The SEC says it has reached a settlement with a Nebraska investment advisory firm charged with breach of fiduciary duty involving three funds it managed over the course of the previous decade.

The SEC determined that Manarin Investment Counsel, of Omaha, and its founder and president, Roland Manarin, arranged for the investment vehicles at issue -- which are funds of funds -- to purchase Class A shares of underlying mutual funds while cheaper, institutional shares of the same funds were available.

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