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SEC Fines Mutual Fund Manager

Law360 (January 19, 2007, 12:00 AM EST) -- Mutual fund manager Kelmoore Investment Co. has agreed to pay $100,000 to settle allegations that it misled investors by grossly understating fees.

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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