The Securities and Exchange Commission ordered Nebraska investment manager Roland Manarin, president and founder of Manarin Investment Counsel Ltd., to pay $1 million in penalties for breaching fiduciary duty of best execution in the management of his mutual fund, the Lifetime Achievement Fund, reports The Wall Street Journal. Investments for the mutual fund including buying shares in other mutual funds, and when Manarin did so, he reportedly bought Class A shares instead of less expensive institutional-class shares-- which don't charge 12b-1 fees. 

Edited by: Tommy Fernandez


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