Some mutual fund companies appear to be unfairly manipulating the investment performance figures they use in their advertisements, according to a top SEC official.

It appears some funds are "gerrymandering" one-year investment performance figures in print advertisements to display the best possible investment results, said Lori Richards, director of the Office of Compliance, Inspections and Examinations at the SEC. The ads may be unfair and misleading to investors, Richards said.

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