Washington -- Rep. Michael Oxley, R-Ohio, chairman of the House Financial Services Committee and co-author of the Sarbanes-Oxley Act, has released a report showing that roughly 85 percent of the mutual fund companies implicated in market-timing and late-day-trading scandals had management-affiliated chairmen at the time of the alleged violations.
According to the report, there have been a total of 19 mutual fund families implicated in market-timing and late-day-trading scandals with 24 chairmen serving during the periods of the alleged or admitted violations. Of that number, 16 had non-independent chairmen overseeing at least some, if not all of the implicated funds.
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