LAWSUITS NEWS & LEGAL INFORMATION
Banc One Investment Advisors
Columbus, OH: (Aug-13-07) The US Securities and Exchange Commission brought charges against Banc One Investment Advisors, alleging that the Columbus, Ohio-based company defrauded investors in one of Banc One's mutual funds. The commission claimed that an investigation into the company's business practices revealed that it allowed market timing in its One Group Funds mutual funds between June 1999 and May 2003. It further alleged that the company also failed to charge required redemption fees in international funds and released confidential portfolio holdings, resulting in proceedings against Banc One Investment Advisors (BOIA) and Mark Beeson, former president and CEO of One Group Funds.
In a settlement reached, BOIA agreed to pay $40 million in civil penalties and $10 million in disgorgement, plus accumulated interest. The company will also undertake compliance and mutual fund governance reforms. The Securities and Exchange Commission will distribute $55.6 million in Fair Funds to defrauded investors in Banc One's mutual funds. [INVESTMENT NEWS: MARKET TIMING]
Published on Aug-15-07
In a settlement reached, BOIA agreed to pay $40 million in civil penalties and $10 million in disgorgement, plus accumulated interest. The company will also undertake compliance and mutual fund governance reforms. The Securities and Exchange Commission will distribute $55.6 million in Fair Funds to defrauded investors in Banc One's mutual funds. [INVESTMENT NEWS: MARKET TIMING]
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on Aug-15-07
