Robert Hetzer, a former senior vice president in charge of mutual fund trading at Fiserv Securities, will pay more than $600,000 to settle allegations from the Securities and Exchange Commission that he engaged in late trading of mutual funds in his own account. Hetzer, of Hollywood Beach, Fla., did not admit or deny the SEC charges.

According to the SEC, from 2001 to 2002 Hetzer entered 855 mutual fund trades in two personal accounts he opened at Fiserv between 4 p.m. and 5:30 p.m. to improperly receive the current day's net asset value. Hetzer "enriched himself and caused harm to mutual fund shareholders," the SEC said.

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