By MARK JEWELL, AP Business Writer Wed Jul 30, 2:56 PM ET BOSTON - Pax World Management Corp. has agreed to pay a $500,000 fine because it failed to follow its own socially responsible investing criteria over a five-year period, when two of its mutual funds invested in off-limits industries such as gambling and liquor, and oil and gas exploration.Portsmouth, N.H.-based Pax, a pioneer in the growing socially responsible investing niche, agreed to pay a the penalty to resolve civil charges announced Wednesday by the Securities and Exchange Commission.
David Bergers, head of the SEC's Boston office, said it apparently was the first case the agency has brought alleging violations by a mutual fund firm that purports to use social as well as financial screening criteria in making investments.
Read More
