Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.

SEC Charges 8 Former Mutual Fund Directors

WASHINGTON (AP) -- Eight former mutual fund directors are facing civil charges after they allowed others at the firm to set values for mortgage securities and investors lost roughly $200 million on those funds.

The Securities and Exchange Commission says the directors at Morgan Keegan & Co. delegated the duty to fund managers, even though directors are required by law to set values when market prices are not available.

Last year Morgan Keegan agreed to pay $200 million to settle the SEC's fraud charges that it inflated the investments' value as the housing market was collapsing in 2007.


Read/Post Comments (1) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On December 10, 2012, at 6:46 PM, neamakri wrote:

    I suggest public pillory for these eight. (See wikipedia for a delightful reading of pillory.)

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2147058, ~/Articles/ArticleHandler.aspx, 5/29/2015 2:21:50 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 5 hours ago Sponsored by:
DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASD 5,097.98 -8.62 -0.17%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes


Advertisement