NEW YORK, NY (HEDEGECO.NET) – Three former executives of the Invesco Funds Group have settled the allegations brought against them by government regulators following the trading scandals that rockedthe mutual fund industry. The three men charged in the scandals were Timothy J. Miller, Invesco’s former chief investment officer; Thomas A. Kolbe, former national sales director; and Michael D.Legoski, a former assistant vice president in the sales department.
As part of the settlement, the men were bared from conducting any activities in any investment management company for periods ranging from 1-3 years, and they agreed to pay total fines of $340,000 to the government.
The Securities and Exchange Commission, in conjunction with the New York State attorney general Eliot Spitzer, filed the suit against the executives in a joint action. The suit charged that they helped some of their favored clients to profit from illegal and improper trading to the tune of about $58 billion. The executives neither admitted nor denied the charges while agreeing to pay such fines.
The New York State Attorney General, Spitzer said the Invesco executives helped hedge fund firms such as Canary Capital Partners to engage in illegal timing trades. Randall J. Fons, director of the Securities and Exchange Commission’s Central Regional Office said, “those investment advisers and their employees who permit these market-timing agreements at the expense of the funds will be punished.�
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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