November 4, 2004 (PLANSPONSOR.com) - Fremont
Investment Advisors (FIA) has settled state and federal fund
market timing and late trading allegations as part of a
$4.14-million pact, regulators announced Thursday.
New York state Attorney General Eliot Spitzer
said
Fremont has agreed to pay $2.14 million in restitution and
disgorgement to injured investors and $2 million in civil
penalties. The company, located in San Francisco, advises
12 mutual funds with approximately $3 billion in assets
under management as of March 31, 2004. The deal was
hammered out with the Securities and Exchange Commission
(SEC).
Spitzer said he found out about the market timing
activity within the Fremont Funds during his investigation
of Canary Capital Partners in the summer of 2003 as the
sweeping federal/state fund industry investigation was
getting started. Spitzer alleged that from January 2001 to
October 2002, Fremont allowed preferred investors to engage
in improper, frequent short-term trading of shares of the
Fremont Global Fund and US Micro-Cap Fund at the expense of
other fund shareholders.
One of the agreements required a quid pro quo: in order
to receive permission to time the U.S. Micro-Cap Fund, the
timer had to make an investment of “sticky” assets in
Fremont’s New Era Value Fund, regulators alleged.
In its
announcement
of the settlement, the SEC said it had
charged former President and CEO Nancy Tengler and
former Vice President of Institutional Sales Larry Adams
for their roles in the affair. Tengler has also agreed to
settle the Commission’s action, agreeing to pay $127,000 in
disgorgement and penalties and to be suspended from the
industry for six months.
The agreements that FIA made with timers were not
disclosed to long-term investors, the officials said. At
the same time that certain investors were permitted to time
Fremont funds, other investors who made six or more
complete exchanges in a year were informed by letter that
their trading privileges were being terminated and that
“Excessive and unpredictable trading hinders a fund
manager’s ability to pursue the fund’s long term goals,”
Spitzer charged.
In addition to the market timing, a Fremont employee
allowed a brokerage firm to engage in late trading,
regulators charged.
As part of the settlement, FIA has also agreed to
significant corrective measures designed to create greater
board and advisor accountability and to prevent further
abusive trading practices, the Spitzer announcement
said.
In a Web site
statement
, a Fremont official said the firm had cooperated with
regulators in the probe. “Fremont Investment Advisors and
our employees are committed to upholding the funds’
policies to prevent market timing and late trading, and we
have worked diligently and cooperatively with the SEC and
the NYAG to resolve these issues,” said E. Douglas Taylor,
chief executive officer of FIA.
October 16, 2003 (PLANSPONSOR.com) - Today is
Bosses' Day (still not too late to get that card), so what
better time to ask readers about their relationship with
their boss.
Based on reader responses to this week’s survey, this
should be a good “Bosses’ Day,” with more than half (
52%
) saying their current boss is “the best” they had ever
had.
One noted,
“My boss is awesome.
She is very casual, and does not get uptight about much of
anything.
Although she does not have children of her own, she is
extremely understanding about needing time off to handle
kids stuff. She is supportive, and never takes credit for
the things I have accomplished. We were in a meeting with 7
executives once, and her boss congratulated her on a job
well done, but she told them all that I had been the one to
do the project.”
Another kudo came from the reader who noted
, “I don’t learn anything from him in my field, but more
crucial things….
management style, political style (not nasty stuff, just
how to play with the big boys), and how to constantly
maintain the highest level of integrity.”
But then went on to caution,
“Please don’t ask my direct reports the same
question….not this week !!!”
Nearly
16%
weren’t willing to go quite that far – saying they were
perhaps “not yet” the best, but had potential.
Some of the latter appeared to be a function of a
relatively short working relationship, such as the reader
who said,
“Only been with the company about 3 months, so we are
new to each other.
I am giving him the benefit of the doubt during the
‘honeymoon’ period.
He has to be pretty good, he hired me.”
