As expected, the SEC charged charged a FleetBoston Financial Corp.'s Columbia Unit with civil securities fraud involving improper mutual fund trading, Reuters reports. Among the charges, The SEC said that the Columbia Management Advisors
and Columbia Funds Distributor Inc.
allowed certain investors to market time in and out of its funds. The charges were brought in U.S. District Court in Boston. The SEC said New York State Attorney General Eliot Spitzer was set to bring a similar action. Stay tuned.
Stay ahead of the news ... Sign up for our email alerts now