In an apparent effort to clear the air and address issues of secrecy and wrongdoing, Janus executives have agreed to meet with the Colorado securities commissioner this month to discuss what has been done since the mutual fund probe began, Reuters reports.
Janus has stated it would reimburse shareholders if New York Attorney General Eliot Spitzers probe turns up information about illegal trading practices squeezing its investors.
The Colorado commissioner, Fred Joseph, confirmed to Reuters that Janus got in touch with his office immediately after it gained knowledge of Spitzers investigation. "I want to know what has gone on, what they intend to do to correct any deficiencies and what corrective measures are being taken," Joseph said.
Unlike Bank of America, which has fired Nations Funds head Robert Gordon and seen former broker Theodore Sihpol named for felony larceny and securities fraud charges, Janus has yet to change personnel since the probe began.
Joseph said he wasnt sure whether the issue of personnel would be touched upon at the meeting. "Its not my primary concern," Joseph told Reuters.
A spokeswoman for Janus has said the firm is "in the process" of naming an independent auditor to look into its trading processes.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.