Action Against Two Funds: New York and...
From Times Staff and Wire Reports
Action Against Two Funds: New York and Massachusetts acted to bar sales of First Investors Fund for Income Inc., with assets of $971 million as of June 30, and First Investors High Yield Fund Inc., which then had assets of $640 million. The junk-bond mutual funds, officials alleged, duped 270,000 investors, many of “very modest means,” with tricky sales pitches. First Investors denied the charges.
