Influential mutual fund industry research group Morningstar Inc.on Monday said it may soon tell investors to sell shares in Fleet's Columbia Funds as fraud charges there proved to be broader than first expected.
Federal and state regulators last week charged Columbia, the money management unit of Boston-based FleetBoston Financial Corp.(FBF), let investors dart in and out of funds if they promised to invest more money with other funds.
Columbia is the latest in a string of fund companies to be caught in a fast-growing industry trading probe. But analysts think the wrongdoing there may have been more widespread than anywhere else, meaning investors may be at more risk there.
Source: Reuters