Pension Fund Manager Bilks Clients, Arrested Again.
Prominent pension fund manager Alan Bond Alan Bond is the name of: - Alan Bond (businessman) (born 1938)
- Alan Bond (rocket developer) (born 1944)
- Alan M. Bond, an Australian chemist
has been charged with
bilking three clients--two pension funds and an investment advisory
group--out of $56 million. Over a 16-month period, Bond allegedly made
$6.3 million by reallocating profitable trades to his personal account,
while crediting unprofitable trades to the accounts of his clients. Bond
already is facing an indictment indictment (ĭndīt`mənt), in criminal law, formal written accusation naming specific persons and crimes. Persons suspected of crime may be rendered liable to trial by indictment, by presentment, or by information. for conspiracy, fraud, and making false
statements related to a commission kickback The seller's return of part of the purchase price of an item to a buyer or buyer's representative for the purpose of inducing a purchase or improperly influencing future purchases. scheme uncovered Uncovered may refer to: - something "not covered"
- Uncovered (Sirsy)
in December
1999. He was out on bail when he made the trades in question. His assets
have been frozen and he is scheduled to stand trial in federal court
November 7. Bond also is facing civil charges from the Securities and
Exchange Commission in both cases. (Source: The Wall Street Journal,
August 10, 2001.)
COPYRIGHT 2001 Government Finance Officers Association
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001 Gale, Cengage Learning. All rights reserved.
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