More details surfaced last week of the
Precious Metals and one of its former managers an unnamed individual as well as the Mid Cap Growth Fund, have each admitted to setting up market-timing arrangements for brokers. Reuters reports that the Precious Metals manager may be the high-profile Prescott Crocker, who retired in early 2004. It cited
Evergreen previously admitted it received a "Wells notice," the notifying message that a company is about to face an SEC action. The manager in question, whether Crocker or another, allegedly made $70,878 in net gains for 15 short-term trades between September 2001 and January 2003. The money has since been dropped back into the fund.
Mid Cap Growths problem also stemmed from market timing that lasted until 2003, and the fund was reimbursed more than $400,000, including fees and expenses, after the short-term trades were stifled.
