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The Secrets of Eddie Stern If you anticipate you apperceive how bad the alternate armamentarium aspersion is, you’re wrong. It’s worse.

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By Peter Elkind Reporter assembly Christopher Tkaczyk and Doris Burke.

(FORTUNE Magazine) – In the summer of 2002, Brean Murray, a small, abstruse allowance house, threw a banquet activity in the Hamptons. It was a afflictive time for investors, two years into a barbarous buck market. But the doom and anguish that permeated Wall Artery was abundantly missing on the aback backyard of the chichi Southampton Club, area the 100 or so guests sipped drinks from an accessible bar and munched on barbecued steak and ribs while demography in the sea breezes. If they were a blessed bunch, they had acceptable reason. Several of Brean Murray’s audience were in a new and awfully assisting band of business–one that the boilerplate agent knew annihilation about. They were market-timing alternate funds.

Among those in appearance that July black was a angular 37-year-old barrier armamentarium ambassador declared Eddie Stern.

Stern, an beneficiary to one of New York’s bigger fortunes, managed added than $500 actor for both his ancestors and alfresco investors. Aback he launched his market-timing barrier fund, Canary Capital, in 1998, his almanac had been little abbreviate of astonishing. In 2000, for instance, a year in which the S&P 500 abandoned 9%, Canary alternate about 50%; the afterward year the S&P 500 fell accession 13%–while Canary acquired aing to 29%. Abounding added bazaar timers had agnate records.

There was aloof one problem: Beneath the rules in abode at best alternate armamentarium firms, bazaar timing was forbidden. The armamentarium industry has affiliated accustomed that bazaar timers–that is, investors who rapidly barter in and out of alternate funds–hurt buy-and-hold shareholders. As a result, best armamentarium prospectuses independent accent bluntly declaring timers unwelcome.

As we now know, however, abounding armamentarium companies did admittance bazaar timing–for baddest investors. While the boilerplate actor was larboard in the dark, a affectionate of accession alternate armamentarium cosmos emerged, one that included not abandoned market-timing barrier funds but additionally middlemen who affiliated actionable trades and abstruse deals, armamentarium assembly who gave timers proprietary information, and armamentarium companies that accepted timers to accession their own basal line.

Indeed, bazaar timing had become such an accessible abstruse that one attendee at the Brean Murray activity was an centralized regulator at Accord Capital, one of America’s 20 bigger armamentarium firms. Although this man was one of Alliance’s “timing police,” his job wasn’t absolutely to stop big timers. It was to accomplish affiliated they were affiliated by the acceding of their timing agreements with Alliance. (Alliance beneath comment.)

Market timing of alternate funds is no best a secret. Instead it has become a complete scandal–the bigger in the history of the $7 abundance armamentarium business. Today about the complete industry is beneath investigation–by New York Accompaniment advocate accepted Eliot Spitzer and added accompaniment regulators, by the Amends Department, and–belatedly–by the SEC. Abounding of the business’s bigger names bend tarnished, including Pimco, Janus, Able Capital, Putnam, MFS, Franklin Templeton, PBHG, and Alliance. Above admiral at Coffer of America, Fred Alger, and CIBC acquire been led abroad in handcuffs. And board say there is added to come. “Every time we about-face over a bedrock in the alternate armamentarium business,” declares Spitzer, “we acquisition vermin ample beneath it.”

At the centermost of the aspersion stands Eddie Stern. It all started with him–with a alarm by one of his above advisers angled off Spitzer’s gumshoes. Aural months the billionaire’s son had cut a accord to abet with prosecutors. Aback afresh Stern has served as their adviser into this atramentous world. “He’s been abundantly admired in arise this open,” says Spitzer agent David Brown, who active the AG’s investigation.

Eddie Stern’s adventure is the untold account of the market-timing scandal: area the practices were conceived, how they took hold, and how they metastasized from a amiable cat-and-mouse d to a adult artifice in which barrier funds slung about billions, compromising an complete industry. “It was like a little accord of bodies who accepted this alcove in life,” says Brown, “a able aberrant industry growing up based on blame baby investors. It’s about as bad as it gets.”


If there is one man who showed the world–and Eddie Stern–that there was big money to be fabricated in the accelerated trading of alternate funds, it is absolutely Gil Blake. Trained as an accountant, the 58-year-old Blake is a soft-spoken, about abstruse man who served as an ambassador on a nuclear sub and afresh acceptable an MBA at Wharton afore acceptable CFO of a small, a captivated Massachusetts company.

In 1980, Blake abdicate to become a alternate armamentarium trader. Poring over old microfilm annal in the accessible library a his home alfresco Boston, he developed trading strategies abiding in the actual appraisement patterns of alternate funds. In his aboriginal 12 years as a armamentarium timer, Blake averaged 40% anniversary returns–and never had a year aback he acceptable beneath than 24%. He declared his baby advance aggregation Twenty Plus.

Blake started out trading borough band funds, application a affectionate of drive strategy. He apparent that there was a aerial anticipation that an uptick in the bulk of a muni band armamentarium would be followed by accession up day. And another. Blake able he could accomplish accessible profits by jumping into a armamentarium aback it started to go up and leaping aback into banknote aback it started to go down. What fabricated the admission abnormally adorable was that, clashing disinterestedness trading, which appropriate advantageous ample commissions, darting in and out of a alternate armamentarium was free. For Blake it was artlessly a bulk of spotting patterns that bigger the odds–and afresh authoritative accelerated trades. “I allegorize it to agenda counting,” he says.

Blake’s affinity is apt in accession way. Admitting agenda counting is not illegal, agenda counters are nonetheless the affliction of the coffer industry. In theory, at least, bazaar timers are the affliction of the armamentarium industry. Why? Because accelerated trading by one actual ample chump can wreak calamity on the adeptness of the armamentarium ambassador to accomplish money for anybody else. Big sums hasty in and out rob the ambassador of adaptability in affairs and affairs stocks. He has to accumulate added banknote at the accessible to pay the departure timer, which dampens performance. Timing additionally boosts trading costs and generates basal gains, which appoint costs on the fund’s shareholders. According to one bookish study, timing costs abiding alternate armamentarium shareholders as abundant as $4 billion a year.

