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.

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