Violation Tracker Individual Record

Company: 
Evergreen Investment Management Company
Current Parent Company: 
Wells Fargo
Penalty: 
$32,500,000
Year: 
2007
Date: 
September 19, 2007
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
securities issuance or trading violation
Violation Description: 

Evergreen Investment Management Company and three of its affiliates agreed to pay $29.5 million in disgorgement and $4 million in penalties to settle allegations that, contrary to prospectus disclosures, they allowed certain shareholders to market time and engage in excessive exchange activity in the Evergreen mutual fund complex.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.