Worth Bruntjen, a former portfolio manager for the asset management unit of the Piper Jaffray Cos., last week agreed to pay $100,000 to settle SEC charges that he misled investors about his derivative investments from 1992 through at least April, 1994.

In addition to the fine, Bruntjen, 62, agreed to a five-year suspension from the securities industry for allegedly exposing shareholders to "undisclosed risks" by holding up to 90 percent of the assets in the Piper Jaffray Institutional Government Income fund in derivatives, most of which the SEC said were unhedged, high-risk and interest-sensitive.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.