Invesco, CEO Cited in Mutual Fund Scandal

[Bozita]

The playing field has never been level for the small investor. Here's some more proof:


http://story.news.yahoo.com/news?tmpl=story&u=/ap/20031202/ap_on_bi_ge/mutual_funds_investigation

Invesco, CEO Cited in Mutual Fund Scandal
1 hour, 11 minutes ago

By LISA SINGHANIA, AP Business Writer

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NEW YORK - Regulators charged Invesco Funds Group Inc. and its chief executive with civil fraud on Tuesday in the rapidly expanding mutual fund trading scandal.


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"Invesco and its officers committed fraud and violated their fiduciary duties both by allowing Invesco funds to be timed and by concealing their timing arrangements from the investment public," the New York state complaint alleged. "The damages from this fraud are the fees that Invesco collected from the unwitting long-term investors in the funds Invesco turned over to timers — approximately $160.8 million, plus the dilution and other costs that the timing activity visited on these customers."


The filings allege that between June 2001 and June 2003, Canary made roughly $50 million — or a 110 percent return — market timing the Invesco Dynamics fund, while long-term shareholders lost 34 percent.


The Invesco Dynamics fund was marketed to children and families, according to the complaint.

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more...

[young_at_heart]

1. One more reason NOT to trust big business

There are so many cases of greed that for the Republican party to blindly side with big business is not terribly patriotic (to me at least).

[KoKo]

2. Fund marketed to "Families and Children" check out this sentence:

"The filings allege that between June 2001 and June 2003, Canary made roughly $50 million — or a 110 percent return — market timing the Invesco Dynamics fund, while long-term shareholders lost 34 percent.

The Invesco Dynamics fund was marketed to children and families, according to the complaint.

Invesco is owned by London-based Amvescap PLC, which also operates the AIM and Atlantic Trust brands. Amvescap had $345.2 billion in funds under management as of Sept. 30."

[Hawkeye-X]

3. I hope Invesco goes bankrupt

and be forced to sell the name "Invesco Field at Mile High" back to the city and county of Denver, which SHOULD then wisely re-name the stadium to "Mile High Stadium" and I'll even pay any increased tax just for that!

Hawkeye-X

Go Broncos!