Corp-Ethics Home
Log In | Register New User
Home Company Search Related Articles Forum (new!)

Company PIMCO Advisors [Company Info]
  Track this Company (an email will be sent to you everytime a report is filed about this company)

Date Issue Title
6th May 2004 Fraud Investigation SEC slaps PIMCO with fraud charges

Report
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said Thursday it filed civil fraud charges against PIMCO Advisors Fund Management LLC, affiliates and officers in a probe of mutual fund market timing.

The SEC said in a statement that the charges focused on improper rapid buying and selling of fund shares in arrangements with hedge fund Canary Capital Partners, which has been involved in other recent mutual fund trading probes.

The SEC said it charged PIMCO Advisors, PEA Capital LLC and PIMCO Advisors Distributors LLC, as well as Stephen Treadway, chief executive of PIMCO Advisors, and Kenneth Corba, former chief executive officer of PEA Capital.

"This action represents yet another example of a well-known mutual fund adviser placing its own interests above those of the fund shareholders through an undisclosed market timing arrangement," said SEC Enforcement Director Stephen Cutler.

The SEC said it seeks unspecified fines and restitution, an injunction against further wrongdoing, and an order barring defendants from certain positions in the mutual fund industry.

The $7.6-trillion industry has been hit in recent months with a wave of scandals involving improper market timing and illegal late trading activities in fund shares.

Related Reports from the Financial Industry
Company Issue Report
JP Morgan Chase Other Issue JPMorgan to pay $425m in IPO lawsuit
Guardian Assurance Questionable Practice FSA fines insurer over endowments
Morgan Stanley Other Issue Pension fund sues Morgan Stanley
Axa Sun Life Questionable Practice Record fine for Axa's unclear ads
Norwich Union Fraud Investigation Employee Assets Frozen
 
Contact Us | Terms of Service | Privacy Policy | Add Report | Links
© 2006 Corp-Ethics.com | Corporate Ethics