SEC sanctions area portfolio manager
Last Updated: 16:32 August 28, 2013
A Louisville man must pay a total of $355,058 after the U.S. Securities and Exchange Commission sanctioned him for forging documents and for misleading his firm's compliance officer. Of the total, former assistant portfolio manager Carl Johns, 49, must pay a $100,000 fine, $231,169 in profits he made during the misconduct and $23,889 in interest, according to the SEC. He also has been barred from working in the securities industry, although he can reapply in five years, according to an SEC document. Johns did not return a call for comment on Wednesday. According to the SEC, Johns concealed his failure to report hundreds of personal trades made from 2006 to 2010 at Boulder-based Boulder Investment Advisers LLC and the affiliate Rocky Mountain Advisers LLC. He resigned from his job in 2011. Johns reached a settlement with the SEC in which he neither admitted nor denied the findings of the investigation. Johns made 640 personal securities trades that he failed to report to the compliance officer or to get advance clearance to make, the SEC said. Those rules are required by federal securities laws and the firm'ss code of ethics. Johns also concealed trades by altering documents, the SEC said. Boulder Investment Advisers and Rocky Mountain Advisers LLC are part of The Boulder Funds, which had a combined $900 million under management in 2010, according to the SEC.
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