An SEC administrative law judge has sanctioned two executives of the now defunct Target Income Fund of Glendora, Calif. for their role in filing registration statements on behalf of the fund that failed to include significant facts.

Byron G. Borgardt, a director, portfolio manager and president of Target Income, and Eric M. Banhazl, vice president, treasurer and secretary of the fund, signed registration statements that were false, according to James T. Kelly, an SEC administrative law judge. Kelly, saying the violations by Borgardt and Banhazl were not "egregious," ordered the two not to violate the securities laws again.

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