When I am a loss for the subject of a column, all I have to do is go to the Internet and I quickly find something to write about. What I found is a SEC press release that states the SEC has charged a mutual fund manager with violating socially responsible investing restrictions in socially responsible mutual funds that investors were told would not contain securities issued by companies involved with producing weapons, alcohol, tobacco, or gambling products.
The SEC alleged that the SEC-registered investment adviser to several socially responsible mutual funds purchased at least 10 securities that the funds' socially responsible investing restrictions prohibited them from buying contrary to representations it made to investors and the boards of the funds. The advisor agreed to settle the SEC's charges and paid a penalty of $500,000.
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