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Fund Times

Fund Times: Dick Strong Gets the Pete Rose Treatment

Plus news on Janus, Artisan, Oppenheimer, Eaton Vance, and Franklin.

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State and federal regulators came down hard on Strong Capital Management and its founder, Dick Strong, last week, exacting $175 million in fines, remuneration, and fee cuts from the company and banishing Strong himself from money management.

Strong Capital, which was among the first fund families implicated in the trading scandal in September 2003, will pay $80 million in fines and disgorgement, according to the settlements with the Securities and Exchange Commission, the New York attorney general, and the Wisconsin Department of Financial Institutions. As part of a separate agreement with the New York attorney general, Strong Capital also promised to cut its fees by 6%, or about $35 million, for five years.

Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.