PIMCO Agrees to Pay SEC $9 Million to Settle Fund Violations
16 Juin 2023 - 5:09PM
Dow Jones News
By Adriano Marchese
Pacific Investment Management said it would pay $9 million to
settle two enforcement actions relating to disclosure and policies
and procedures violations involving two funds it advises.
The U.S. Securities and Exchange Commission said Friday that it
found that PIMCO failed to disclose material information to
investors regarding the use of interest rate swaps by PIMCO's
Global StocksPLUS & Income Fund and the material impact of the
the swaps on the fund's dividend from September 2014 to August
2016.
The SEC also found that between April 2011 and November 2017,
PIMCO didn't waive about $27 million of advisory fees as required
by its agreement with PIMCO's All Asset All Authority Fund.
PIMCO agreed to a cease-and-desist order and a censure in each
action and to pay a combined $9 million penalty, but the registered
investment advisor didn't admit or deny the regulator's
findings.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
June 16, 2023 10:54 ET (14:54 GMT)
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