SEC Charges Advisory Firms and Portfolio Managers for Roles in Collapse of Midwest-Based Closed-End Mutual Fund

The SEC charged two investment advisory firms and two portfolio managers responsible for managing a Midwest-based closed-end mutual fund for their roles in the failure to adequately inform investors about the fund's risky derivative strategies that contributed to its collapse during the financial crisis.

See: SEC Order: Claymore Advisors; SEC Order: Mohammed Riad and Kevin Timothy Swanson; SEC Order: Fiduciary Asset Management.