J. & W. Seligman replaced $3.7 million back in its funds because of market timing, the company said in a Securities and Exchange Commission filing, Reuters reports.

While saying it found no evidence of late trading, Seligman did admit that it found four instances of market timing, and that one employee had left the firm because of it.

To make up for the timing, the company poured $1.6 million back into the Seligman Global Technology Fund, $300,000 in the Seligman Global Smaller Companies Fund and $75,000 in the Seligman Global Growth Fund. Each respective payment made up less than one half of 1% of each fund’s value, the company said.

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The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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