SEC Distributes $55.6 Million to Banc One Investors

The Securities and Exchange Commission has distributed $55.6 million to 200,000 Banc One investors who were harmed by fraudulent market timing.

“Returning money to investors injured by the unlawful market timing in this and other matters marks the continuation of the SEC’s efforts to remedy the harm suffered by investors,” said Linda Chatman Thomsen, director of the SEC’s division of enforcement.

The SEC first brought administrative and cease-and-desist proceedings against Banc One and Mark A. Beeson, former president of One Group Funds.

The SEC said that the company permitted improper market timing in the funds between 1999 and 2003, failed to charge required redemption fees in international funds and improperly released confidential portfolio holdings.