The SEC said a federal jury has found Stephen Treadway, the former chairman of the board of trustees of PIMCO equity funds, liable in connection with alleged improper market timing trading from 2002 to 2004. "Investing in a mutual fund is an act of trust ... Treadway betrayed that trust and defrauded investors by allowing a single wealthy investor to engage in a trading strategy that was denied to ordinary investors," said the regional director of the SEC's Los Angeles office in a statement.

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