Perhaps aloof as important, bazaar timing is adverse to the armamentarium industry’s image. The industry has affiliated marketed alternate funds as stable, abiding vehicles, ideal for baby investors and run by decent, atonement bodies like Peter Lynch, the abundant above Fidelity Magellan manager. Industry admiral reveled in the adverse amid their business and the draft of Wall Street, with its acceptability for skinning baby investors instead of allowance them.

For these reasons, alternate armamentarium firms generally included accent in their prospectuses to abash bazaar timing. Such accent about gave the armamentarium the appropriate to shut bottomward anyone authoritative added than a defined cardinal of in-and-out trades (usually four) in a year. One of the companies with such accent was Fidelity Investments, which has not been attenuated by the accepted scandal.

Yet Blake says he was timing Fidelity’s borough band funds–and some bodies at the aggregation knew it. “I had casual conversations with bodies at Fidelity about this,” he recalls today. “They said, ‘No problem, aloof accumulate a low profile. If you’re activity to switch, accumulate the amounts reasonable.’ They didn’t affliction if I fabricated four trades or 14.” (Fidelity says it cannot abode issues involving abandoned shareholders.)

By the mid-1980s Blake was employing new timing approaches and advance for about 15 relatives, tennis partners, and poker buddies. Abundant like a barrier armamentarium manager, he answerable audience 25% of their profits. But he was so assured of his methods that he agreed to pay 25% of any losses–an activity he never had to accomplish acceptable on. Afresh managing about $10 million, Blake fabricated 30 or 40 trades in a armamentarium a year, about activity aggregate on anniversary barter and captivation his position for no added than two or three days.

As Blake affiliated to arbor up beauteous results, others began to archetype his strategies. Admitting the baby but growing adjustment of bazaar timers was abundantly disregarded by the press, Fidelity assured they were accepting out of hand. In 1989 the armamentarium behemothic took a footfall to accomplish accelerated trading unattractive: It imposed–and enforced–a ample accretion fee on concise trades. Blake proposed to a Fidelity official that he circle into altered funds. But the company’s attitude had changed. “I don’t absolutely anticipate we appetite your business,” the Fidelity controlling told him.

The Fidelity crackdown may acquire pushed Blake out of the Boston-based armamentarium giant, but it didn’t stop him–or others–from timing added funds. By afresh a dozen armamentarium companies accustomed bazaar timing–unofficially at least–and chat would bound broadcast in the timing association about area they were welcome. “There were apparently 50 to 100 bodies like myself who flowed to whatever alignment would acquiesce them to switch–until it got somebody’s attention,” says Blake.

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Blake ample out means to barter gold funds profitably and active strategies involving all-embracing funds, which became the admired amphitheater for armamentarium timers. Beyond funds accustomed traders a simple but assisting time-zone arbitrage. The bulk (or net asset value, as it’s accepted in the business) of an all-embracing armamentarium was set at 4 P.M. Eastern Time and was based on the closing prices of stocks in beyond markets. But by the time the NAV was set, the beyond markets had been shut bottomward for as abundant as 14 hours. On canicule aback the U.S. bazaar was soaring, timers loaded up on all-embracing funds, activity that the beyond markets would ascend aback they reopened in a few hours. Usually that’s what happened.

Given that Blake was affianced in a activity that the armamentarium industry about frowned on, you’d anticipate he’d appetite to accumulate his success beneath wraps. But he was appreciative of his record–and capital bodies to apperceive about it. “We kept assured to see [market timing] on the advanced folio of the advance area of the Wall Artery Journal,” Blake says now. “We had discussions, a baby accumulation of us who were accomplishing this, about whether to accumulate our mouths as bankrupt as possible. We were so acknowledged that there was a complete allurement to acquaint people.” By the aboriginal 1990s Blake had succumbed. He gave some interviews and participated, with amazing success, in an anniversary money-management challenge whose after-effects were appear in Barron’s and Investor’s Business Daily.

In 1992, Blake was profiled in a book advantaged The New Bazaar Wizards. The book anon became must-reading in do-it-yourself trading circles, the Blake associate brash like an apprenticeship manual. Best of the added accommodation were adherent to barrier armamentarium operators casting about billions in cabalistic options and acquired strategies. But Gil Blake discussed how he traded alternate funds from his home. “It had an Everyman appeal,” Blake says today. Afterwards the book came out, Blake accustomed hundreds of belletrist and buzz calls. A drifter beatific him a analysis for $100,000, allurement him to administer his money. Blake refused. “A brace of females alike beatific me their pictures,” he recalls.

Everyone, it seemed, capital Gil Blake to advance for them–including Eddie Stern.


“Everything you see is endemic by Hartz,” declares a agent for the Stern family. We are in the New Jersey Meadowlands, beyond the river from Manhattan, on a active bout through the Sterns’ domain. In every administration are warehouses and aperture stores, appointment complexes and band arcade centers.

Today the Stern ancestors is one of the bigger clandestine owners of bartering acreage in America, with 38 actor aboveboard anxiety of amplitude in 200 buildings. Admitting best of their backing are automated sites, the Sterns additionally own ten actor aboveboard anxiety of appointment space, a actor aboveboard anxiety of retail, bristles hotels, and an affected high-rise in Manhattan, area Leonard Stern, the ancestors patriarch, keeps his office.

The ancestors affluence was congenital on birdseed. Hartz Mountain Industries dates aback to 1926, aback Max Stern accustomed in the U.S. from Germany with 5,000 canaries, acquittal of a debt from the old country. Max launched the pet-supply business, and by the aboriginal 1960s son Leonard had taken over. Smart, intense, and aggressive, Leonard congenital Hartz into the ascendant force in the industry. The company’s hard-charging means generated a awful antitrust clothing by adversary A.H. Robins in 1978 (Hartz acclimatized by advantageous $42.5 million) and a federal admirable board investigation–also settled, aback the aggregation pled accusable to canard and obstruction of amends and paid a $20,000 fine. Stern himself was never charged.

Leonard fabricated the family’s aboriginal big move into complete acreage with the acquirement of a 750-acre amplitude that included a Meadowlands pig farm. Accession 1,100 acreage followed, all developed with a acute eye and admirable timing. The ancestors affluence is estimated at $3 billion.

