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September 17, 2004 at 08:00 PM
Sept. 15, 2004 — The SEC said Bridgeway Capital Management and its president, John Noland Ryan Montgomery, agreed to reimburse fund shareholders to settle a charge related to more than $4.4 million in illegal performance-based fees that Bridgeway charged to three of its mutual funds.
In its investigation, the SEC found that between July 1995 and March 2004, Bridgeway, at Mr. Montgomery’s direction, charged three of its mutual funds — Bridgeway Fund :Aggressive Investors/1 (BRAGX), Bridgeway Fund: Aggressive Investors/2 (BRAIX) and Bridgeway Fund: Micro-Cap Limited Fund (BRMCX) — illegal performance fees totalling more than $4.4 million.
Specifically, the settlement requires that Bridgeway reimburse the affected fund shareholders $4,407,700, plus pre-judgment interest of $458,764, and that Bridgeway and Mr. Montgomery pay penalties of $250,000 and $50,000, respectively.