But there were others, including the reader who noted,
“My boss lets me do my job and I don’t have a lot of
interaction with her.
In some ways that’s great, but it would be nice to have a
boss who also takes the time to help me develop
further.”
Another noted,
“This person could be a spectacular leader of an
organization but instead focuses efforts on external
markets (media, customers, partners) while treating
employees (and other issues of culture, motivation, etc.)
with relative indifference…This person exhibits outstanding
communication skills with external stakeholders but somehow
loses that ability with internal audiences…shame
really.…”
Less than
7%
said their boss was only “fair-to-middling,” including the
reader who said,
“While my boss is a great person I am finding it more
and more common that ‘Management’ does not happen.
The countless additional work assignments with no
discussion of timetables, priorities, or service level
requirements.
Simply assign and then ask why other tasks are not
complete.”
Of course, not everyone has a good boss – nearly
12%
said that their boss was “better than a poke in the eye
with a sharp stick.”
“If you hadn’t reminded me it was Bosses’ Day tomorrow,
I’m certain he would have,”
noted one.
“He never misses the opportunity to remind us that we
work FOR him.
He criticizes in front of others and delegates with a loud,
pompous attitude.”
Even worse – a somewhat larger group – roughly
14%
– said that a poke in the eye would be BETTER, including
the reader who said,
“We tried to stage a coup last winter but it didn’t work
like we had hoped. Life goes on.”
Another:
“While we’re berated for arriving late to a staff
meeting, his 15 to 20 minute late arrival times are always
justified by saying, ‘If your schedule looks anything like
mine, you can be late, too,’ as he drags out his calendar
with back-to-back meetings. Funny thing, though, he and I
had the same meetings before and after our staff meeting,
yet I managed to arrive on time for every one.…”
And yet another said,
“I wouldn’t follow him to a free lunch at a nice
restaurant.”
One reader noted,
“My boss’s wife once introduced me to friends as the
person who tells her husband what to do – enough said.”
Another offered an interesting perspective on bosses
(see how many you can recognize from YOUR experience),
“In my long employment history I worked for; ‘Godzilla’
(punched holes in the office walls…it was his building),
‘vampira’
(I know you have 3 little kids at home…but can you stay
at least till seven?), ‘the 3 stooges’ (who’s in
charge….does anyone know?), ‘the walking dead’
(is he breathing?
Can anyone get anything out of this guy?), and …a couple of
mediocre people.”
But this week’sEditor’s Choicewas the one who said (and he wasn’t the only one),
“Your lead story yesterday was that 92% of employers
check on their employees’ use of e-mail and today you
want me to comment on my boss? I thought you liked your
readers more than that.”
As an interesting side note, we did a similar survey
last year – and the results were remarkably consistent.
Thanks to everyone who participated in our survey!
My boss is one of the (few) good ones.
He understands the work/life balance, is fair, and (gasp)
he's very intelligent.
C.
While my boss is a great person I am finding it more and
more common that "Management" does not happen.
The countless additional work assignments with no
discussion of timetables priorities service level
requirements.
Simply assign and then ask why other tasks are not
complete.
(a) one of the best I've had.
He's pretty much the reason I stay here because he lets
me do my job w/o interference, plus allows me to take on
new challenges and research different ideas.
Always evenly tempered and always says "thanks" at the
right time.
If you hadn't reminded me it was Boss' Day tomorrow,
I'm certain he would have.
He never misses the opportunity to remind us that we
work FOR him.
He criticizes in front of others and delegates with a loud,
pompous attitude.
We are all waiting for his fall.
It will be a long drop.
How ironic that I should leave my current employer on
such a day, and one of the reasons, d) maybe a poke in the
eye would feel better after all.
As a boss myself, I think that the best compliment one
should expect tomorrow is good responsible direct reports.
The role of a boss is to lead, encourage employees to their
full potential, help them grow, which will always lead to
better productivity, a win-win situation for an
organization.