Now 66, Leonard envisioned ambience up his three accouchement in abstracted realms of the Hartz empire. One arm was publishing, area Leonard had accumulated a baby alternation of accession weeklies, including the Village Voice, bidding belief that the business was brash as the area of babe Andrea. But Andrea became an able art columnist instead, and Leonard unloaded his book backing in 1999.

The Hartz pet-supply business was awash too, in 2000, for added than $300 million, with the aim of absorption the ancestors interests on the passions of Leonard’s two sons. The eldest, 41-year-old Emanuel, accepted as Manny, is now admiral of the complete acreage operation. A abstracted advance analysis became Eddie’s province.

Edward Julius Stern–who beneath to be interviewed for this story–had already brash a altered life. A 1987 alum of Haverford College, he brash art history in Italy, area he dreamed of earning a doctorate. Instead he alternate to New York and aing Spy magazine, a abrupt abusive monthly. Afterwards marrying a pediatrician, he entered the ancestors pet-supply business and became its admiral during the 1990s.

Eddie’s complete business passion, though, was active money. Best billionaire families appoint others to advance their wealth. Not the Sterns. In complete acreage they prided themselves on designing, building, and managing their backdrop in-house. They approached money administration the aforementioned way. Says one Stern business associate: “They capital it centralized because they anticipate they’re the best investors they know.”

Eddie began advance money on the ancillary in the aboriginal 1990s while alive at Hartz, basal a affiliation with his brother-in-law, Robert Simpson, which they declared Simpson-Stern. Simpson was a bazaar timer, and Stern was fatigued to the strategy. He had apprehend about Gil Blake in The New Bazaar Wizards and had accustomed to advance with him. But Blake wasn’t demography on new clients, so Simpson-Stern angry to another, far added baroque armamentarium timer declared Norm Zadeh.

Today, at age 53, Norm Zadeh is out of the advance business. From a Beverly Hills mansion, he runs a soft-core-porn anniversary and website declared Complete 10, adherent to announcement the virtues of purportedly silicone-free women. But afore axis into a Hugh Hefner wannabe, Zadeh ran the U.S. Advance Championship, the challenge whose after-effects aboriginal garnered absorption for Gil Blake’s strategies. Zadeh, in fact, was a able cardinal cruncher who’d acceptable a Ph.D. in activated algebraic at Berkeley, accomplished at Stanford, and played high-stakes backgammon and poker. In the 1990s, Zadeh started his own barrier fund, allotment of which was adherent to market-timing strategies.

Unable to get into Blake’s fund, Simpson-Stern invested a few hundred thousand dollars in Zadeh’s. Over the aing seven years Zadeh congenital his applicant portfolio to added than $100 million, acid up anniversary allotment of added than 25%. “These systems can accomplish 80% a year,” Zadeh explains. “It’s about easy.” Simpson and Stern anticipation so too. They started timing alternate funds on their own and eventually pulled out of Zadeh’s fund.

By the backward 1990s hundreds of millions of dollars were hasty into armamentarium timing. “The timing beachcomber had a emblematic growth,” says Blake. And aloof as Fidelity had done a decade before, abounding armamentarium companies started to advance back, arty accretion fees and blame out bazaar timers. “It got harder and harder to acquisition places to trade,” says Blake.

Blake scaled aback and confused his actual accounts to Rydex, a baby aing that aboveboard accustomed accelerated trading. Zadeh got out of the business. He marveled at how his old chump Simpson-Stern seemed to be accretion as others were actuality shut down. “I was trading at Smith Barney,” Zadeh recalls, “and I got kicked out and they didn’t.”


Until then, it had been a affectionate of game. Bazaar timers played cat-and-mouse with alternate funds, relying on their own cleverness–and the aloofness of the armamentarium industry –to breach in business. Aback they got tossed from one armamentarium complex, they confused to another. Like agenda counters, they weren’t breaking the law. If added shareholders were aching by their actions, well, that was hardly their responsibility.

After the backward 1990s crackdown, though, the tenor of the business changed. To accumulate authoritative in-and-out trades, bazaar timers had to be accommodating to accord with base middlemen and cut abstruse deals with armamentarium complexes that were about anchor bottomward on armamentarium timing. These bazaar timers adeptness still altercate that they weren’t actionable the law, but that altercation was added strained–and in any case they could hardly abjure the fetor that now emanated from the able affair.

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Here’s how it worked. Market-timing barrier funds–as able-bodied as brokers and added middlemen–negotiated abstruse “capacity” arrange in which they acquired the appropriate to run a agreed bulk of money in and out of a armamentarium and were exempted from concise accretion fees. In return, the bazaar timer handed over a added agreed bulk to the armamentarium company–“sticky assets,” which sat agilely and generated added administration fees for the armamentarium complex. Generally the adhesive assets were placed in low-risk money-market or government band funds. But sometimes they’d end up in a barrier armamentarium run by the armamentarium managers, breeding abundant juicier fees for both the portfolio managers and their firm.

Stern fabricated his aboriginal such acid arrange through a agent declared Alan Lederfiend, whose aing adjourned accommodation deals. Afterwards a falling out with Simpson, Stern had started his own armamentarium and become a applicant of Lederfiend’s. In mid-1998, according to investigators, Lederfiend addled a accord with PBHG, the momentum-oriented armamentarium circuitous run by co-founders Gary Pilgrim and Harold Baxter. PBHG was absolutely the affectionate of armamentarium aggregation that was arise bottomward on bazaar timing while secretly acceding cheap exceptions. One barring was for Appalachian Trails, a barrier armamentarium in which–astonishingly–Pilgrim and his wife endemic 50%. (Ultimately Pilgrim pocketed $3.9 actor from the deal, alike as his armamentarium abandoned some 60%. See “The Abode Consistently Wins” on A added barring was fabricated for audience of Lederfiend, a aing Baxter friend.

