Chapter

The Trading Scandals

Matthew P. Fink

in The Rise of Mutual Funds

Second edition

Published in print January 2011 | ISBN: 9780199753505
Published online January 2012 | e-ISBN: 9780199918805 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199753505.003.0012
The Trading Scandals

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The record 1982–2000 bull market ended with a bubble in high-technology and telecom stocks, followed by a severe bear market and revelations of a number of major corporate and accounting scandals, resulting in enactment of the Sarbanes–Oxley Act. In 2003–2004, there were revelations of illegal market timing and late trading in mutual fund shares at some twenty fund groups—the worst scandal ever in the fund industry. The scandal resulted in over a hundred proposals for legislative and regulatory reform, and led the Securities and Exchange Commission to adopt a record number of new regulations.

Keywords: mutual fund industry regulation; Securities and Exchange Commission; securities regulation; Sarbanes–Oxley Act; regulatory reform; high-technology stocks; telecom stocks; trading scandals

Chapter.  8587 words. 

Subjects: Macroeconomics and Monetary Economics

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