Richard L. Cherry, former CIO of the $11.5 billion Utah Retirement System, agreed to a settlement stemming from allegations of insider trading and acting as an unlicensed investment officer, the Utah Division of Commerce said in a statement issued Feb. 20. A Utah Division of Securities investigation found that while CIO of the pension fund, Mr. Cherry also was employed as an unlicensed investment adviser for Century Funds Management Inc., a Centerville, Utah-based firm, and purchased for himself and his clients shares of companies in which the Utah Retirement System later purchased large stakes. Mr. Cherry left the retirement system last April. The Utah Division of Securities later filed charges against former URS board member F. James Cowan, and Century Funds Management. Mr. Cowan, who resigned his position on the board at the end of December, is vice president and director at Century. As part of his settlement, Mr. Cherry agreed to a fine of $17,000 and is barred from associating with any licensed investment adviser representative or broker-dealer agent in Utah.