The SEC and California Attorney General Bill Lockyer have fined two PIMCO investment advisors and its distributor a total of $20.6 million for failing to disclose how they directed trades to 50 broker/dealers between 2000 and 2003 to defray shelf space costs. The funds in question were the PIMCO Multi-Manager Series funds. The SEC fined the three entities $11.6 million, while the California Attorney General fined the distributor $9 million.

Those named in the suits are PA Fund Management (the investment advisor), PEA Capital (the sub-advisor) and PA Distributors (the underwriter and distributor).

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.