Gartmore fined $1.35m for breaching SEC rules

clock • 1 min read

Gartmore has been censured and fined $1.35m by the SEC for breaking its short-selling rules.

The asset manager was yesterday ordered to pay a civil money penalty of $375,000, disgorgement of $928,117 and prejudgement interest of $44,134, a fine totaling $1.347m. It must be paid within 14 days or additional interest will accrue, the SEC said. The judgement follows a breach of the regulations by Gartmore on behalf of its AlphaGen RhoCas fund in May 2009. According to the SEC, Gartmore broke the rule in relation to short selling online banking giant BB&T. "Between May 6 and May 12, 2009, Gartmore sold short a total of 172,405 shares of common stock of BB&T for RhoCas at pr...

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