Defendant Name:
Columbia Management Investment Services Corp.
Defendant Type:
Subsidiary of Public Company
Document Reference:
34-80016-s
Document Details
Legal Case Name
In the Matter of Columbia Management Investment Services Corp.
Document Name
Transfer Agent Settles Charges Alleging Inadequate Safeguards and Procedures that Failed to Prevent Theft of More Than $1 Million in Investor Funds
Document Date
10-Feb-2017
Document Format
Administrative Proceeding
Allegation Type
Transfer Agent
Document Summary
On February 10, 2017 the SEC announced in a press release "that Boston-based transfer agent Columbia Investment Management Services Corp. has agreed to settle charges that it failed to implement adequate safeguards and procedures to protect customer funds and securities and failed to supervise an employee who stole approximately $1.2 million worth of mutual funds from investors. [...] According to the SEC's order, Columbia made both shareholder accounts whole, referred Hunt to federal law enforcement, and subsequently recovered all of the misappropriated funds from Hunt."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution