A.G. Edwards

St. Louis, MO: (May -02-07) The US Securities and Exchange Commission filed charges against A.G. Edwards, the brokerage arm of A.G. Edwards Inc., alleging that the financial services holding company failed to reasonably supervise brokers who placed market timing of mutual funds. In a settlement reached, A.G. Edwards agreed to pay $3.86 million to the Securities and Exchange Commission to resolve claims. The settlement would include disgorgement and prejudgment interest of $2.36 million and civil penalties of $1.5 million. The company also agreed to certain undertakings, including hiring an independent consultant to review whether the changes A.G. Edwards has made to its policies and procedures are reasonably designed to prevent and detect future market timing. [ST. LOUIS BUSINESS JOURNAL: MARKET TIMING]

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Published on May-6-07