 |
|
|
Posted: 12:21 PM Jun 8, 2009
Wells Fargo's Evergreen paying $40M in SEC accord
An investment fund owned by Wells Fargo & Co. is paying $40 million to settle federal charges that it inflated the value of a mutual fund that invested mainly in securities tied to home mortgages and only selectively told shareholders about the fund's problems.
|
|
0 Comments
Font Size:
WASHINGTON (AP) -- An investment fund owned by Wells Fargo & Co. is paying $40 million to settle federal charges that it inflated the value of a mutual fund that invested mainly in securities tied to home mortgages and only selectively told shareholders about the fund's problems.
The Securities and Exchange Commission announced the settlement with Boston-based Evergreen Investment Management Co., which did not admit or deny wrongdoing.
Evergreen and an affiliate agreed to pay $33 million to compensate fund shareholders, as well as civil fines totaling $4 million and around $3 million in restitution of allegedly ill-gotten gains.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
More Stories
Currently |
Local Radar |
 |
 |
Most Popular
- Chainsaw Recall
- Chili Recalls Adds Dozens of Products
- Feds offer tax credit for energy efficient upgrades
- Senate votes to extend homebuyer credit, jobless benefits
- Additional Incidents Prompt Log Splitter Recall Expansion by Brave Products; Could Pose Serious Injury Risk
- Tennessee consumers warned of foreign lottery and fake check scams
- 2 Deaths Related To Baby Crib Recall
- GM recalls about 53K vehicles due to fire hazard
- DEWALT Reciprocating Saw Recall
- Cracker Barrel Old Country Store® Restaurants Recall Rooster Kitchen Stools Due to Collapse Hazard
