SEC Fines Ark $20M For Violating Client Covenant
By Evan Weinberger ( September 30, 2010, 12:20 PM EDT) -- Ark Asset Management Co. Inc. has agreed to pay the U.S. Securities and Exchange Commission $19.8 million to settle claims that a now-deceased portfolio manager engaged in a "cherry picking" scheme that favored proprietary accounts over those held by clients....
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