A.G. Edwards to Pay $3.86 Million to Settle Market Timing Charges
By: Reuters
Financial firm A.G. Edwards agreed to pay $3.86 million to settle charges that the firm failed to supervise brokers engaged in market timing of mutual funds, the U.S. Securities and Exchange Commission said on Wednesday.
The SEC also said two branch managers, a broker and a former broker, settled allegations that they deceptively placed market timing trades for their customers.
The company also agreed to hire an independent consultant to review its policies and procedures to prevent and detect future market timing activity.
A.G. Edwards agreed to pay $3.86 million to settle charges that the firm failed to supervise brokers engaged in market timing of mutual funds, the U.S. Securities and Exchange Commission said.
