Sep
21
S.E.C. and First Eagle Investment Reach $40 Million Settlement
ByThe Securities and Exchange Commission said on Monday that it had reached a $40 million settlement with a New York-based investment adviser over charges that it had improperly used mutual fund assets to pay brokerage firms for the marketing and distribution of its funds.
The agency said the money would be returned to the accounts of the affected shareholders.
The case against the investment adviser, First Eagle Investment Management, is the first brought against an asset manager under the agency’s so-called Distribution-in-Guise Initiative, which aims to protect mutual fund shareholders from paying for marketing expenses that should come out of the firm’s own assets…
S.E.C. and First Eagle Investment Reach $40 Million Settlement
