Former AIM Executives Settle Trading Charges

A former executive of AIM Advisors Inc. and a former executive of AIM Distributors Inc. agreed to settle accusations that they allowed abusive market timing trades in AIM mutual funds, the Securities and Exchange Commission said Tuesday.

The agency accused former AIM Distributors Chief Executive Michael Cemo and former AIM Advisors Chief Investment Officer Edgar Larsen of authorizing 10 market timing agreements in which favored investors were allowed to make “excessive exchanges and redemptions” in certain AIM funds from 2001 through September 2003.

Cemo will pay $125,000 and agreed to a nine-month suspension from working with a registered investment firm, while Larsen will pay $100,000 with a six-month suspension, the SEC said. Neither man admitted or denied the charges.

In September, Amvescap, the parent of Denver-based AIM Advisors, agreed to pay $450 million to settle market timing charges brought against the company.