Evergreen Agrees To $32.5M Settlement With SEC

Law360, New York (September 19, 2007, 12:00 AM EDT) -- Evergreen Investment Management Co. has agreed to pay $32.5 million to put to rest U.S. Securities and Exchange Commission allegations of market timing violations.

Evergreen and three affiliates, including Wachovia Securities LLC, have been ordered to pay $28.5 million in disgorgement and $4 million in civil penalties. A former officer of Evergreen, William M. Ennis, was also fined $150,000, the SEC announced Wednesday.

The SEC alleged that Evergreen allowed certain select shareholders to market time mutual funds, and failed to enforce specific trading rules against market...
To view the full article, register now.