U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

PA Fund Management LLC f/k/a PIMCO Advisors Fund Management LLC et al.

Latest Action: On May 12, 2011, the SEC announced the first of two distributions to shareholders in mutual funds formerly part of the PIMCO Funds: Multi-Manager Series, and currently part of the Allianz Funds, harmed as a result of market timing in those funds. From the approximate $48 million plus earned interest for disbursement, the SEC distributed approximately $20.1 million. Investors can obtain additional information about the distribution process by calling Rust Consulting, Inc., the Fair Fund Administrator, at (866) 403-1826, and by visiting http://www.settlementagid.com.

BackgroudOn September 13, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against PA Fund Management LLC f/k/a PIMCO Advisors Fund Management LLC, PEA Capital LLC f/k/a PIMCO Equity Advisors LLC, and PA Distributors LLC f/k/a PIMCO Advisors Distributors LLC (the “PIMCO Equity Entities”). The SEC issued an Order finding that the PIMCO Equity Entities violated the federal securities laws by permitting undisclosed market timing in some of their mutual funds. As part of the settlement, the PIMCO Equity Entities must pay $8,383,262 in disgorgement and $40 million in a civil penalty for distribution to defrauded shareholders. For more information on the SEC’s action, you can read In the Matter of PA Fund Management LLC et al. at IA-2292 (Sept. 13, 2004).

Under the terms of the SEC’s Order, the PIMCO Equity Entities, through an independent distribution consultant, must submit a distribution plan to the SEC to distribute the total amount of $48,383,262 to defrauded investors. On October 7, 2010, the SEC published a Notice of Proposed Distribution Plan and Opportunity to Comment, which specified how copies of the proposed Distribution Plan can be obtained, and described the process by which persons may comment on the Plan.

After publication and comment, the proposed Distribution Plan will be submitted to the SEC for approval. On December 10, 2010, the SEC approved the distribution plan.

 

http://www.sec.gov/divisions/enforce/claims/pimco.htm


Modified: 06/09/2011