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Commission Sanctions Fund Administrator, Exec

The Securities and Exchange Commission has issued a cease-and-desist order against Unified Fund Services, a transfer agency, fund administration and accounting firm, and its former vice president of fund accounting, Michael E. Durham. The firm has also been ordered to pay a $125,000 civil penalty.

The SEC found that Unified Fund Services erroneously recorded the call dates for certain government agency bonds in the Liquid Green Money Market Fund as their maturity dates, causing the fund to appear as a money market fund even though it did not meet the SEC's risk-limited conditions. The SEC also found that for another fund, the Florida Street Bond Fund, Unified overstated the interest due on bonds in that portfolio, thereby causing the fund to have an inaccurate net asset value.

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