The United States District Court for the Southern District of New York has permanently banned Irving Paul David, the former controller of the Smith Barney World Funds from the financial industry. David did not admit or deny the allegations.

The ruling stems from an August 2003 Securities and Exchange Commission case against David charging him with embezzling approximately $47,529 from investment companies Consulting Group Capital Markets Funds and Smith Barney World Funds, for which he served as treasurer and controller, respectively.

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