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SEC Fines Van Kampen Fund for Misleading Investors
The SEC announced that it has fined Van Kampen Investments $100,000 for misleading investors regarding the performance of its Van Kampen Growth Fund.
The Growth Fund was the beneficiary of several IPSs, designed to "juice" the performance on a short term basis. The IPOs affected the fund even more dramatically because, at the time, the fund had only $200,000 to $300,000 in assets. Both factors combined to give the fund its highly touted performance of 61.99%.
The SEC found that the fund should have told investors of those factors - effectively, so that investors would not be misled into believing that the fund could repeat that kind of stunning performance.
Source: On Wall Street, March, 9, 1999
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
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