Daily Archives: June 1, 2009, 5:08 pm

SEC to Distribute $78 Million in AIM Settlements

The SEC announced today the Fair Fund distribution of more than $78 million to more than 590,000 investors who were affected by undisclosed market timing in certain AIM mutual funds. The agency stated that the distribution is the result of a prior SEC enforcement action against AIM Advisors, Inc., which advised the funds, and AIM Distributors, Inc. (ADI), which distributed…

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Australia: Merrill Lynch Flatly Rejects Insider Trading Allegations

As previously discussed in detail here, Merrill Lynch and one of its subsidiaries face allegations from a Sydney businessman that they engaged in what would reportedly be “the biggest case of insider trading in [Australia’s] corporate history.” Today, Merrill Lynch shot back with a definitive statement rejecting the allegations: “Merrill Lynch completely rejects the allegations of insider trading which have…

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Vitesse Semiconductor Announces Proposed Settlement with SEC re: Stock Options Practices

Vitesse Semiconductor Corp. (VTSS) announced today that the Staff of the SEC has agreed to recommend to the Commission a proposed settlement that would resolve the SEC’s investigation into historical stock option practices and certain other accounting irregularities at Vitesse. Under the proposed settlement, Vitesse would pay a $3 million civil penalty and consent to an injunction against violating the federal…

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