The Securities and Exchange Commission has fined Stephen Treadway, former chairman of the equity mutual funds at PIMCO, $572,000 for allowing improper trading of mutual funds, Dow Jones reports. Treadway has also been banned from serving as an officer or a director of a mutual fund company for one year.

The settlement comes three months after a federal jury found he had violated his fiduciary duty to investors by allowing Canary Capital to time PIMCO’s funds in exchange for making long-term investments in the funds.

“The essence of this case is that all investors in a mutual fund, large or small, wealthy or not, are entitled to a level playing field,” said Randall Lee, director of the SEC’s Los Angeles bureau. “The sanctions against Stephen Treadway, on the feels of the jury’s unanimous verdict finding that he betrayed the trust of ordinary investors, are a fitting culmination to our case.”

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