Former Invesco chief faces ban and $500,000 fine

Brady to retire from Amvescap

Raymond Cunningham, the former group chief executive of Invesco Funds, a subsidiary of Amvescap, is to pay $500,000 (€410,442) to settle civil fraud charges relating to improper trading at the mutual funds company.

In a tentative deal with the US Securities and Exchange Commission, Cunningham agreed to be banned from the industry for two years.

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