Business Services Industry
SEC Targets Pimco Stock Funds.
Knight Ridder/Tribune Business News, February, 2004
By Chris Knap, The Orange County Register, Calif. Knight Ridder/Tribune Business News
Feb. 14--The Securities and Exchange Commission has warned Pimco Advisors Funds Management of Stamford, Conn., and one of its New York stock managers, PEA Capital, that it is considering bringing a regulatory action against them as part of a broad investigation of market timing. Regulators allege that some fund companies gave preferential treatment to certain big investors that was not available to typical shareholders.
PEA Capital disclosed the SEC notice Thursday and confirmed that it had allowed New Jersey hedge fund manager Edward Stern to engage in market timing in three PEA-managed stock funds during mid-2002.
The three funds were the Pimco PEA...
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