INVESCO Funds Group and its affiliates, AIM Advisors and AIM Distributors, today agreed to pay a total of $375 million to settle market-timing charges with the SEC. Raymond Cunningham, former INVESCO president and chief executive, also agreed to pay $1.5 million in a settlement with the SEC for his role in the market-timing abuses.
INVESCO will pay $215 million in reimbursement of profits and $110 million in penalties, and AIM Advisors and Aim Distributors agreed to pay a total of $20 million in reimbursement of profits and $30 million in civil penalties. The SEC's enforcement action was coordinated with the attorneys general of New York and Colorado and the Georgia secretary of state.
"Now that we have reached these final settlements, we look forward to...moving ahead with the business of building quality investment solutions. We also pledge to rededicate ourselves to maintaining the highest ethical standards and ensuring we consistently place our shareholders' interests first," Mark Williamson, president and chief executive of AIM Investments, said in a statement to shareholders.