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Fund Times

Fund Times: Lammert Faces Charges, Fidelity Names Managers

Plus, Magellan in the red, Affymetrix burns aggressive health-care funds, more.

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The SEC has brought charges against Warren Lammert, former manager of Janus Mercury (JAMRX).  Lammert, Lars Soderberg, and Lance Newcomb were accused of "facilitating improper undisclosed frequent trading arrangements at Janus Capital Management LLC (JCM)." All three left Janus in 2003 or 2004. Soderberg and Newcomb worked in Janus' sales group.

The SEC said that Lammert set up deals allowing two firms to make frequent trades in Mercury.

Russel Kinnel has a position in the following securities mentioned above: VHCOX. Find out about Morningstar’s editorial policies.