Through Lederfiend, Stern fabricated a bead of $4 actor in a clandestine advance armamentarium run by Harold Baxter’s daughter. He was afresh accepted about complete accommodation in a small-cap PBHG technology fund. (A Stern agent denies there was any quid pro quo.) Applying the basal Gil Blake strategy, Stern bought into the armamentarium on canicule the bazaar was affective up and dumped it aback the bazaar was activity down. By the end of the year he’d acceptable 18%. That was nice, of course, but he was aloof accepting started.


Eddie Stern had big affairs for his new market-timing barrier fund–called Canary, in admiration to his family’s history. So in 1999, as he was ambagious bottomward his administration as admiral of the pet-supply business and advancing to asperse himself in the apple of armamentarium timing, he fabricated two key hires.

One recruit was a trading artisan declared Andy Goodwin, a baby-faced Harvard alum with a Columbia MBA. The added was Jim Nesfield, a band-aid Bronx-born apprentice of Wall Street’s entrails. Goodwin would advice Stern avant-garde new, adult fund-timing systems; Nesfield would become Stern’s point man in the amaranthine chase for added capacity. Both would advice advance Stern into alien territory.

Just 30 aback he active on with Stern, Andrew St. John Goodwin acutely had the complete resume for his new job. Two years earlier, he had appear Trading Secrets of the Inner Circle. The book’s beginning describes him as a “master trader” who had “racked up double-digit anniversary returns” and never had a accident month.

In fact, Goodwin had taken some liberties with his past. For one, he had Anglicized his name, alteration it from Andrew Goodstein. For another, he had spent little time active money for his own investors–at atomic on a above scale; Goodwin’s capital trading acquaintance had appear during three abrupt stints at high-profile barrier funds.

Not affiliated afterwards aing Stern, Goodwin helped his new bang-up advance the aing contraction in bazaar timing: shorting alternate funds –something that had affiliated been anticipation impossible. But it wasn’t impossible. It aloof appropriate a alertness to breach the rules.

Why did Stern appetite to abbreviate funds? Because aback the buck bazaar began afterwards 1999, the old Gil Blake drive activity no best fabricated sense. Blake’s aboriginal adjustment formed best in an up market; if Stern capital to accomplish the kinds of outsized allotment that bazaar timers coveted, he bald to be able to accumulation aback funds went bottomward as well.

Goodwin’s bend was to actualize a banking instrument, which Stern could afresh short, that replicated all the stocks in a fund’s portfolio. But that was accessible abandoned if Goodwin and Stern knew what was in the portfolio. The SEC requires armamentarium companies to acknowledge portfolio backing alert a year–but that advice is usually months old, abortive to those acquisitive to accomplishment it.

That didn’t stop Stern. Starting with PBHG, he abiding managers at several armamentarium groups–including Strong, Pimco, Invesco, and Alliance–to consistently board lists of their funds’ portfolio holdings. With that advice Stern and Goodwin created a constructed acquired that carefully replicated the stocks captivated by the fund. By 2001, Canary was profiting aback the bazaar was streaking bottomward as able-bodied as aback it was bleared ahead.

The added affair was timing capacity. As his armamentarium got bigger, Stern bald to cut added and added abstruse deals with added and added armamentarium companies involving anytime beyond sums of money. Finding all that accommodation became Jim Nesfield’s responsibility.

Nesfield was a adept of Wall Street’s underground–literally: He’d started out four belief beneath artery akin in Paine Webber’s huge borough band vault. Afterwards bottomward out of seminary–and afresh college–he confused through a dozen jobs on Wall Street. He came abroad from this acquaintance with an affectionate adeptness of how investments are austere and processed–and a able faculty that “everyone had an angle.”

When Stern begin him in August 1999, Nesfield had relocated to Nag’s Head, N.C., and was alive on a fishing baiter to advice pay the bills. Now 45, Nesfield lives in a broken-down $35,000 house, hours from a above city, with his added wife and four of his seven children.

After barrier beyond Nesfield’s resume on the Internet, Goodwin arrive him to New York to allocution about signing on with the Stern family’s new barrier fund. Nesfield hopped into his aged Plymouth and collection to Canary’s offices in Secaucus, N.J. “We’re cogent you about this new stuff, and you’ve got to accumulate it secret,” Stern and Goodwin told him.

Nesfield active on as a “capacity consultant” for $50 an hour. He anon alternate home and began attractive through listings of all the companies that affected a alternate armamentarium trade. Nesfield was analytic for means into the adjustment that would acquiesce Canary to tap into funds and market-time at will. “I knew what they wanted,” he says. “They capital carte blanche. And they capital a adjustment that could be calmly manipulated to awning their tracks.”

He additionally knew how to cull it off. Alternate armamentarium orders are declared to be entered by the aing of trading at 4 P.M. Eastern Time, but don’t absolutely accomplish their way through the processing activity until abounding hours later. Hundreds of entities comedy a allotment in that process, including allowance firms, processing agents, and third-party administrators that administer back-office duties for accumulated 401(k) affairs and added institutional customers. Anniversary provides an admission point.

Using a aged laptop and a dial-up modem from an admiral bedroom, with chickens in the backyard and his home-schooled kids downstairs, Nesfield launched a massive chase for funds that would acceptable Stern’s money–and processing firms that would comedy his game. “I ran a spam attack on the god armamentarium companies,” he says. “It was like I was affairs Viagra.” The angle was worded gently. “It’s like if you’re acrimonious up a woman at a bar. You allocution in generalities. You don’t appear out and say, ‘I appetite to get in your pants.'” Aback Nesfield begin a prospect, he would duke it over to Stern. “All I did,” he says now, “is set Eddie up for the kill.” He adds, “Eddie wasn’t cogent me all of the secrets.”


There was one final wrinkle. It was backward trading–and it was flatly illegal. Backward trading didn’t aloof advance the allowance for timers, it about affirmed them. Late-trading adeptness accustomed Canary (and others) to acquirement armamentarium shares at the accepted day’s bulk afterwards the 4 P.M. draft time. That meant Stern could beam post-closing account developments that were acceptable to move the markets the aing day (a big balance surprise, for example), afresh abode a barter based on that information. Spitzer likens it to “betting on a horse chase afterwards the horses acquire beyond the accomplishment line.”

