AIM Advisors, Inc. and AIM Distributors, Inc.
Latest Action: On June 1, 2009, the SEC announced a distribution of more than $78 million to more than 590,000 investors who were affected by undisclosed market timing in certain AIM mutual funds. Investors can obtain additional information about the distribution process by calling Boston Financial Data Services, Inc., the Fair Fund Administrator, at (866) 700-0226, and by visiting at http://www.aimfairfund.com.
Background: On October 8, 2004, the SEC simultaneously instituted and settled administrative and cease-and-desist proceedings against Invesco Funds Group, Inc. (IFG), AIM Advisors, Inc. (AIM Advisors), and AIM Distributors, Inc. (ADI). The SEC issued an order finding that IFG, AIM Advisors, and ADI violated the federal securities laws by facilitating widespread market timing trading in certain AIM mutual funds to the detriment of long-term investors. As part of the settlement, AIM Advisors and ADI must pay $20 million in disgorgement and $30 million in civil penalties to injured investors. For more information about the SECís action, you can read In the Matter of Invesco Funds Group, Inc., AIM Advisors, Inc., and AIM Distributors, Inc. at Release No. 50506 (Oct. 8, 2004).
Under the terms of the SECís Order, AIM Advisors and ADI, through an Independent Distribution Consultant (IDC), must submit a distribution plan to the SEC to distribute the total amount of $50 million to injured investors. On July 6, 2007, the SEC published Notice of Proposed Distribution Plan and Opportunity for Comment, which specifies how copies of the proposed Distribution Plan can be obtained, and describes the process by which persons may comment on the Plan.
Under the terms of the SEC's order, an Independent Distribution Consultant (IDC) submitted a distribution plan to the SEC. On May 23, 2008, the SEC approved the plan. You can read the SEC's Order Approving a Modified Distribution Plan as well as the IDCís Modified Distribution Plan.