New York State Attorney General Eliot Spitzer and the Securities
and Exchange Commission accuse Raymond Cunningham and his
Denver-based company of defrauding shareholders.
Invesco allegedly allowed certain big clients to engage in
market timing, or frequent, short-term trading that skimmed profits
from long-term shareholders.
Authorities estimate the market timing of Invesco funds totaled
approximately 900 million dollars in assets at the company in
Invesco Funds has denied any wrongdoing and says it will
vigorously contest any charges against the company or its
Invesco is owned by London-based Amvescap.