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Evergreen Investments and Wachovia Corp.

Birmingham, AL: (Sep-19-07) The US Securities and Exchange Commission brought charges against Evergreen Investments, the investment management division of Wachovia Corp., and Evergreen affiliates, alleging that the company engaged in improper market timing. Market timing involves rapid trading to benefit from market inefficiencies. Though it is not illegal, it can increase costs for long-term investors. The commission found Evergreen, the affiliates and William Ennis, a former officer of Evergreen, had agreed to allow a registered representative of a broker-dealer to market-time at Evergreen funds in excess of trading limits set forth in the funds' prospectuses.

In a settlement reached, the defendants agreed to pay $32.5 million to settle charges of improper market timing. Further, as part of the deal, William Ennis agreed to a $150,000 payout to settle related charges. Evergreen, the entities and Ennis agreed to the settlement without admitting or denying the charges. [BIRMINGHAM BUSINESS JOURNAL: EVERGREEN MARKET TIMING]


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Published on Sep-20-07


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