The Securities and Exchange Commission ordered Nebraska investment manager Roland Manarin
, president and founder of Manarin Investment Counsel Ltd.
, to pay $1 million in penalties for breaching fiduciary duty of best execution in the management of his mutual fund, the Lifetime Achievement Fund
, reports The Wall Street Journal
. Investments for the mutual fund including buying shares in other mutual funds, and when Manarin did so, he reportedly bought Class A shares instead of less expensive institutional-class shares-- which don't charge 12b-1 fees.
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