Firm to pay $500,000 for investment violations

Pax World Management Corp. will pay a $500,000 penalty after regulators found the firm failed to adequately screen investments in mutual funds promoted as being socially responsible.

The Securities and Exchange Commission and New Hampshire-based Pax announced the settlement today.

The SEC says it found Pax violated its own restrictions by purchasing at least 10 securities that fund investment screening criteria prohibited. The commission says investors were told the funds would not buy securities issued by companies involved in making weapons, alcohol, tobacco or gambling products.
(AP)