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Wednesday, May 10, 2000 Dreyfus Settles in Schonberg Case The Dreyfus Corporation and the New York Attorney General's office have settled a case involving alleged misleading advertising of the Dreyfus Aggressive Growth Fund, which had included returns largely based on IPOs during the fund's first year of operation, in 1995-96.
Dreyfus and Schonberg settled the inquiry without admitting to any wrong-doing. However, the firm will pay the SEC $950,000 and Schonberg has agreed to a nine-month suspension from association with any investment adviser and agreed to pay the SEC $50,000. In addition, Dreyfus will reimburse the New York Attorney General's costs of investigation, and contribute $1.6 million to the State University of New York for the "enhancement of investor education and awareness." Printed from: MFWire.com/story.asp?s=25734 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |