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Rating:SEC Penalizes Fund Manager $1MM in 12b-1 Case Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 03, 2013

SEC Penalizes Fund Manager $1MM in 12b-1 Case

News summary by MFWire's editors

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. 

Edited by: Tommy Fernandez


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