Heartland Advisors, SEC Settle Bond-Pricing Case

Law360, New York (January 29, 2008, 12:00 AM EST) -- Broker-dealer Heartland Advisors has settled charges by the U.S. Securities and Exchange Commission that it lost $60 million of shareholders' money when it fraudulently mispriced bonds held in mutual funds it was being paid to manage.

Without admitting the allegations, the Milwaukee-based firm and its chief executive, William Nasgovitz, agreed to pay a $3.5 million fine as part of a cease-and-desist order filed Friday.

The order names six other executives — Paul Beste, Thomas Conlin, Greg Winston, Kevin Clark, Kenneth Della and Hugh Denison — who...
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