Sunday, September 24, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Mutual Funds

U.S. SEC charges operators of Treasury bill mutual fund with fraud

MtR by MtR
June 22, 2021
in Mutual Funds
0
U.S. SEC charges operators of Treasury bill mutual fund with fraud


FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly

NEW YORK (Reuters) – The U.S. Securities and Exchange Commission said on Monday it obtained an asset freeze against two men who defrauded investors in an offshore mutual fund that purported to invest in safe Treasury securities.

In a complaint filed in Manhattan federal court, the SEC said Ofer Abarbanel and Victor Chilelli misappropriated assets from their Income Collecting 1-3 Months T-Bills Mutual Fund, including through shell companies, and hid their misconduct.

The SEC also said Abarbanel wrongly refused a $106.5 million redemption demand from his largest investor group, instead offering to return a “fraction,” and on June 4 moved $64 million to a brokerage account where no redemptions could be made.

Abarbanel, 46, is an Israeli citizen living in Woodland Hills, California, while Chilelli, 51, lives in Lewes, Delaware, the SEC said.

A lawyer for Abarbanel did not immediately respond to requests for comment. Chilelli could not immediately be located, and it is unclear whether he has a lawyer.

The SEC said the Income Collecting fund told investors it would invest mainly in Treasuries maturing in one to three months, and enter reverse repurchase agreements with Treasuries serving as collateral.

In fact, the Cayman Islands-registered fund invested only about 1% of assets in Treasuries and did not enter the repurchase agreements, the SEC said.

Lawyers for the SEC said in a court filing that an asset freeze was necessary because of the “extensive scope” of the defendants’ misconduct, and their mishandling of investor money while the redemption request was pending.

Reporting by Jonathan Stempel in New York; Editing by David Gregorio



Source link

Related articles

MFs hungry for bigger slice of banking pie amid growing investor inflows

MFs hungry for bigger slice of banking pie amid growing investor inflows

September 24, 2023
Deadline to add nominees for mutual fund investors, demat account holders ends on Sep 30 | Business News

Deadline to add nominees for mutual fund investors, demat account holders ends on Sep 30 | Business News

September 24, 2023

Related Posts

MFs hungry for bigger slice of banking pie amid growing investor inflows

MFs hungry for bigger slice of banking pie amid growing investor inflows

by MtR
September 24, 2023
0

Amid growing investor inflows, mutual funds (MFs) are eyeing a larger slice of the banking sector. In the past few...

Deadline to add nominees for mutual fund investors, demat account holders ends on Sep 30 | Business News

Deadline to add nominees for mutual fund investors, demat account holders ends on Sep 30 | Business News

by MtR
September 24, 2023
0

All individual demat account holders and mutual fund investors have time till September 30, to nominate a beneficiary or opt...

Deadline to add nominees for mutual fund investors, demat account holders ends on September 30

Deadline to add nominees for mutual fund investors, demat account holders ends on September 30

by MtR
September 24, 2023
0

With regards to mutual fund unitholders, the regulator in its circular on June 15, 2022, made it mandatory for mutual...

Counterpoint Mutual Funds LLC Acquires Stake in Sprinklr, Inc.: Implications for Enterprise Cloud Software Industry

Counterpoint Mutual Funds LLC Acquires Stake in Sprinklr, Inc.: Implications for Enterprise Cloud Software Industry

by MtR
September 24, 2023
0

On September 22, 2023, it was reported that Counterpoint Mutual Funds LLC has acquired a new stake in Sprinklr, Inc....

Banque Misr to launch green investment fund in 2024

Banque Misr to launch green investment fund in 2024

by MtR
September 23, 2023
0

Banque Misr, one of the largest banks in Egypt, plans to establish a green investment fund in the first quarter...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
3 Ways to Grow Your Net Worth Before the End of 2023

3 Ways to Grow Your Net Worth Before the End of 2023

September 24, 2023
US Dollar, British Pound, Euro, Key Inflation Gauge, German CPI

US Dollar, British Pound, Euro, Key Inflation Gauge, German CPI

September 24, 2023
A multi-speed Europe holds the key to EU enlargement

A multi-speed Europe holds the key to EU enlargement

September 24, 2023
Twenty-Five Years After LTCM, Emerging Markets Keep Burning Investors

Twenty-Five Years After LTCM, Emerging Markets Keep Burning Investors

September 24, 2023

Recent News

3 Ways to Grow Your Net Worth Before the End of 2023

3 Ways to Grow Your Net Worth Before the End of 2023

September 24, 2023
US Dollar, British Pound, Euro, Key Inflation Gauge, German CPI

US Dollar, British Pound, Euro, Key Inflation Gauge, German CPI

September 24, 2023
A multi-speed Europe holds the key to EU enlargement

A multi-speed Europe holds the key to EU enlargement

September 24, 2023

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter