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ING Company Accused of Market Timing Fraud in NH

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At a glance:

The State of New Hampshire has accused two subsidiaries of the ING Group of fraud and improper trading with regard to mutual fund trades in the state retirement plan. 
 
The company allegedly engaged in "market timing" practices which serve to enrich the traders but have a negative effect on the value of the funds. 
 
Other accusations are failure to disclose revenue-sharing agreements, and failure to keep adequate records following subpoena. 
 
A New Hampshire official expressed the belief that other states may be involved as well.

US state accuses ING units of fraud

Reuters - 6/9/2006 5:36 AM

New Hampshire regulators accused two units of Dutch insurer ING Group of committing fraud and allowing improper trading in a state retirement plan the companies are involved in.
 
Authorities on Thursday gave ING Life Insurance and Annuity Co. and ING Financial Advisors LLC 30 days to respond to various allegations relating to their involvement in the retirement plan, which has about $180 million in assets
 
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