WASHINGTON Dec 10 U.S. securities regulators
charged eight former mutual fund board directors on Monday with
fraudulently overstating the value of their securities at the
brink of the housing crisis.
The Securities and Exchange Commission said the eight
directors, who oversaw five Memphis, Tennessee-based funds, had
violated their asset pricing responsibilities under federal
The mutual funds involved in the case include the Morgan
Keegan Select Fund. The SEC had previously charged Morgan Keegan
& Co and Morgan Asset Management with fraud related to subprime
mortgage-backed securities, and the firms agreed to settle that
matter for $200 million.