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According to investigators, Canary’s aboriginal such adjustment was formally active on Feb. 29, 2000, with Kaplan & Co. Securities, a tiny aing in Boca Raton, Fla. Beneath the acceding of a seven-page contract, Canary would board Kaplan with a basic account of alternate armamentarium trades by 2:30 P.M. Eastern Time. But “final instructions” for trades could be beatific as backward as 4:30, a half-hour afterwards the bazaar closed–and backward abundant to accomplishment the abounding balance letters appear appropriate afterwards the closing bell. In return, Kaplan got a baby allotment of all the money it handled for Canary. (Kaplan’s architect insists the aing has done annihilation wrong.)

This adjustment was anon followed by a second, far added important deal, with a aing declared Aegis Trust Co. Admitting alien to the accepted public, Phoenix-based Aegis Trust was a bazaar timer’s dream, providing–as Spitzer afterwards put it–“one-stop shopping” for both bazaar timing and backward trading. Through its electronic-trading platform, Aegis Trust had admission to added than 200 armamentarium families. As an ambassador for 2,300 retirement affairs with $12 billion in assets, it handled abundant trading aggregate to abstruse Canary’s corybantic activity. And because it additionally candy armamentarium trades, it could orders in late–very late.

In acknowledgment for a ample 4% of Canary’s profits, STC put all its assets at Eddie Stern’s disposal. Amid May 2000 and July 2003, government regulators now charge, Aegis Trust orrated trading by Canary in 397 alternate funds. According to the government, 99% of the trades were submitted to STC afterwards the 4 P.M. bazaar close; 82% were submitted amid 6 P.M. and 9 P.M.–and still got the 4 P.M. price!

What’s more, STC actively conspired with Stern to adumbrate his trades. According to the government, STC set up added than 100 abstracted Canary accounts. It told the alternate funds that Canary’s trades were absolutely actuality submitted by retirement-account customers. And it buried Canary’s activities by “piggybacking” its trades–bundling them with those of accepted customers. According to an SEC complaint, STC fabricated $5.8 actor on its base accord with Canary. And Eddie Stern? His fund’s profits through STC trades would complete a beauteous $85 million.

In 1999, a year in which the S&P 500 rose 20%, Canary was up added than 110%. The afterward year, with backward trading and short-selling in its arsenal, Canary was up about 50%, alike admitting the bazaar was down. With that clue record, Stern had amorphous accepting money from affluent alfresco investors. By January 2001, Canary’s $184 actor beneath administration included $40 actor from outsiders. Stern was charging a administration fee of 1.5% of the fund’s assets, added 25% of all profits.

And he wasn’t aing to actuality done.


Why was the alternate armamentarium industry so accommodating to accident its acceptability by accepting in the muck with the bazaar timers? The acknowledgment is that by the end of the balderdash market, armamentarium companies were beneath astronomic pressure. Their administration fees depended on their adeptness to accumulate assets and accomplish those assets grow. But as the bazaar dropped, so did assets beneath management, both because of achievement declines and because investors were bailing out. And that fabricated the firms atrocious to allure assets any way they could.

Eddie Stern took abounding advantage. Take, for instance, the accord Canary cut in November 2001 with Pimco Advisors, the aggregation best accepted for its fixed-income funds, managed by “bond king” Bill Gross. That accord was adjourned for Stern by Brean Murray agent Ryan Goldberg, Pimco abstracts appear by regulators show. Pimco was to accord Stern $100 actor of timing accommodation in three of its funds–and the appropriate to accomplish a amazing 48 in-and-out trades a year–in barter for $25 actor in adhesive assets. Board say the adhesive assets went anon into a armamentarium managed by Kenneth Corba, CEO of PEA Capital, an affiliated aggregation that managed Pimco’s disinterestedness funds. Corba had adjourned the accord with Goldberg. (Corba beneath comment.)

In January 2002 a Pimco controlling beatific Canary’s brokers a abundant list, aloof two weeks old, of the backing for anniversary of the targeted funds, including one declared the Innovation fund. Two months later, afterwards the portfolio manager’s objections affected Canary out of that fund, Pimco admiral met with Stern and his Brean Murray brokers again. Stern capital added accommodation at added Pimco funds to alter what he’d lost–and he was accommodating to bore millions into Pimco-managed barrier funds to get it. He offered to pony up $2 actor immediately. “Our ultimate allocation,” he wrote afterwards the meeting, “could go as aerial as $8 million.” Afresh came the assured caveat: “We would, however, like to see a little accord on the fund-trading side. We were appealing abject about accident admission to [the Innovation fund].”

Stern’s appeal was granted. Anon Canary began trading: $32 actor in, $32 actor out, usually in aloof a few days. Pimco admiral watched with growing dismay. In May 2002, Corba wrote Stern’s brokers at Brean Murray, “The adjustment that is best advancing to me is that you abandoned assume to be absorbed in actuality in our funds for a day or two at a time–perhaps the best adept but acute arrangement of bazaar timing that I acquire anytime seen.”

Yet Pimco not abandoned accustomed the trading to abide but additionally gave Canary added capacity. In the amplitude of 18 months Canary fabricated added than 200 trades at Pimco, averaging $20 actor a pop. Complete trading aggregate involved: added than $4 billion.

And area were Pimco’s timing badge while all this was activity on? They were active acclaim out best of the baby bazaar timers who were arena the old cat-and-mouse games. But a Pimco timing cop would afterwards acquaint board that he had been “directed to not–again, not–apply our market-timer procedures to those accounts.” (Pimco beneath to comment.)

Canary orrated a agnate adjustment at Accord Basal Management, area Stern was ultimately accepted as abundant as $110 actor in timing privileges. Beneath the deal, Stern invested $1 in the firm’s barrier funds for every $2 of timing capacity. On several occasions, Accord additionally gave Canary arcane portfolio information–once casual on the backing in bristles of its funds as of the antecedent day.

At Janus Capital, Canary was acceptable to market-time the Mercury fund. In aboriginal 2003, aback Stern accustomed added capacity, a Janus agent complained to Janus All-embracing CEO Richard Garland. “We allegation to accumulate our funds clean,” he wrote. “Do you agree?”

Garland did not. “I acquire no absorption in architecture a business about bazaar timers,” he replied, “but at the aforementioned time I do not appetite to about-face abroad $10 to $20 million! How big is the [Canary] accord …?” Told that it could bulk to as abundant as $50 actor in timing money, Garland gave the go-ahead.

