The Securities and Exchange Commission said Friday that it has settled a case against Keith E. Walsh, a former portfolio manager of Credit Suisse First Boston Offshore Cash Reserve Fund.

The SEC said that in late 1993 and early 1994 Mr. Walsh invested the majority of the fund's assets in a way that was inconsistent with its objectives. The SEC also said Mr. Walsh created misleading marketing materials and mispriced securities, which overstated net asset value.

Mr. Walsh, who neither admitted nor denied liability, agreed to be barred from associating with a brokerage, investment adviser, or investment company for three years, the SEC said.

Mr. Walsh could not be reached for comment.

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