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3 former Invesco execs settle with SEC

Aug. 31, 2004 at 1:19 PM   |   Comments

WASHINGTON, Aug. 31 (UPI) -- The U.S. Securities and Exchange Commission said Tuesday three former Invesco executives agreed to a one-year ban from the mutual fund industry.

The one-year ban is part of a deal to settle charges of allowing fund trading abuses.

Tim Miller, the former chief investment officer and a portfolio manager, and two colleagues also agreed to pay a $340,000 to settle the Securities and Exchange Commission allegations. Miller and his colleagues neither admitted or denied wrongdoing.

The SEC had accused the three executives, including Thomas A. Kolbe, the former national sales manager, and Michael D. Legoski, a former assistant vice president, of permitting favored investors to make excessive redemptions of select Invesco funds.

Topics: Tim Miller
© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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