SEC Probes Brokerages on Mutual Funds
Firms Failed To Disclose Mutual Funds. The Securities and Exchange Commission is investigating numerous cases in which brokerage firms may have failed to fully disclose that they steered clients toward certain mutual funds in exchange for payments from those fund companies. The SEC also is moving to ensure that fund investors get … [Read more...] about SEC Probes Brokerages on Mutual Funds
Second Strong Capital Executive Ensnared in Funds Probe
Another top executive of Strong Capital Management has been ensnared in the scandal over "rapid trading" of mutual funds. Anthony D'Amato, a member of Strong's office of the chief executive, was involved in a deal to allow Canary Capital Partners LLC to rapidly trade shares of Strong mutual funds and at the same time make … [Read more...] about Second Strong Capital Executive Ensnared in Funds Probe
N.Y., Mass Investigate Morgan Stanley
Officials Are Investigating Morgan Stanley. New York and Massachusetts officials are investigating whether Morgan Stanley improperly pressured brokers and branch managers to sell proprietary mutual funds to clients and misled regulators investigating the practice. Massachusetts Secretary of the Commonwealth William Galvin and New … [Read more...] about N.Y., Mass Investigate Morgan Stanley
