In a regulatory statement, this Wednesday, Alger Funds announced that its manager received a Wells notice from the Securities and Exchange Commission on Dec. 16, 2005 for investigations having to do with fund market timing and late trading, according to MarketWatch.com.A Wells notice allows individuals to come clean in regards to accusations, before the SEC formally brings charges forth.
Fred Alger & Co. Inc, the parent company and the distributor of the funds' mutual funds, has also been given a Wells notice.
