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.