How big of a hit is Edwards going to take on the market timing for hedge funds suit? 31,000 trades for $2 billion, using hundreds of shell accounts to hide the hedge funds identity will not get a wrist slap. Throw in a little late trading for good measure.

I know the Mass Sec of Commonwealth has filed suit for the office in Mass, but in Edwards internal documents released in the suit, they found brokers in as many as twenty different branches were market timing their own accounts. Those tactics cost several fund companies $100 mill and up. We’ll see what they do to a B/D. Also several management people knew of this based on their own documents. Heads may roll. Naughty, naughty!