SEC Distributes $55.6M to Bank One Fund Shareholders

Federal regulators have distributed about $55.6 million to more than 200,000 investors hurt by market timing transactions in One Group Funds from Banc One.

The money came from a settlement in which Banc One Investment Advisors (BOIA) Corporation agreed to pay $10 million in disgorgement and $40 million in civil penalties, according to a Securities and Exchange Commission (SEC) news release.

The SEC brought and settled an administrative and cease-and-desist proceeding against BOIA and Mark A. Beeson, former President and CEO of One Group Funds on June 29, 2004.

The SEC news release said that the agency found BOIA improperly allowed market timing in One Group Funds between June 1999 and May 2003, failed to charge required redemption fees in One Group Funds’ international funds, and improperly released confidential portfolio holdings.

The Fair Fund Administrator responsible for distribution is Boston Financial Data Services, Inc. (BFDS). Investor questions regarding the distribution may be directed to BFDS at (800) 261-0282.

Further information is available at