating the funds.<\/span><\/p>\n<p>  <span class=\"default\">Over the past three years, regulators investigating abusive mutual fund trading have collected more than $3 billion in fines from mutual fund companies, brokerages and hedge  funds.<br \/><\/span><\/p>\n<p><a href=\"http:\/\/www.thestreet.com\/_dm\/newsanalysis\/wallstreet\/10298824.html\">Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Street.Com &#8211; Money manager Waddell &amp; Reed (WDR &#8211; news &#8211; Cramer&#8217;s Take) will pay a $50million penalty to securities regulators to settle claims arising from the nearly 3-year-old investigation into abusive mutual fund trading. The Kansas-based financial firm said [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4771","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4771"}],"version-history":[{"count":0,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4771\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}