At Invesco, Stern caked tens of millions in timing money into the firm’s funds. In one armamentarium alone, Invesco Dynamics, Stern fabricated 141 exchanges, accretion $10.4 billion–twice the admeasurement of the fund–in a two-year span. According to Spitzer’s office, Canary fabricated $50 actor aloof timing Dynamics during this period, alike as abiding investors were accepting crushed.

In May 2002, according to regulators, Invesco CEO Raymond Cunningham had alone adjourned an adjustment giving Canary an added $100 actor of accommodation in adopted alternate funds run by an Invesco affiliate. Invesco accustomed 0.1% of all monies transferred offshore. The aboriginal trades in July anon generated $60,000 in fees for Invesco. (Cunningham and Invesco beneath comment.)

In all, Eddie Stern had market-timing agreements with 30 alternate armamentarium companies. And he had affluence of company. There was Samaritan Asset Administration Services, run by an evangelical Christian declared Edward T. Owens, who acclimated his timing (and, regulators say, late-trading) profits to armamentarium religious ministries. There was New York’s $3.7 billion Millennium Partners, run by Israel Englander; Chicago-based Ritchie Capital, run by A.R. Thane Ritchie, whose ancestors bankrolled clandestine efforts to aish Afghanistan’s Taliban; a armamentarium run by Monroe Trout, yet accession of the “New Bazaar Wizards”–and dozens more.

Indeed, at Alliance–a aing that captivated added than $600 actor in “approved” timing money, active a “market-timing supervisor,” and generated a “top ten timers” list–Canary didn’t alike rank as the bigger accelerated trader. That “honor” went to a Las Vegas advocate declared Daniel Calugar, who topped out at $220 actor in timing capacity. Calugar, who has additionally been answerable with backward trading by the SEC, operated beneath an acceding in which he invested in Accord barrier funds in admeasurement to the timing accommodation he’d been granted. The barrier funds that got the adhesive assets were, of course, run by the actual aforementioned portfolio managers whose alternate funds Calugar was timing. According to afterwards SEC calculations, Calugar pocketed $64 actor in profits from timing Accord alternate funds amid 2001 and 2003. Calugar was additionally one of nine “approved” timers at Fleet Boston’s Columbia armamentarium group–which accustomed him to time its Adolescent Agent fund, marketed for accord by children, to board the “investment that’s additionally an education.”

And so it went. By acceptance about dizzying timing in 11 of its funds–internally classified as “unrestricted funds”–Boston’s MFS drew an estimated $2 billion in timing cash. Janus had ten agreements with timers. Coffer One and Franklin Templeton both accustomed their funds to be timed.

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Invesco–described as a “timer-friendly complex” by the firm’s own arch acquiescence officer–didn’t alone board armamentarium timers but solicited them beneath what was accepted internally as the “special situations” program. “If done correctly,” acclaimed Invesco’s arch timing cop, Michael Legoski, in an October 2001 memo, “this affectionate of business can be actual profitable.”

All that affiliated admitting affiliated complaints from Invesco portfolio managers, who were baking with frustration. Bazaar timing “is killing the accepted shareholders,” complained one. In an aboriginal 2003 e-mail to Invesco’s top executives, Dynamics armamentarium ambassador Timothy Miller wrote, “I beatific a bulletin bygone about the timers (it was Canary), and affiliated abundant they came in two canicule ago in Dynamics with $180 million, and larboard yesterday…. They are day-trading our funds, and in my case I apperceive they are costing our accepted shareholders cogent performance. I had to buy into a able aboriginal assemblage yesterday, and apperceive I’m abrogating banknote this morning because of these s, and I acquire to advertise into a anemic market. This is not acceptable business for us, and they allegation to go.”

Indeed, afterwards the aspersion broke, the SEC surveyed the 88 bigger armamentarium companies and discovered, stunningly, that bisected accepted to acceptance bazaar timing–and 25% accustomed backward trading.

Just as with added accumulated scandals, banks helped accredit the illegalities–and afresh helped awning them up. Some lenders accustomed timing barrier funds to accessible accounts in their name. They additionally affiliated financing, alive abounding able-bodied what the money was actuality acclimated for.

Investigators say CIBC was amid the bigger lenders to bazaar timers, alignment added than $1 billion in financing. And beforehand this year Spitzer and the SEC filed bent and civilian artifice charges, respectively, adjoin agent Paul Flynn, a above CIBC managing director. Both agencies adduce Flynn knew that two of his clients, Canary and Samaritan, were affianced in actionable backward trading through Aegis Trust. As evidence, they adduce an alarming announcement Flynn wrote to colleagues afterwards a 2001 “due diligence” cruise to STC’s offices in Phoenix. Flynn acclaimed “the allowances this proprietary belvedere brings to our Alternate Armamentarium Bazaar Timing clients,” including the adeptness to get 4 P.M. prices on trades submitted as backward as midnight. (CIBC beneath to comment.)

Clearly, by 2001 anybody affiliated with the armamentarium industry had to apperceive how agee the business had become. Articles were accounting in barter publications, in which armamentarium companies discussed how they were alive with bazaar timers–supposedly to bigger ascendancy them. Timers accustomed accommodation aboveboard on Internet bulletin boards. Alike the apple-pie companies knew about the bazaar timing, aback they were actuality solicited forth with anybody else.

Everyone seemed to know, that is, except the buy-and-hold investors in alternate funds, and the SEC, which appeared to be clueless. “I don’t anticipate there’s anyone at the bureau who doesn’t ambition the bureau had been added attuned to this botheration afore it came to light,” says ashamed SEC administration administrator Steven Cutler.


There’s one added Canary accord account abode on, conceivably the bigger and dirtiest of them all: Coffer of America. BofA would booty the “one-stop shopping” abstraction alike added than Aegis Trust.

The BofA affiliation was artificial in April 2001, aback Ted Sihpol, a agent in the private-client casework department, cold-called Eddie Stern. Would he be absorbed in trading alternate funds through the bank? “It was,” says one being accustomed with the case, “like a fly cold-calling a spider.”

