The Securities and Exchange Commission (SEC) announced this week settled enforcement actions against Timothy J. Miller, the former chief investment officer and a portfolio manager for Invesco Funds Group, Inc. (IFG); Thomas A. Kolbe, the former national sales manager of IFG; and Michael D. Legoski, a former assistant vice president in IFG's sales department.
The Commission issued orders alleging that Miller, Kolbe and Legoski violated federal securities laws by facilitating widespread market timing trading in certain Invesco funds in contravention of those funds' public disclosures.
The Commission ordered Miller, Kolbe and Legoski to pay $1 in disgorgement each and penalties in the amounts of $150,000, $150,000 and $40,000, respectively. In addition, for their roles in the misconduct, the Commission prohibited Miller, Kolbe and Legoski from associating with an investment adviser or investment company for a period of one year, and further prohibited Miller and Kolbe from serving as an officer or director of an investment adviser or an investment company for three years and two years, respectively. The Commission also barred Legoski from associating with any broker or dealer for a period of one year.
The Commission's Orders find that Miller, Kolbe and Legoski aided and abetted IFG's violations of the Investment Advisers Act of 1940, and that Miller caused IFG's violation of Section 34(b) of the Investment Company Act of 1940. The Orders require each of them to cease and desist from violating or causing future violations of these provisions. Miller, Kolbe and Legoski consented to entry of the Commission's Orders without admitting or denying the findings.