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Friday, September 10, 2004
Not Many Left to Settle

Invesco/AIM was one of the last fund families to settle with the SEC and the attorneys general of New York and Colorado for $450 million. The company press release doesn't mention it, but their former CEO has agreed to a $500,000 fine and a lifetime ban from the industry.

Invesco was involved in market timing with Canary Partners, the hedge fund that kicked off the whole scandal. Their involvement led to substantial withdrawals from their funds. The combination of bad press and heavy penalties may bring on a sale or reorganization of the fund unit by its UK parent, Amvescap Plc.
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