Daniel Calugar, principal of the former registered broker-dealer Security Brokerage has agreed to pay $103 million in disgorgement and a record $50 million in civil penalties to settle charges that he defrauded mutual fund investors through improper late trading and market timing.

According to Randall Lee, regional director of the Securities and Exchange Commission's Pacific Regional Office, the fine is "the largest amount thus far imposed by the Commission on an individual in a late trading or market timing case." With $72 million Calugar previously paid to settle a class action on similar charges, and the current disgorgement, the former broker has repaid all the trading profits he received through his misconduct.