Three former Invesco executives agreed to pay a combined $340,000 in fines to settle enforcement actions for their role in a market-timing scheme that allowed preferred clients to make excessive trades in exchange for sticky assets.

In a Securities and Exchange Commission ruling handed down last Tuesday, Timothy Miller, former chief investment officer and a portfolio manager for Invesco Funds Group, Thomas Kolbe, the former national sales manager for IFG, and Michael Legoski, a former assistant vice president in the firm's sales department, were ordered to pay penalties of $150,000, $150,000 and $40,000, respectively, and $1 apiece in disgorgement.

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.