I my many years working, my conclusion is that too many
people, with the wrong skills are promoted to management
causing companies tremendous loss in production, revenue
and most importantly talent.
My boss's wife once introduced me to friends as the
person who tells her husband what to do - enough said.
"a" - definitely the best I've ever had.
Unfortunately, he will retire in a few months.
Glad I got to work with him for 9 years.
Bosses Day - Sweetest Day - What the heck?
Yes, these are the kinds of holidays that one does feel
compelled to at least buy a card because you don't want
anyone to feel bad that you left them out!
We have a company wide breakfast or lunch for everyone to
attend on Bosses Day and Administrative Professionals Day
in April.
The idea of the get together is a nice idea but I'm not
crazy about these "made up" holidays.
My boss is a very good leader and a very caring person.
One of the best bosses I have had.
The answer is (b).
Sometimes he miscalculates just how high the pressure is
but most times, except for a lack of support for additional
staff, he's pretty good.
And even in that, I understand.
It would probably be a lot more entertaining to ask us
about our worst bosses'.
As the expression goes - "I could write a book!"
I choose e - a poke in the eye would feel better.
Working with investors these last few years has been,
excruciating - at best. MY boss has decided that his direct
reports, my peers, and me should use this opportunity to
learn leadership skills so we can motivate our respective
teams to greatness. After our intensive training - and
training I designed and delivered to the entire staff,
rather than cooperate in the demonstration of leadership
skills identified and agreed upon as critical for the
success of any leader, MY BOSS decides instead to adopt a
"Do as I say, not as I do." style.
While we're berated for arriving late to a staff
meeting, his 15 to 20 minute late arrival times are always
justified by saying "If your schedule looks anything like
mine, you can be late, too." as he drags out his calendar
with back to back meetings. Funny thing, though, he and I
had the same meetings before and after our staff meeting,
yet I managed to arrive on time for every one...
Thanks for letting me vent - I feel better already!
Have the Best - we are very lucky to be working
here.
My answer is (b) but of the bosses, this one has the
biggest gap between current performance and potential.
This person could be a spectacular leader of an
organization but instead focuses efforts on external
markets (media, customers, partners) while treating
employees (and other issues of culture, motivation etc)
with relative indifference.
Communication is one of many core elements required to be a
good boss and organizational leader.
This person exhibits outstanding communication skills with
external stakeholders but somehow loses that ability with
internal audiences...shame really...
"Best I ever had"
--- I don't learn anything from him in my field, but more
crucial things......
management style, political style (not nasty stuff, just
how to play with the big boys) and how to constant maintain
the highest level of integrity.
Please don't ask my direct reports the same
question....not this week !!!
Survey Question.
My answer is E.
My manager is the worst one I have ever worked for.
He has no people skills, and doesn't support his
subordinates.
In other words, he has no b--ls.
Needless to say, when the economy picks up a little more,
I'll be checking around for a new position.
I have worked for enough "E"'s to know my current boss
is an "A"!!
Mine is a definite A+++.
I've worked for the same company since graduating college
24 years ago - the past 14 years with the same boss.
Besides being intelligent, well respected both within and
outside the company, easy going and fair - he's just a nice
guy.
Even if I hadn't worked for him, I'd want him as a
friend.
b)
Only been with the company about 3 months, so we are new to
each other.
I am giving him the benefit of the doubt during the
"honeymoon" period.
He has to be pretty good, he hired me.
b - not the best, but definitely has potential
I appreciate him because he gives me credit for thinking
and doesn't take credit for my suggestions.
I love it - an honest manager!
I have THE best boss and THE best husband -- and I
waited over 30 years for each of them.
My boss is appreciative, compassionate, gives good
directions, has a great sense of humor, strong sense of
ethics and high morals.
He is devoted to his family and actually takes the time to
attend the scholastic and athletic events of his children.
He is ALWAYS in a good mood and never has an attitude.
It doesn't get any better and I feel truly blessed to be
working for him.
There's nothing worse than working for a chauvinistic,
demeaning jerk -- the kind I've had most of my working
career.
Your lead story yesterday was that 92% of employers
check on their employees' use of email and today you want
me to comment on my boss? I thought you liked your
readers more than that.
Depends on the day of the week - some days it's great -
other days I can't figure out how she got where she is!
Very knowledgeable about the job but the common sense
part.....is scary.
a) The best I have ever had.
Earlier this year I almost took a position in another
department.
When I went to her to tell her that they had offered me the
job, she told me that no matter what I decided I had to
promise her right then that I would never loose contact
with her.
After having a couple more conversations with my potential
new boss I realized I would never be able to have the
relationship that I had with my current and turned the job
now.
Through this experience I came to realize how important my
manager is to me and that she is truly an internal champion
for me.
When no one else got a raise this year, she got me a 4.7%
increase and a promotion to Director to say thank you for
staying since I turned down a 15% raise to stay.
This will mark my third "Bosses Day" with my boss
Timothy O'Connell, Chief Actuary.
He is the best boss I've ever had by far. Of course a poke
in the eye with a sharp stick will mean a long sick leave
for me, sorry, I look forward to coming to work everyday
and serving Tim and this Company.
My boss is an A+. Although I have only worked for him,
for the past twenty-nine years, I cannot imagine ever
working for a better boss. He has always been very kind and
supportive of all his employees. He has managed to take a
local TPA firm from its inception to handling over 700
qualified plans, and shared the benefits of that growth
with his employees. The majority of our twenty seven
employees have stayed together for over ten years. I
attribute this to his leadership and always treating his
employees on the plus side of fair. He has set a fine
example for all to follow. He works harder than anyone else
in the company even though he is the owner and could
delegate more and do less if he chose. When times were not
that good, he made sure that the employees did not suffer
even though it curtailed his income. He did not reduce any
benefits or let any of our staff go, even though our number
of plans and workload had been significantly reduced. I
consider myself very lucky that fate hooked me up with such
a Great Boss from the start.
My answer is (b).
My boss lets me do my job and I don't have a lot of
interaction with her.
In some ways that's great, but it would be nice to have a
boss who also takes the time to help me develop
further.
Thankfully I can say (a), because she is the best.
She took the department to the country club for the day of
pampering recently which has never happened to me before.
She is great.
Unfortunately my wife is on the other end of the spectrum
with the wicked witch of the west who tortures everyone
daily with her incompetence.
We wonder how she remains employed.
She is so bad, that there has been talk of mutiny and/or a
conspiracy to get her thrown out among her subjects.
I remind my wife of the '4 C's' of any ones employment: Any
Correlation between Competence and Credentials is purely
Coincidental.
C- not as bad as a poke in the eye, more like when you
are walking around in the dark and stub your toe - it hurts
for a second, then you get over it.
Bosses - (family aside) the three things I love are
(1) my boss, (2) my company, and (3) that they monitor my
e-mails.
My boss is great.
Not perfect, but who is?
His best quality, to me, is that he puts family above all
and expects us to do the same, which makes for a great
workplace culture.
My boss is awesome.
She is definitely the best boss I have ever had. She is
very casual, and does not get uptight about much of
anything.
Although she does not have children of her own, she is
extremely understanding about needing time off to handle
kids stuff. She is supportive, and never takes credit for
the things I have accomplished. We were in a meeting with 7
executives once, and her boss congratulated her on a job
well done, but she told them all that I had been the one to
do the project.
She is appreciative and generous. All of us should be so
lucky to have such a great boss.
I'll have to cast my vote this week as,
unfortunately, an E. We tried to stage a coup last winter
but it didn't work like we had hoped. Life goes
on.
a) the best I've ever had. He's very easy going and
understanding. He gives me full reign in doing my job
without looking over my shoulder.
My boss is the best I've ever had and I can say this
after working for him for over 5 years!
