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 funds value, the company said.
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