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Browse: Home / 2009 / June / 01 / SEC to Distribute $78 Million in AIM Settlements

SEC to Distribute $78 Million in AIM Settlements

By Securities Docket on June 1, 2009, 3:44 pm

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 the funds, as well as two other Fair Funds which are related to separate market timing enforcement actions that affected AIM investors.

Specifically, the AIM Fair Fund includes:

  • $50 million in disgorgement, penalties and interest collected from AIM Advisors and ADI after the Commission brought settled administrative and cease-and-desist proceedings against them in 2004.
  • $11 million in disgorgement, penalties and accumulated interest from the Banc of America Capital Management LLC, BACAP Distributors LLC, and Banc of America Securities LLC Fair Fund; and
  • approximately $12.4 million in disgorgement, penalties and accumulated interest from the Bear, Stearns & Co., Inc. and Bear, Stearns Securities Corp. Fair Fund.

Information regarding the distribution can be obtained at http://www.aimfairfund.com.

Read the SEC announcement

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Posted in SEC | Tagged Disbursements, Fair Funds, Features, Settlements

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