Violation Tracker Individual Record

Company: 
Strong Capital Management Co.
Current Parent Company: 
Wells Fargo
Penalty: 
$115,000,000
Year: 
2004
Date: 
May 20, 2004
Primary Offense: 
securities issuance or trading violation
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 https://www.sec.gov/news/press/2004-69.htm

Level of Government: 
state
Action Type: 
agency action
Agency: 
Multistate Attorneys General Case
Civil or Criminal Case: 
civil
Private Lawsuit Resolution Type: 
settlement
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.