Citing managerial shakeups, rising costs and foundering performance, Culloton scathingly said that "the complex doesn't deserve investors' money." He does caution investors to check out tax and commission costs that may arise before pulling their money out.
Invesco and its parent company, Amvescap, have insisted no wrongdoing. The market timing charges against Invesco represent the first time during the scandal that a company is getting in trouble solely for violating the conditions of its own prospectus.
Allegedly, more than 60 brokers, advisers and hedge funds were allowed to market time 10 or more of Invescos mutual funds between 2001 and 2003. Invescos troubles go beyond the financial sector.
Before long, the name "Invesco" may be removed from the Denver Broncos football stadium.