Will Yeshivas Avrohom Fruchthandler DBA Yeshiva Chaim Berlin Remove The Thief Englander Name Off The Yehiva K'tana Building ?

Millennium Partners to pay $121.4 million By Michael Gormley, The Associated Press

Millennium Partners will pay $121.4 million in "ill-gotten revenues," its founder Israel Englander will pay $30 million in civil penalties, and two management companies will pay $26.6 million under an agreement in a New York and federal investigation into market timing, New York Attorney General Eliot Spitzer said Thursday.

That is the first major settlement involving a hedge fund for Spitzer and the Securities and Exchange Commission. They have been investigating similar market-timing schemes in mutual funds that benefit insiders at the expense of individual investors.


"Millennium developed multiple schemes that cost mutual fund investors tens of millions of dollars," Spitzer said. "Restitution will be made to investors who were harmed."


The complaint accused Millennium of taking ill-gotten profits of more than $100 million from 1999 to 2003, much of it from transactions structured to avoid mutual fund defenses to block market timing or to conceal Millennium's role.


"Today's action demonstrates the commission's commitment to prosecute vigorously all the wrongdoers involved in fraudulent market-timing practices, not just mutual fund managers and broker-dealers, but also the hedge funds and other entities that profited so handsomely from the fraud," said SEC Enforcement Division Director Linda Chatman Thomsen.


Market timing of mutual funds, which involves rapid in-and-out trades, is not illegal but is prohibited by many funds because it can put ordinary shareholders at a disadvantage by diluting the value of their shares. Many of the cases brought by Spitzer and the SEC have targeted mutual fund companies that allowed favored clients such as hedge funds to engage in market timing.


"Millennium is pleased to have reached a comprehensive resolution of the investigations regarding mutual fund trading in years prior to 2004," Millennium spokesman Thomas Daly said. "We agreed to these civil settlements, in which we neither admitted nor denied the various allegations, as a business decision in order to put this matter behind us and to allow us to concentrate on our investments. Today, we have stronger financials and stronger controls, including the supervision of the former general counsel of the SEC, than ever."


Millennium has $5.4 billion under management, 20% more than in 2003.


Millennium was also accused of using false addresses and renting post office boxes to avoid detection by mutual funds, Spitzer said. Employees also posed as long-term investors, allowing the company access to "subaccounts" that kept Millennium's identity secret.


Spitzer claims the company was able to camouflage as much as $19 billion in market-timing activity.


Terence Feeney, Millennium's chief operating officer, will pay $2 million, and its general counsel, Fred Stone, will pay $25,000 in penalties. Both will be banned from mutual fund trading for three years.



Israel Englander has been in trouble with the law for the last thirty years.
Avrohom Fruchthandler is in bed with this guy, and certainly is aware that the yeshiva has received money from "ill- gotten revenues."
Avrohom, do you have the balls to remove the name from your building, where kids come to learn Torah and it's values? Or money is money regardless of the source?
Tell me Avrumy, are you going to send the message to our children that as long as you give money to your yeshiva, it's ok to steal and cheat?
We're watching, you have a chance to do the right thing.
MR. FRUCHTHANDLER, TAKE DOWN THIS THIEF'S NAME FROM THE YESHIVA BUILDING TODAY!

UOJ