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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: TH who wrote (5731)	5/6/2004 12:49:57 PM
From: mishedlo	Read Replies (1) of 116555

SEC charges PIMCO Advisors Fund Mgmt with fraud By Leticia Williams WASHINGTON (CBS.MW) -- The Securities and Exchange Commission filed charges Thursday against mutual fund firm PIMCO Advisors Fund Management (PAFM), an advisor to bond fund giant Pacific Investment Management Co. (PIMCO), certain of its officers and affiliates for allegedly maintaining a market-timing pact with hedge fund Canary Capital, without having notified its investors of the arrangement. The SEC filed fraud charges against the firm, Stephen Treadway, chief executive officer and chairman of PIMCO funds' board and Kenneth Corba, former CEO of PIMCO affiliate PEA Capital, the regulator said Thursday. The SEC charged that PIMCO allowed Canary Capital to engage in about 100 "round-trip" exchanges among its funds from Feb. 2002 to April 2003 involving more than $4 billion. Market timing refers to the practice of short term buying and selling of mutual fund shares.

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