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Violation Tracker Individual Record

Company: Strong Capital Management Co.
Current Parent Company: Wells Fargo
Penalty: $115,000,000
Year: 2004
Date: May 20, 2004
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: securities issuance or trading violation
Mega-Scandal: Market Timing Abuses
Violation Description: The New York Attorney General and the Wisconsin Attorney General announced a $115 million settlement -- $80 million in disgorgement and penalties along with $35 million in fee reductions -- with a leading mutual fund company to resolve allegations of unlawful trading of mutual funds through market timing. The settlement was negotiated together with the SEC, which issued its own announcement concerning the $80 million penalty; see the Violation Tracker entry at (click here)
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.