According to a Securities and Exchange Commission (SEC) news release, the money came from a settlement in which Banc One Investment Advisors (BOIA) Corporation agreed to pay $10 million in disgorgement and $40 million in civil penalties.
The SEC brought and settled an administrative and cease-and-desist proceeding against BOIA and Mark A. Beeson, former President and CEO of One Group Funds on June 29, 2004 (See Bank One Settles Up ).
The SEC news release said that the agency found BOIA improperly allowed market timing in One Group Funds between June 1999 and May 2003, failed to charge required redemption fees in One Group Funds’ international funds, and improperly released confidential portfolio holdings.
The Fair Fund Administrator responsible for distribution is Boston Financial Data Services, Inc. (BFDS). Investor questions regarding the distribution may be directed to BFDS at (800) 261-0282.
Further information is at http://www.settlementbanconeia.com .
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