SEC charges eight mutual fund directors

10 December 2012, by Ronald D. Orol - Washington (MarketWatch)
http://www.marketwatch.com/story/sec-charges-eight-mutual-fund-directors-2012-12-10

The Securities and Exchange Commission on Monday charged eight mutual fund directors for allegedly failing to properly oversee the value of securities as the housing market was on the brink of a financial crisis.

The SEC said that mutual funds involved were the RMK High Income Fund, RMK Multi-Sector High Income Fund, RMK Strategic Income Fund, RMK Advantage Income Fund and Morgan Keegan Select Fund.

The SEC and other regulators previously charged the funds' managers with fraud and the firms later agreed to pay $200 million to settle charges.