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Ex-Prudential Staffers Sued In Fund Scandal; Clients Ditch Putnam; SEC opens new fronts as investigation looks into pricing, 12(b)1 fees.(A)
Byline: MURRAY COLEMAN
Regulators opened more fronts in their probe of the $7 trillion mutual fund industry Tuesday.
Federal and state officials in Massachusetts filed suit against seven former employees of Prudential Securities for improper trading.
The Securities and Exchange Commission widened its probe to include questionable pricing practices at two fund groups.
The number of fund companies subject to the SEC's investigation has grown to more than 100.
Ten percent of 88 top fund firms targeted by the probe may be involved in the practice of late trading, a source close to the SEC's investigation said.
In late trading, shares are bought after the day's 4 p.m. close, but given the closing price. Normally, investors buying after 4 p.m. have to wait until the next day's close. Any gains on such late trading come directly out of the pockets of long-term investors.
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- Newspaper article from: Money Management Executive Frankie, Chris April 5, 2004 700+ words
...on pre-hearing briefs by the SEC and Putnam, as well as estimates by Lipper...criminal activity. Additionally, the SEC says Putnam is liable for the disgorgement...basic rationale provided by the SEC, Putnam collected $171.4 million in...
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- Newspaper article from: The Dallas Morning News (via Knight-Ridder/Tribune News Service) November 17, 2003 700+ words
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- SEC defends speed of Putnam deal.(The Dallas Morning News)
- Newspaper article from: Knight Ridder/Tribune News Service Deener, Bill November 17, 2003 700+ words
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- Taking Sides: SEC too lenient with Putnam.(Opinion)
- Magazine article from: Investment News November 24, 2003 700+ words
...the payments outlined by the SEC deal cover only Putnam employees' trades; they don...In cutting a quick deal with Putnam, the SEC lost a chance to forge a groundbreaking...Therefore, the deal cut by the SEC with Putnam falls woefully short. Massachusetts...
- SEC charges Putnam with illicit trading; Mutual fund company has fired two...
- Newspaper article from: The Washington Times October 29, 2003 700+ words
...ordinary investors. The SEC and Massachusetts authorities contend that Putnam committed securities...its investigation into Putnam is continuing. According to the SEC's complaint, Mr. Kamshad made 38 trades in Putnam funds, including at...
- SEC Charges Putnam Mutual Funds with Illicit Trading.
- Newspaper article from: Knight Ridder/Tribune Business News October 29, 2003 700+ words
...ordinary investors. The SEC and Massachusetts authorities contend that Putnam committed securities...its investigation into Putnam is continuing. According to the SEC's complaint, Mr. Kamshad made 38 trades in Putnam funds, including at...
- Bitter fight erupts over SEC's Putnam deal.
- Newspaper article from: Financial News November 14, 2003 700+ words
...Massachusetts state regulator, strongly criticised the Securities and Exchange Commission on Thursday after the SEC announced it had settled with Putnam, the fifth biggest mutual fund manager in the US, over improper share trading. The settlement measures...
- Putnam Confirms Settlement Agreements With SEC and Office of the Secretary of...
- Press release article from: Business Wire April 8, 2004 700+ words
...WIRE)--April 8, 2004 Putnam Investments confirmed today...and Exchange Commission (SEC) and the Office of the...focusing on market timing in Putnam mutual funds. Under the terms of the SEC agreement, Putnam will pay $5 million in...
