SEC may charge collapsed fund's owner

Reserve Management Co., owner of the collapsed Reserve Primary Fund, said the Securities and Exchange Commission may charge it and senior executives with violations of securities law. The SEC told Reserve it will recommend suing the company and chairman Bruce Bent, who created the first money-market mutual fund, the company said yesterday. Reserve also expects charges against Bent's sons.

The Bents and the company "expect to defend vigorously against the allegations," Reserve said.