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Bank one mutual fund fraud probe { November 27 2003 } Original Source Link: (May no longer be active)    http://news.bbc.co.uk/2/hi/business/3242150.stm http://news.bbc.co.uk/2/hi/business/3242150.stm Last Updated: Thursday, 27 November, 2003, 06:31 GMT US bank warns of fund fraud probe Bank One, the sixth largest US bank, has said it is expecting regulatory action against its multi-billion dollar fund trading arm. The Bank says it is cooperating with the Securities and Exchange Commission, the US regulator investigating widespread fraud in the mutual fund industry after a series of scandals. The bank has also announced sweeping internal changes to tighten governance. One Group, Bank One's fund trading arm, manages $101bn of assets. "We have been told to anticipate enforcement action against Bank One's mutual fund advisor," One Group president David Kundert said in a statement. "However, we are optimistic that we can avoid regulatory litigation and reach an amicable resolution with the regulators over the next several months." Industry shake-up The pre-emptive announcement comes days after the first criminal charges were levelled in the widening investigation into the US mutual fund industry. Top executives at Security Trust Co were charged with fraud alleged to have cost investors up to $1bn. The head of Bank One's asset management group stepped down earlier this year after New York Attorney General Eliot Spitzer named the bank in connection with inquiries into improper trading at Canary Capital Partners, a company which subsequently paid $40m to settle charges. That probe also implicated Bank of America, the third largest US bank. By coming clean with its expectation of regulatory action, Bank One may be hoping to avoid criminal proceedings and reach a quick settlement. Governance issues The Bank has published wide-ranging changes to its code of practice, dictated, it says by "regulatory and legislative proposals as well as from the public dialogue over the last few months." The investigation into the mutual fund business, which pools savings of millions of American households into stock market investments, has unearthed one of the biggest financial scandals in recent US history. Managers have been accused of making illegal trades for privileged clients and falsifying records to mask fraudulent deals. Bank One has assets of nearly $290bn.

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