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.

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