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Rating:Wrap Accounts at Heart of Edwards Case Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 13, 2005

Wrap Accounts at Heart of Edwards Case

by: Sean Hanna, Editor in Chief

A.G. Edwards used its most recent SEC filings to disclose more about potential charges it faces for allowing market timing in mutual funds. The fund firm acknowledged that both the SEC and the New York Stock Exchange (NYSE) are considering filing formal charges.

According to the disclosure, the trades all took place prior to October 2003 and all involved market timing in the St. Louis-based broker's "Client Choice" wrap-fee accounts. New York Attorney General Eliot Spitzer brought his first market-timing and late-trading charges in September 2003.

The SEC staff recommended a civil injunction be brought against the firm for its failure to properly monitor the accounts and issued a Wells Notice to the firm.

Edwards added in the disclosure that it also filed a "Wells-type" submission in response to the NYSE after the exchange informed Edwards that it is considering bringing a formal disciplinary action against it in connection with the supervision of the Client Choice accounts. Edwards argued in the submission that the NYSE should bring no charges.  

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