The SEC late last month sanctioned the Colorado investment advisory firm which sponsors the ICON Funds for using "inflated" figures in describing the firm's private account performance.

Meridian Investment Management Corp. of Englewood, Colo. and its former president Michael Hart agreed to pay a total of $85,000 in penalties for allegedly false and misleading statements the firm made in Internet postings, newsletters and performance sheets from 1993 to 1996 about investment returns. The SEC alleged in an administrative action filed Dec. 28 that Meridian failed to deduct certain expenses from Meridian's private account performance returns. The allegations were unrelated to the ICON Funds, which were introduced in 1997.

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