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SEC Censures Mutual Fund Managers

Law360 (September 8, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has censured five mutual fund managers as part of settlements stemming from allegations that the managers charged customers improper performance-based fees.

The fund managers were also hit with cease and desist orders, and had to pay out a total of more than $7.3 million.

The fund managers—Putnam Investment Managers LLC, The Dreyfus Corp., Gartmore Mutual Fund Capital Trust, Kensington Investment Group Inc. and Numeric Investors LLC—have not admitted to any wrongdoing.

All five did, however, submit settlement offers to the...
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