In response to your survey question, I would say all of
the choices
listed below apply and here's why.
(a) the best you've ever had - Pretty flexible and is
not a micro manager.
(b) not yet the best, but has potential, - Smart and has
potential but is afraid to take a stand against management.
c) fair-to-middling, extremely analytical which can be good
or bad.
While doing research it helps but when he makes a mistake,
becomes extremely defensive.
Takes forever to go back and figure out what went wrong and
whose fault it really was cause it couldn't possibly be
his.
(d) better than a poke in the eye with a sharp stick, or
- It's not so bad working with him as he is a good person
but when it comes to providing the things you would expect
for a manager (mentoring, knowledge base and the capability
to make a decision), does not posses any of those
qualities. (e) maybe a poke in the eye would feel better,
after all. - At least you know the poke is coming. Things
can move painstakingly slow when not able to make a
decision on something and feels that he has to go to
management for every little thing.
Overall he is a good person but just does posses the
qualities of a good boss. We don't typically make a big
deal of boss's day so I doubt we will be doing anything
tomorrow.
I'll go with "D" and I won't be acknowledging the
"holiday."
First, I hate manufactured holidays.
Secondly, it would be hypocritical to do so.
I have a boss who rarely talks to me.
(a):
Best boss, I've ever had.
He gave me two primary objectives:
1) Make him look good &
2) bring in as much business as possible.
In return he provides great leadership, compensation,
constructive feedback, and most important, coaching within
our industry as well as around self, family &
community.
Response would be "A".
Started new job in July 2003 and this is the best boss I've
ever had.
He has provided the proper guidance and delegated
responsibility with corresponding authorization to
accomplish tasks.
IN MY LONG EMPLOYMENT HISTORY I WORKED FOR;
"GODZILLA" (PUNCHED HOES IN THE OFFICE WALLS...IT WAS
HIS BUILDING),
"VAMPIRA"
(I KNOW YOU HAVE 3 LITTLE KIDS AT HOME...BUT CAN YOU STAY
AT LEAST TILL SEVEN?)
"THE 3 STOOGES" (WHO'S IN CHARGE....DOES ANYONE KNOW?),
"THE WALKING DEAD"
(IS HE BREATHING?
CAN ANYONE GET ANYTHING OUT OF THIS GUY?)
AND A COUPLE OF MEDIOCRE PEOPLE.
I CAME TO WORK HERE 11 YEARS AGO.
I REPORTED DIRECTLY TO THE CEO OF THIS ORGANIZATION.
HE IS WONDERFUL, AND
A GENUINE "HUMAN BEING".
I'M SULKING, BECAUSE SINCE WE HAVE GROWN, I NOW REPORT TO
SOMEONE ELSE.
My reply to the survey would be d.
I guess the biggest complaint I have about bosses in
general is that they are typically promoted to this
position for performing their job duties
successfully.........not for their people skills! As long
as management continues this trend, most of us will have to
deal with the consequences. I know some of the most
motivating leaders I have ever worked with have been
co-workers......not bosses!
If leaders are people you would follow, then I can
safely say he is not a leader.
I wouldn't follow him to a free lunch at a nice restaurant.
I vote we get rid of him and give me a sharp stick so I can
poke myself in the eye.
I really would rather have that than my second line.
How about, cannot feel safe replying, as email is
monitored?
My boss hasn't figured out yet how to supervise.
Every person that has ever worked for her has either
transferred or quit in the ten years she has been here and
she never has supervised more than one person at a time.
I myself am looking for the door.
she is (a).
Although its hard to compare when I've only had one "real"
job covering the 17 years I've worked here, my boss is
fair, very knowledgeable in the field, approachable and
supportive of the staff.
She somehow balances her duties here with being a mom (with
little assistance from her husband), actuarial exam
committee work and church responsibilities, among other
things.
She is a good example and one who is easy to work for.
She makes it easy to put in that extra effort to get the
work done.