Fund Openings, Closings, Manager Moves: Dreyfus Growth Fund, Ex-Manager Agree to $1 Million in Fines
(DGVAX Quote)Dreyfus Aggressive Growth and its former manager Michael Schonberg have agreed to pay a combined $1 million in fines to settle a long-running flap over the fund's past IPO appetite and Schonberg's personal trading.
In June 1998, prominent short-seller Manuel Asensio alleged that Schonberg, manager of Dreyfus Aggressive Growth and (DRELX Quote)Dreyfus Premier Aggressive Growth at the time, invested both funds in Chromatics Color Sciences International (CCSI Quote) through a private placement in order to boost the value of his personal investment in the company.
In reaching the settlement, neither Dreyfus nor Schonberg admitted or denied any wrongdoing. In a statement, Dreyfus stressed that neither the firm nor the manager was found guilty of unlawfully using fund assets for personal gain or misleading investors. ...
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