Money Management Executive Latest News

As rumors circulate about a potential $300 million settlement between MFS Investments and regulators, the beleaguered fund firm may be dealt another blow as the SEC is considering punishing two of its top officials for failing to supervise activities, Reuters reports.

New York Attorney General Eliot Spitzer has convened a grand jury to investigate the $600,000 in profits that Richard Strong, one of Fortune magazine’s 400 richest people in America, made, The New York Times reports.

Vanguard is facing problems of its own, as an employee has complained to regulators about the firm’s inability to service shareholder accounts efficiently, according to the editor of the newsletter The Independent Adviser for Vanguard Investors.

NEW YORK ¾ Emphasizing the increased role of state attorney generals in criminal enforcement, Eliot Spitzer distinguished between recent financial services industry scandals to a packed criminal justice section of the New York State Bar Association lawyers last Thursday.

A Morningstar analyst has a clever take on that old reliable treat bearer, the Girl Scout cookie seller and her relationship to mutual funds.

At a time in which President George W. Bush is facing firm attacks from Democrats seeking to take his job next November, the criticism has trickled down to the financial services industry, namely Principal Financial Group, the nation’s largest (401)k firm.

The million-dollar question of how much Putnam Investments paid to the SEC and other regulators in its settlement was answered yesterday – and it turned out to be a $24 million question.

The SEC and New York Attorney General Eliot Spitzer are on the precipice of charging Canadian Imperial Bank of Commerce with allocating $1 billion for improper traders, sources told Reuters.

Bank of America announced in an internal memo yesterday that Keith Winn, the president of Bank of America Capital Management, has been named the investment product development and management executive for the organization expected to emerge from the BoA-FleetBoston merger.

MFS CEO John Ballen has hired a leading securities fraud lawyer and has met with the funds’ board, Reuters reports.