Mutual Fund Fraud 1. Litigation Files from SEC website (http://www.sec.gov)
Attorney General Spitzer and Securities and Exchange Commission File Charges Against Bank of America Broker: http://www.sec.gov/news/press/2003-117.htm SEC vs Steven B. Markovitz: http://www.sec.gov/litigation/admin/33-8298.htm New York AG and SEC Bring Criminal and Civil Actions Against Mutual Fund Executive: http://www.sec.gov/news/press/2003-138.htm SEC vs. Justin M. Scott and Omid Kamshad: http://www.sec.gov/litigation/complaints/comp18428.htm Putnam Agrees to Make Restitution and Implement Immediate, Significant Structural Reforms in Partial Resolution of SEC Enforcement Action: http://www.sec.gov/news/press/2003-156.htm SEC Alleges Violations of Mutual Fund Sales Practice Requirements, Sanctions Prudential Securities, Incorporated: http://www.sec.gov/news/press/2003-82.htm Invesco Funds Group, Inc., and Raymond R. Cunningham: http://www.sec.gov/litigation/complaints/comp18482.htm Alliance Capital Management Will Pay Record $250 Million and Make Significant Governance and Compliance Reforms To Settle SEC Charges: http://www.sec.gov/news/press/2003-176.htm
2. Media Articles
SEC's Donaldson Says Mutual Fund Fraud 'Reprehensible' – Dow Jones News Service,
September 3, 2003 SEC probes mutual fund trading policies ; Firms could face fraud penalties – The Record, September 6, 2003 Mr. Donaldson's Hedge Funds – The Wall Street Journal, October 10, 2003 Mutual Fund Accused of Fraud In Rapid Trading by Managers – The New York Times, October 29, 2003 For the Fund Business, What Went Wrong? As fraud allegations mushroom, damaging investors' confidence, the industry may face dramatic changes – Los Angeles Times, November 2, 2003 CHRONOLOGY-Key events in mutual fund trading probe – Reuters, November 4, 2003 Mutual-Fund Scandal Widens --- At Prudential Securities, Several U.S. Ex-Employees Face Civil Fraud Charges – The Asian Wall Street Journal, November 5, 2003 Pilgrim and Baxter Face Charges --- Mutual-Fund Firm's Founders Are Accused of Breach of Duty, Civil Fraud by SEC and Spitzer – The Wall Street Journal, November 21, 2003 Invesco hit with civil fraud charges ; Colorado, Spitzer, SEC all file lawsuits – USA Today, December 3, 2003 SEC Charges Fund Trader with Fraud – Washington Post, December 5, 2003 Fraud Charges Widen Scope of Scandal Facing Mutual Funds – The Wall Street Journal, December 12, 2003
Alliance Offers to Cut Fees 20% --- Reduction Would Come on Top Of Estimated $250 Million Fine To Settle Possible Fraud Charges – The Wall Street Journal, December 16, 2003 Quarterly Mutual Funds Review --- Scandal Reaches Far and High --- It Took Many Bad Apples to Taint Fund Industry's Reputation Amid Continuing Probes of Share-Trading Abuses – The Wall Street Journal, January 8, 2004