(September 8 – 17:00 ET) – The Securities and Exchange Commission
announced sanctions today against a mutual fund manager for
misrepresenting a fund’s performance.

The SEC censured Van Kampen Investment Advisory Corp.
and Alan Sachtleben, its former chief investment officer. They agreed
to fines of US$100,000 andUS$25,000, respectively, for failing to
disclose material facts. The facts in question were the impact of hot
IPOs on the investment performance of their so-called “incubator”
Growth Fund in 1996.

-IE Staff