Defendant Name: Columbia Funds Distributor, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Bank of America Corporation
SIC Code: 6021
CUSIP: 06050510

Document Reference: 33-8534

Document Details

Legal Case Name In the Matter of Columbia Management Advisors, Inc. and Columbia Funds Distributor, Inc.
Document Name Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the Investment Company Act of 1940
Document Date 09-Feb-2005
Document Format Administrative Proceeding
File Number 3-11814
Allegation Type Investment Advisers/Investment Companies
Document Summary On February 9, 2005, the SEC instituted settled administrative and cease-and-desist proceedings against Columbia Management Advisors, Inc. and Columbia Funds Distributor, Inc. According to the SEC: "From at least 1998 through October 2003, Columbia Advisors and some of its predecessor entities ('Columbia Advisors'), the investment adviser to over 140 of the mutual funds in the Columbia mutual fund complex (the 'Columbia Funds'), and Columbia Distributor, the principal underwriter and distributor of those funds, violated antifraud provisions of the securities laws by allowing certain preferred customers to engage in short-term or excessive trading, contrary to the restrictions and/or representations set forth in the Columbia Funds' prospectuses, that was detrimental to Columbia Funds but benefited respondents without disclosing these trading arrangements to fund shareholders or to fund trustees."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Various undertakings
Fair Funds
Plan of Distribution
Monetary Penalties:

Disgorgement

Individual:     Shared:     $70,000,000.00
Shared with: Columbia Management Advisors, Inc.

Civil Penalty

Individual:     Shared:     $70,000,000.00
Shared with: Columbia Management Advisors, Inc.

Total Penalty

Individual:     Shared:     $140,000,000.00
Shared with: Columbia Management Advisors, Inc.

Related Documents:

34-56857 28-Nov-2007 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The SEC stated: "it is ORDERED that the Commission staff shall transfer $35,649,884.11 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."
34-57422 03-Mar-2008 Administrative Proceeding
Order Directing Disbursement of Fair Fund
34-58939 13-Nov-2008 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The SEC stated: "[I]t is ORDERED that the Commission staff shall transfer $37,674,192.60 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution"
34-62058 06-May-2010 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On May 6, 2010, the SEC ordered that "the Plan Administrator shall distribute to investors $19,999,962.62 in funds held at Deutsche Bank, as provided for in the Plan of Distribution."
34-65122 12-Aug-2011 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On May 6, 2010, the SEC ordered that "the Commission staff shall transfer $6,731,994.53 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, along with $4,183,792.03 in funds held at Deutsche Bank, as provided for in the Plan of Distribution.
34-81064_3-11814 30-Jun-2017 Administrative Proceeding
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-81961 26-Oct-2017 Administrative Proceeding
Order Directing Disbursement
"Accordingly, it is ORDERED that A. the Commission staff shall transfer $116,179.71 to Deutsche Bank and the Fund Administrator shall distribute this sum, along with $2,888,954.32 in funds held at Deutsche Bank for a total distribution of $3,005,134.03, in accordance with the Plan; and B. the remaining funds in the amount of $29,071.75 shall be sent to the U.S. Treasury."

Other Defendants in Action:

Columbia Management Advisors, Inc.

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