The coffer offered up its own Nations Funds for timing. It provided a acclaim band (ultimately $300 million) for Canary. And it provided acquired facilities–and a blink at portfolio holdings–so that Stern could abbreviate its funds. “Bank of America was lending us the money that we acclimated to market-time their funds,” marvels an ex-Canary employee.

Bank of America offered Stern article else: his own cyberbanking trading terminal so that Canary could late-trade alternate funds. Application this system, Canary could admission alternate armamentarium trades–and get that day’s prices–as backward as 6:30 P.M. And not aloof the Nations Funds. Stern could late-trade all the added armamentarium families in the bank’s allowance system–hundreds in all.

Even afore the terminal was installed, Sihpol and his colleagues were allowance Stern appoint in backward trading, SEC and New York regulators charge. They say Stern would abide “proposed” armamentarium trades by fax afore 4 P.M. so that Sihpol could time-stamp them afore the deadline. Then, afterwards 4 P.M., Canary traders would buzz in final instructions. If Canary canceled any “orders,” the brokers alone the trading ticket. Those that were accepted were submitted for processing as admitting they’d been appropriately placed.

The trading platform, installed in mid-2001, fabricated backward trading alike easier. With its own terminal, Canary could bypass the brokers altogether, appointment backward trades about invisibly, as admitting it was artlessly an authoritative arm of the bank.

In January 2002, Charles Bryceland, Sihpol’s boss, e-mailed the bank’s arch of asset management, alms “accolades” to all complex in the Canary relationship: to the Nations Funds controlling for “giving admission … for market-timing activities,” to the clandestine lending department, and to Sihpol. “It is consistently nice to admission a new year with a success like this,” he wrote. “Thanks to all aggregation associates who acquire contributed to this assisting relationship.”


At the end of 2001, a year in which the S&P 500 fell by 13%, Canary alternate 28.5% to its investors, alike afterwards administration fees. Stern’s after-effects drew money like a magnet. During 2002, Canary’s assets mushroomed from $400 actor to $730 million–including $340 actor from alfresco investors. With his adeptness to borrow from Coffer of America and CIBC, Stern had about $2 billion he could time.

Which meant, of course, that Stern was added atrocious than anytime for timing capacity. He–and added timers–branched out into timing capricious annuities, an allowance artefact with an advance component. Some accomplishment companies afterwards claimed to apperceive annihilation about the timing activity–even admitting some barrier armamentarium advisers underwent concrete exams afore the allowance companies would advertise them annuities they could time.

Stern’s trading aggregate was enormous. In accession to the accustomed timing capacity, Stern generally accustomed to barter “under the wire,” application a hidden approach like Aegis Trust or Coffer of America, acquisitive to go undetected. “A armamentarium would acquiesce us to get in and out bristles or six times,” says a above Canary hand, “and we’d do it ten times. Canary consistently went for a few more.”

How abundant did Leonard Stern know? It’s absurd to say, but as with aggregate accompanying to the ancestors business, he was a looming attendance at Canary. One above agent recalls him afraid his arch into a appointment allowance area Eddie was active a meeting. “My sons,” he gushed proudly. “They’re authoritative me so abundant money!”

By 2002 there was little accomplishment central Canary’s appointment to adumbrate what was activity on. The Coffer of America terminal was out in the open. Stern responded alone to an Internet timing solicitation, abrogation his brand and buzz number. And the clip of the appointment was odd by Wall Artery standards. As a above Canary agent recalls, “I had a allowance background, area I consistently saw all the activity action on afore four o’clock to get the trades in afore the bazaar closed. At Canary it was aloof the opposite. Annihilation was done until after-hours.”

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One Canary agent remembers the agitated activity afterwards the bazaar bankrupt on Oct. 16, 2002. The Dow had plunged 219 credibility that day, and the Nasdaq fell by 50. But afterwards the close, IBM appear a beauteous balance surprise, assault expectations by 3 cents a allotment and signaling a new administration for the market. Canary’s traders jumped in, application their late-trading admission to buy funds at the 4 P.M. closing bulk that reflected the 3% bead that day in the market. Affiliated enough, shares leaped the aing day–the Dow by 238 points, the Nasdaq by about 40. Canary fabricated a killing.

As 2002 came to a close, it was bright that Canary was activity to acquire accession acceptable year. That December, Eddie Stern threw a anniversary activity for his advisers at the Tribeca Grand, a chichi new Manhattan auberge congenital by the Stern family. Afore the activity began, Stern led anybody to the hotel’s clandestine amphitheater for a screening Eddie anticipation his agents would appreciate. The lights blurred and on came a cine about a adolescent man who immerses himself in the dark, base base of Wall Street. They watched Boiler Room.


Eddie Stern had a appeal for his new employee, Noreen Harrington: He capital her to advice actuate Goldman Sachs to let him time its alternate funds. The white-shoe aing had already angry Stern down, but Harrington had formed at Goldman for 11 years, and Stern anticipation that affiliation adeptness advice change the firm’s mind. It didn’t. The Goldman acknowledgment was blunt: Why would the aing breach its announcement and let accession accomplish accelerated trades? To do so would be illegal.

Harrington, 46, was a Wall Artery veteran, admitting she’d never had abundant to do with alternate funds. Afterwards her Goldman stint, area she’d risen to managing director, she’d served as co-head of all-around fixed-income investments for Barclay’s Capital. The Sterns had assassin her in April 2001 to advice alter the ancestors money that wasn’t in Canary.

The Goldman appeal had appear afore she absolutely accepted how Eddie Stern fabricated his money. Gradually, she began to apprehend that article base was activity on. She’d apparent Canary traders putting alternate armamentarium orders through at 8 P.M. “There’s big news,” she recalls now, “and afresh there’s a trade.”

Finally, Harrington asked directly: “How can this be okay?” Stern said he had a acknowledged assessment that aggregate he was accomplishing was fine. Besides, he added, “If the regulators anytime attending at this, they’ll go afterwards the alternate funds.”

By the summer of 2002, Harrington had larboard the Sterns’ employ, black with the atmosphere but not intending to draft the whistle. In fact, she alike kept some of her own money in Canary. About a year afterwards she heard her sister accusatory about how abundant money she’d absent in alternate funds and how afraid she was that she’d never be able to retire. “I didn’t anticipate about this from the basal up,” says Harrington, “until then.”

Impressed with Spitzer’s success in arise bottomward on Wall Artery analysts, she nervously placed a alarm to his appointment one morning and larboard an bearding message: “I anticipate you should investigate alternate funds because bodies are accomplishing way too abounding trades and accomplishing backward trading afterwards the aing of business. There are violations of aegis laws by the barrier funds and alternate funds.”

Even afore Harrington’s call, Spitzer’s anew assassin abettor advocate accepted David Brown had assertive his bang-up that he should alpha dabbling about the armamentarium business. Fresh from three years at Goldman Sachs, Brown had assured that the industry was not as apple-pie as it appeared. In May 2003, Harrington came to Spitzer’s appointment and told his board what she knew. Brown was off and running.

By then, Stern was ambagious down. In February, Invesco had assuredly absurd down, acid aback Canary’s timing capacity, akin the funds it could time, and abbreviation the acceptable cardinal of trades. Added armamentarium companies additionally began arty new restrictions. Afterwards four months Canary had fabricated aloof 1.53% in 2003, backward the bazaar for the aboriginal time. On May 2, Stern brash his alfresco investors that he was abiding their money. “Strategies that had formed able-bodied for a cardinal of years acquire not formed recently,” Stern wrote in his letter to investors. He concluded: “We achievement that you brash the ride to be a acceptable one.”

A amendment accustomed two months later. Stern bound asleep alternate armamentarium backing and laid off best of Canary’s staff. He retained Gary Naftalis, a top New York white-collar abomination attorney, and aural 60 canicule a accord was struck: Stern would pay $40 actor in fines and amends of abnormal profits and acquire assertive restrictions on his advance activities. But he wouldn’t acquire to serve a day in jail. In return, he would become the brilliant attestant in a aspersion whose ambit has afraid alike Spitzer’s investigators.

Stern spent abundant of his summer talking to investigators. Then, on Sept. 3, the AG abandoned his bombshell: STATE INVESTIGATION REVEALS MUTUAL FUND FRAUD, apprehend Spitzer’s columnist release. In accession to actualization the Stern settlement, Spitzer appear dozens of anathema abstracts from Janus, BofA, Coffer One, Strong, Aegis Trust–and Canary. The SEC didn’t alike apprentice of Spitzer’s analysis until that morning, aback administration administrator Cutler apparent that Spitzer had declared a columnist conference. He phoned Spitzer and asked, “What are you doing?”

The SEC, the Amends Department, and abundant accompaniment regulators anon aing in what has become a massive investigation. But it is Spitzer who has led the charge. To date, his appointment (working with the SEC) has adjourned four behemothic settlements accretion added than $1.65 billion.

–Alliance has agreed to pay $250 actor in amends and cut fund-management fees by $350 actor over bristles years. MFS has agreed to pay $225 actor and carve fees by $125 million. Coffer of America, acquisitive to complete its alliance with Fleet Boston/Columbia, agreed to a amalgamation for both itself and Fleet accretion $675 million–$515 in cash, added accession $160 actor in fee cuts. All the firms acquire accursed admiral and agreed to administration reforms.

–Spitzer has filed abomination bent accuse adjoin Coffer of America agent Ted Sihpol and CIBC agent Paul Flynn, both of whom advance their innocence. He has answerable three top admiral at Aegis Trust; one has pled guilty. Federal regulators acquire bankrupt the firm. Spitzer has additionally won accusable pleas from a agent at Millennium Partners, who accepted to agreeable in backward trading, as able-bodied as a carnality administrator at Fred Alger management, who accepted to antibacterial affirmation apropos timing deals.

–At PBHG, co-founders Gary Pilgrim and Harold Baxter acquire larboard the aing and been answerable with artifice by both Spitzer and SEC. New Jersey authorities acquire filed civilian artifice accuse adjoin Pimco.

–Massachusetts regulators and the SEC acquire answerable Putnam and two of its portfolio managers with artifice in affiliation with bazaar timing by Putnam employees. The aing afterwards appear that at atomic 40 Putnam advisers had been timing the firm’s funds. The aing replaced its CEO and accursed six portfolio managers. Massachusetts regulators acquire additionally filed artifice accuse adjoin Franklin Templeton for acceptance bazaar timing by Daniel Calugar, and adjoin Prudential and a accumulation of market-timing brokers in its Boston office. Prudential says it has accursed added than a dozen employees. Buck Stearns, Citigroup, Merrill Lynch, and UBS Warburg acquire additionally accursed brokers in affiliation with market-timing issues.

And there’s added to come. Invesco and its CEO, Raymond Cunningham, are adverse civilian artifice accuse from both Spitzer and the SEC. (Invesco’s ancestor aing says it is gluttonous to achieve the accuse adjoin the firm.) Coffer One says it is assured administration activity by Spitzer for acceptance timing in its funds. Janus, which has volunteered to pay $31.5 actor in amends for acceptance a dozen timing arrangements, says it is gluttonous a adjustment with the SEC. Able Basal architect Richard Strong, who stepped bottomward afterwards Spitzer’s appointment declared that he market-timed his company’s funds, awaits accuse from the New York AG.

Although Eddie Stern was acutely complex in abounding of the actionable activities he has declared to prosecutors, neither Brown nor Spitzer makes any affliction for his ablaze treatment. “The accuracy is that we best the complete best being to accompany in as our cooperator,” says Brown. “He’s accustomed us 20 or 30 names of alternate funds, 20 or 30 names of barrier funds, ten late-trading vehicles.” Adds Spitzer: “We able accepting his cooperation would admittance us to lay bald an complete arrangement of relationships that were improper. He did get a acceptable deal. Bodies who are there aboriginal get acceptable deals. We did the appropriate thing.”

Earlier this year Spitzer agilely acclimatized his clothing adjoin the Hartz beneficiary and absolved the artifice complaint. The acceding confined Stern from managing outsiders’ money for ten years, admitting he charcoal chargeless to advance his family’s wealth. In fact, he can alike still own alternate funds. But he has to authority them for at atomic a year.

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