Reuters: Regulatory News: AMMB unit to pay $1.6M to settle SEC charges

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AMMB unit to pay $1.6M to settle SEC charges Jun 26th 2012, 15:36 WASHINGTON, June 26 | Tue Jun 26, 2012 11:36am EDT WASHINGTON, June 26 (Reuters) - A unit of AMMB Holdings Bhd will pay $1.6 million to settle allegations that it breached its fiduciary duty by charging a U.S. fund for advisory services it never provided. The Securities and Exchange Commission said that AMMB Consultant Sendirian Bhd, an investment adviser in Malaysia, charged the fees for roughly a decade, from 1996 to 2007. The unit allegedly falsely claimed it was providing advice and research. The unit is settling the suit, which was filed in a federal court in Washington, D.C., without admitting or denying the allegations.

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