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Ex-Invesco Executives Settle SEC Allegations

The agency requires the three men to pay $340,000 to resolve the market-timing charges.

September 01, 2004|From Associated Press

Three former executives of Invesco Funds Group in Denver were ordered Tuesday to pay $340,000 to settle allegations that they allowed some clients to use certain mutual funds for market-timing trades, the Securities and Exchange Commission said.

Timothy J. Miller, Invesco's former chief investment officer and a portfolio manager, and Thomas A. Kolbe, Invesco's former national sales manager, were each ordered to pay $150,000 in penalties.

Michael D. Legoski, a former assistant vice president in Invesco's sales department, was ordered to pay $40,000 in penalties.

All three were barred from the fund industry for at least one year.

Market timing -- frequent, short-term trading that can skim profits from long-term shareholders -- is not illegal, but Invesco's policies strictly limited it. Authorities contend companies that made selective exceptions to market-timing policies committed fraud.

Miller's attorney, James Doty, issued a statement saying Miller tried to restrain timers.

Kolbe agreed to the settlement without admitting to or denying the allegations, said his attorney, Richard Beckler. Beckler declined to comment further. Legoski's attorney did not return a telephone message.

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