The SEC has reached a settlement agreement with Harold J. Baxter and Gary L. Pilgrim for fraud charges surrounding undisclosed market timing. Each has been ordered to pay $60 in disgorgement and $20 million in civil penalties. This, combined with the $90 million that Pilgrim, Baxter & Associates was ordered to pay in July 2003, will eventually go to injured investors.

Also, the SEC has barred both from association with any investment adviser, investment company or transfer agent.

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