The Financial Accounting Foundation has appointed Charles Cox, John Dugan and Teri List-Stoll to its Board of Trustees, and accepted the resignation of Mary Stone, who earlier this month was accused of improprieties by the Securities and Exchange Commission.
Mary Stone, director of the Culverhouse College of Commerce & Business Administration at the University of Alabama, was accused by the SEC of violating her asset-pricing responsibilities in overseeing Morgan Keegan & Co. mutual funds during the financial crisis, along with a number of other fund directors. The SEC charges that Stone and the other fund directors delegated their valuation responsibilities, and didn't pay enough attention to how the funds' assets were valued. The trustees expect to fill Stone’s position next year.
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