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Article: Costly Mutual Fund Scandals Growing Wider.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 18, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Harriet Johnson Brackey, The Miami Herald Knight Ridder/Tribune Business News
Nov. 18--The mutual fund scandals cut even more deeply across the industry Monday, when 16 fund companies were implicated in a $50 million settlement related to shady sales practices at Morgan Stanley. Separately, Putnam Investments reported massive withdrawals by its investors.
The Securities and Exchange Commission and the NASD charged Monday that the Morgan Stanley gave preferential treatment to some mutual fund companies, pushing their products in exchange for millions of dollars in secret commission payments.
Morgan Stanley failed to disclose the practice ...