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Sec told to get tough mutual fund fraud Original Source Link: (May no longer be active)    http://www.sltrib.com/2003/Nov/11192003/nation_w/112391.asp http://www.sltrib.com/2003/Nov/11192003/nation_w/112391.asp SEC told to get tough on mutual fund fraud The Associated Press WASHINGTON -- Senators urged the head of the Securities and Exchange Commission on Tuesday to end a turf war with state regulators and go after mutual fund abuses. At the same time, Federal Reserve Chairman Alan Greenspan and Treasury Secretary John Snow cautioned Congress against passing mutual fund reforms that could cost investors more in fees and diminished returns. Several senators and House members of both parties are proposing measures to overhaul the way the $7 trillion industry operates. SEC Chairman William Donaldson, coping with the worst crisis of his 10-month tenure, faced tough questioning at a hearing. Some 90 million people have money in U.S. stock mutual funds. Half of all American households invest in them. Before the recent scandal, they were regarded as safe investments. The House likely will approve today legislation by Rep. Richard Baker, R-La., to implement harsher penalties for mutual fund abuses. It also would make directors on company boards more independent from fund managers. The bill also would ban short-term trading by fund insiders, a practice under scrutiny in recent cases. The quick trades, known as market timing, aren't illegal, but most funds don't allow it because it skims profits from longer-term shareholders. State regulators in Massachusetts and New York have sharply criticized the SEC's handling of its partial settlement of civil fraud charges with Putnam Investments, a major mutual fund company. New York Attorney General Eliot Spitzer first raised the charge that preferential trading deals for big-money customers of many fund companies could be siphoning billions of dollars from ordinary investors. He denounced the SEC after the Putnam settlement Thursday. Spitzer and Massachusetts Secretary of State William Galvin said the settlement, with civil fines to be determined later, was insufficient punishment. The SEC under Donaldson "is more interested in protecting the fund industry than the investor," Galvin charged.

Adelphia founder and son convicted of fraud { July 9 2004 } Adelphia jailed AIG used hedge funds to report gains Bank one mutual fund fraud probe { November 27 2003 } Banks deleted email Bristol meyers Bush angered speech { June 28 2002 } Bush cheney hens { July 9 2002 } Bush stock sell { July 21 2002 } Bush violated laws Cheney Citigroup morgan Citigroup skirt rules Congress grills banks Corporate reforms reassessed { July 23 2004 } Ernst young auditing firm barred auditing six months { April 17 2004 } Everybody outraged { July 2 2002 } Gore bashes bush Harken energy bush { July 12 2002 } Insurance accounting fraud by buffett subsidiary Insurance AIG cooks books and apologizes { February 10 2006 } Lieberman soft on corporate crooks { July 29 2002 } Lynch enron scam { August 8 2002 } Martha stewart convicted Martha stewart seeks retrial after government perjury Mccain proposal { July 12 2002 } New york chinatown bank rush { April 22 2003 } Newscorp worldcom No corporate reform { June 10 2002 } On wall street a rise in dismissals over ethics { March 29 2005 } Post saves bush { July 12 2002 } Qwest admits Scandal closes mutual fund security trust { November 26 2003 } Scandal markets { June 26 2002 } Schwab mutual funds improper trading { November 14 2003 } Sec charges dallas firm with fraud { December 5 2003 } Sec probes disney { December 4 2002 } Sec probing ibm { June 2 2003 } Sec told to get tough mutual fund fraud Secret service stewart witness charged with perjury Time warner may pay 750m fine Tyco execs charged { September 13 2002 } Xerox admits fraud Files Listed: 43

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