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Violation Tracker Summary for Mega-Scandal

Mega-Scandal: Market Timing Abuses
Description: This lists shows cases in which securities brokers and asset managers paid penalties of $25 million or more in cases related to improper market timing trades.
Penalty Total since 2000: $4,163,300,000
Number of Penalty Records: 36
Note: The totals here are adjusted to account for the fact that each current parent's entries may include both agency records and settlement announcements for the same case; or else a penalty covering multiple locations may be listed in the individual records for each of the facilities. They are also adjusted to reflect cases in which federal and state or local agencies cooperated and issued separate announcements of the outcome. Duplicate or overlapping penalty amounts are marked with an asterisk in the individual records list below.
Top 10 Current Parent CompaniesTotal Penalty $Number of Records
Bank of America$675,000,0004
Prudential Financial$600,000,0003
Sun Life Financial$575,000,0002
Invesco$450,000,0004
Janus Henderson$325,000,0002
JPMorgan Chase$300,000,0002
Equitable Holdings$250,000,0001
Deutsche Bank$190,800,0001
Ameriprise Financial$140,000,0001
Canadian Imperial Bank of Commerce$125,000,0002

Individual Penalty Records:

Click on the company or penalty amount for more information on each case. Click on the current parent name to reach the summary page for that parent company.

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CompanyCurrent ParentCurrent Parent IndustryPrimary Offense TypeYearAgencyPenalty Amount sort icon
Prudential Equity Group LLCPrudential Financialfinancial servicesinvestor protection violation2006DOJ_CRIMINAL$600,000,000
Banc of America Capital Management LLC, BACAP Distributors LLC and Banc of America Securities LLCBank of Americafinancial servicesinvestor protection violation2005SEC$375,000,000
Banc of America Capital Management LLC et al.Bank of Americafinancial servicesinvestor protection violation2004NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $375,000,000
Massachusetts Financial Services Co.Sun Life Financialfinancial servicesinvestor protection violation2004NY-AG$350,000,000
Invesco Funds Group, Inc.Invescofinancial servicesinvestor protection violation2004SEC$325,000,000
Invesco Funds GroupInvescofinancial servicesinvestor protection violation2004MULTI-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $325,000,000
FleetBoston Financial Corp.Bank of Americafinancial servicesinvestor protection violation2004NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $300,000,000
Prudential Equity GroupPrudential Financialfinancial servicesinvestor protection violation2006MULTI-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $270,000,000
Prudential Equity GroupPrudential Financialfinancial servicesinvestor protection violation2006NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $270,000,000
Bear, Stearns & Co., Inc.JPMorgan Chasefinancial servicesinvestor protection violation2006SEC$250,000,000
Alliance Capital Management L.P.Equitable Holdingsfinancial servicesinvestor protection violation2003SEC$250,000,000
Massachusetts Financial Services Co.Sun Life Financialfinancial servicesinvestor protection violation2004SEC$225,000,000
Janus Capital ManagementJanus Hendersonfinancial servicesinvestor protection violation2004MULTI-AG$225,000,000
Deutsche Bank AGDeutsche Bankfinancial servicesinvestor protection violation2006NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $208,000,000
Columbia Management Advisors Inc. and Columbia Funds Distributor Inc.Ameriprise Financialfinancial servicesinvestor protection violation2005SEC$140,000,000
FleetBoston Financial CorporationBank of Americafinancial servicesinvestor protection violation2004SEC$140,000,000
Canadian Imperial Bank of CommerceCanadian Imperial Bank of Commercefinancial servicesinvestor protection violation2005SEC$125,000,000
AIM AdvisorsInvescofinancial servicesinvestor protection violation2004MULTI-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $125,000,000
Canadian Imperial Bank of CommerceCanadian Imperial Bank of Commercefinancial servicesinvestor protection violation2005NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $125,000,000
Millennium Partners investor protection violation2005NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $121,400,000
Hartford Financial Services Group, Inc.Hartford Financial Servicesfinancial servicesprice-fixing or anti-competitive practices2007MULTI-AG$115,000,000
Strong Capital Management Co.Wells Fargofinancial servicesinvestor protection violation2004MULTI-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $115,000,000
Janus Capital Management LLCJanus Hendersonfinancial servicesinvestor protection violation2004SEC$100,000,000
Federated Investors, Inc.Federated Hermesfinancial servicesinvestor protection violation2005NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $100,000,000
Waddell & Reed, Inc.Macquariefinancial servicesinvestor protection violation2006NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $75,000,000
Federated Investors, Inc.Federated Hermesfinancial servicesinvestor protection violation2005SEC$72,000,000
Putnam Investment Management LLCFranklin Resourcesfinancial servicesinvestor protection violation2004SEC$55,000,000
AIM Advisors, Inc. and AIM Distributors, Inc.Invescofinancial servicesinvestor protection violation2004SEC$50,000,000
PA Fund Management LLC, PEA Capital LLC and PA Distributors LLCAllianzfinancial servicesinvestor protection violation2004SEC$50,000,000
Franklin Advisers, Inc.Franklin Resourcesfinancial servicesinvestor protection violation2004SEC$50,000,000
Banc One Investment Advisors CorporationJPMorgan Chasefinancial servicesinvestor protection violation2004SEC$50,000,000
Fred Alger Management, Inc.Alger Associatesfinancial servicesinvestor protection violation2007SEC$40,000,000
Veras Capital Master Fund and VEY Partners Master Funds investor protection violation2005NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $36,200,488
Evergreen Investment Management CompanyWells Fargofinancial servicesinvestor protection violation2007SEC$32,500,000
RS Investment Management L.P. investor protection violation2004NY-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $30,000,000
RS Investment Management L.P. investor protection violation2004SEC$25,000,000
(*): Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting.