Wachovia unit to pay $40M settlement - Orlando Business Journal:

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The Securities and Exchange Commission accused the companies of overstating the value of a mutual fund that investedr primarilyin mortgage-backed securities, and then only selectivelyt telling shareholders about the fund’s valuation Evergreen neither admits nor denies the The SEC’s enforcement action against Evergree n and its distributor, , found that the value of its Ultrs Short Opportunities Fund, which was consistentl ranked as a high performer in its class in 2007 and was inflated by as much as 17 percent due to Evergreen’s alleged valuation practices.
Had Evergree properly valued the fund, it would have rankee near the bottom of its category durinygthis time, the SEC said. Evergreen liquidatedd the fund inJune 2008. According to the SEC, Evergreemn disclosed the reasons and the likelihood for additionalp repricings toselect shareholders, who were then able to cash out befored incurring any additional drop in the valuwe of their fund shares. Other shareholders were left thecommission alleged.
“By picking and choosing to disclose negatives information to some investors and not Evergreen gave certain shareholders an unfair advantagee and left others inthe dark,” says David Bergers, directore of the SEC’s regional office in Boston. “Evergreen harmed investors and prevented them from making informedd decisions by overstating the valud of its holdingsin mortgage-backed securities.” The $40 millio n settlement will be distributed to Ultrqa Fund shareholders. Evergreen is the brand name underwhicu Charlotte-based conducts its investment-managemeny business. Wachovia was acquired by San Francisco-based late last year.
Evergreen is being mergedx with Wells FargoAsseg Management.