WASHINGTON -- The Securities and Exchange Commission announced Friday that it won a permanent injunction against a Denver-based mutual fund for allegedly violating several laws governing the administration of mutual funds.
Alpine Mutual Fund Trust, which holds municipal leases, agreed to the injunction without admitting or denying the SEC's allegations.
The firm, according to the SEC, failed in its administration of two series of funds -- the National Municipal Asset Trust and the California Municipal Asset Trust -- to accurately compute the daily net asset value of the funds' shares, made improper loans, failed to accurately maintain books and records, and violated a host of other provisions of the Investment Company Act of 1940.
Alpine representatives could not be reached for comment.
Under a temporary restraining order issued on Nov. 20, the assets of the two funds were frozen. On Nov. 25, an order was issued appointing receiver requiring the two funds to be liquidated.