Fund officials favored friends, fraud suits say

Article Abstract:

The Securities and Exchange Commission and New York state attorney general alleged Gary L. Pilgrim and Harold J. Baxter of defrauding investors in their PBHG funds on 20 November 2003. The complaints accuse the founders and their mutual-fund firm, Pilgrim, Baxter & Associates in Wayne, of giving their friends trading access and information that the firm denied to other shareholders.

PBHG Funds

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Success turned to excess

Article Abstract:

The co-promoters of the beleaguered mutual fund, Pilgrim Baxter and Associates are both faced with civil suits blaming them for helping insiders profit at the cost of other small as well as large investors. The founders however deny the allegations but data shows that there may be some truth to the matter, which is under investigation.

Executive changes & profiles, Pennsylvania, Officials and employees

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More hats than heads at tiny firms

Article Abstract:

A Securities and Exchange Commission rule requires all funds to appoint a compliance officer to look out for investors' interests in order to avoid mutual-fund scandal. However the new rule poses a special burden for smaller firms, many of which operate only with a handful of staff.

Government regulation (cont), Government regulation, Laws, regulations and rules, Control

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