SEC Sanctions Former Fiserv Manager Braun

The Securities and Exchange Commission has sanctioned Raymond L. Braun, former manager of the New York office of Fiserv Securities, for allegedly overseeing what was known as the Fiserv "New York Market Timing Office."

Braun and a number of other unnamed Fiserv employees have been accused of "engag[ing] in a deceptive scheme to defraud mutual fund shareholders," as well as the funds themselves, by enabling the firm's customers to "prolong [their] ability to market time funds he knew prohibited market timing," according to the SEC complaint.

The civil case, SEC v. Raymond L. Braun, Jr., et al., heard in the U.S. District Court for the Eastern District of Pennsylvania, received final ruling on June 8, based on Section 15(b) of the Securities Exchange Act of 1934 and Section 10(b) of the Exchange Act (and Rule 10b-5 thereunder).

Braun settled the case without admitting or denying the Commission's findings and has been banned from association with any broker/dealer for three years.