TITLE

SEC Censures, Fines Morgan Keegan for Late Trades

AUTHOR(S)
Hume, Lynn
PUB. DATE
February 2006
SOURCE
Bond Buyer;2/9/2006, Vol. 355 Issue 32316, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the censure of Morgan Keegan & Co. by the U.S. Securities and Exchange Commission for the violation of the Investment Company Act of 1940. The violation called Late Trading, is the practice of placing orders to buy or redeem mutual fund shares after the close of trading. Morgan Keegan was found guilty of executing about 90 late trades in mutual funds on behalf of a hedge fund adviser based in Houston, Texas, and was fined almost 599,000 dollars.
ACCESSION #
19758018

 

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