The Securities and Exchange Commission (SEC) announced the settlement Tuesday involving:
- Timothy Miller, former chief investment officer and a portfolio manager
- Thomas Kolbe, former national sales manager
- Michael Legoski, a former assistant sales vice president.
According to a news release posted on the SEC Web site, the commission ordered Miller, Kolbe and Legoski to pay $1 in disgorgement each and penalties of $150,000, $150,000 and $40,000, respectively.
Regulators also said the agreement banned Miller, Kolbe and Legoski from associating with an investment adviser or investment company for a year, and prohibited Miller and Kolbe from serving as an officer or director of an investment adviser or an investment company for three years and two years, respectively. The commission also barred Legoski from associating with any broker or dealer for a period of one year.
The SEC charged that.
- From 2001 through July 2003, Invesco permitted select investors to market time select Invesco funds. Under some of the agreements, Invesco required that the market timers invest “sticky” assets in other Invesco funds.
- As Invesco’s chief investment officer, Miller was responsible for approving the market timing agreements. Legoski was responsible for policing the funds to identify market timing activities, and played a significant role in negotiating the agreements Invesco made with approved market timers. Kolbe supervised Legoski’s activities and was also personally involved in negotiating a market timing agreement for a related offshore fund complex.