SEC Fines Mutual Fund Manager
The U.S Securities and Exchange Commission fined the fund manager for allegedly willfully violating securities law by failing to fully disclose its commissions to fund shareholders for six years.
From 1999 to 2005, Kelmoore, a dually registered investment advisor and broker dealer, misled shareholders by neglecting to reveal the brokerage fee it charged on top of an advisory fee.
The SEC claimed investors were...
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