The SEC is giving Richard Strong another three months to sell his stake in Strong Capital Management, reports Dow Jones.

As part of his $60 million settlement with the SEC for abusive trading, the founder was originally due to part with his ownership in Strong Capital by March 1, 2005. Regulators said that Strong entities requested for more time to deregister with the SEC and stop operations.

The sale of Strong Capital to Wells Fargo was officially completed in early January. The reorganization of the Strong Funds, to be renamed the Wells Fargo Advantage Funds, is expected to be completed sometime in the second quarter. 

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