Ex-IFG Wholesaler Settles SEC Market-Timing Case

Law360, New York (January 15, 2009, 12:00 AM EST) -- The U.S. Securities and Exchange Commission and former Invesco Funds Group Inc. wholesaler Michael K. Brugman have reached a settlement to resolve administrative proceedings in which the agency accused Brugman of taking more than $3 million in payments from market timers.

The deal calls for Brugman to disgorge $700,000 and cease and desist from future violations of the Securities Exchange Act of 1934, according to an SEC order Wednesday. Brugman didn't admit to or deny the commission's allegations, but consented to the entry of the order....
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