The Securities and Exchange Commission has issued a report warning public pension funds that they risk violating the anti-fraud provisions of the federal securities laws if they do not have adequate compliance policies in place to prevent wrongdoing.

The SEC report stems from an insider trading inquiry into stock purchases by the Retirement Systems of Alabama, a state pension fund that purchased shares of Liberty Corp. after Raycom Media asked it to provide financing so it could acquire Liberty. When the information became public, the value of RSA's Liberty shares increased by more than $700,000.

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