The Securities and Exchange Commission’s settlement with Massachusetts Financial Services did not punish the company’s two top executives harshly enough, according to a dissenting opinion by one of the commissioners, Cynthia Glassman.

Glassman, who was appointed to the post by President Bush, said that the punishments, a nine-month suspension from the mutual fund industry for MFS President Kevin Parke and six-month suspension for Chief Executive Officer John Ballen, along with the requirement for each to pay over $300,000 in fines and penalties, were too light.

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