Violation Tracker Individual Record

Company: 
Massachusetts Financial Services Co.
Current Parent Company: 
Sun Life Financial
Penalty: 
$225,000,000
Year: 
2004
Date: 
February 5, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
securities issuance or trading violation
Violation Description: 

Massachusetts Financial Services Co. agreed to pay $225 million to settle allegations that it violated federal securities laws by allowing widespread market timing trading in certain of its mutual funds in contravention of those funds' public disclosures.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Canada
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
life insurance
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.