West Virginia has joined the growing regulator bandwagon, Reuters reports, citing SEC filings.

The state has subpoenaed the trading records of Strong Capital Management and Morgan Stanley. "We’re looking at investigating the mutual fund situation, and if we determine that there has been a violation of the law, we will seek remedies for West Virginia citizens," Frances Hughes, chief deputy to W. Va. Attorney General Darrell McGraw, told Reuters.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.