U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

Massachusetts Financial Services Co., John W. Ballen, and Kevin R. Parke

Latest Action: Beginning in September 2006, the SEC distributed $312,042,489.07 to investors of Massachusetts Financial Services Co. (MFS) who were injured by widespread market timing trading in certain MFS mutual funds. As a result of checks not being presented for payment within the prescribed time period and checks returned as undeliverable, the SEC has found that there is a significant amount of funds in the Fair Fund. The SEC has determined to reissue certain checks in accordance with its Order Modifying Distribution Plan and Directing Disbursement. Investors can obtain additional information by visiting http://www.Rust-MFSSettlement.com or by calling the Administrator of the Distribution Plan at 1-866-216-0283.

Background: On February 5, 2004, the SEC instituted and settled administrative and cease-and-desist proceedings against Massachusetts Financial Services Co., John W. Ballen, and Kevin R. Parke for violating federal securities laws by allowing widespread market timing trading in certain MFS mutual funds in contravention of those fundsí public disclosures. For more information on the SECís action, you can read In the Matter of Massachusetts Financial Services Co., John W. Ballen and Kevin R. Parke at IA-2213 (Feb. 5, 2004). As required by the SECís Order, MFS paid $175 million in disgorgement and a $50 million civil penalty, and Ballen and Parke each paid a civil penalty of $250,000 and disgorged over $50,000.


http://www.sec.gov/divisions/enforce/claims/mfs.htm


Modified: 11/04/2010