Gartmore fined $1.35m for breaching SEC rules


Gartmore has been censured and fined $1.35m by the SEC for breaking its short-selling rules.

The asset manager was yesterday ordered to pay a civil money penalty of $375,000, disgorgement of $928,117 and prejudgement interest of $44,134, a fine totaling $1.347m. It must pay the fine within 14 days or additional interest will accrue, the SEC says. The judgement follows a breach of the regulations by Gartmore on behalf of its AlphaGen RhoCas fund in May 2009. According to the SEC, Gartmore broke the rule in relation to short selling BB&T. "Between May 6 and May 12, 2009, Gartmore sold short a total of 172,405 shares of common stock of BB&T for RhoCas at prices ranging bet...

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