Jan. 8, 2004 — Mutual fund company J&W Seligman & Co. Inc. said it had a market timing arrangement last year and three previous arrangements.
Seligman also said an internal review found no instances of of improper trading in its funds by its employees or late trading by the funds’ shareholders.
The company said it has responded to a request for information from the Securities and Exchange Commission related the the agency’s review of market timing and and late trading.
Seligman said one employee, who it did not identify, has left the company in connection with its in-house review.
The company said in a regulatory filing today that it had a market timing arrangement in September 2003 that it was in the process of closing down before the first proceedings related to trading practices in the mutual fund industry were publicly disclosed that month.