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Rating:SEC Smites Heartland Over Bond Funds
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Tuesday, January 29, 2008

SEC Smites Heartland Over Bond Funds

by: Neil Anderson, Managing Editor

Heartland Advisors must pay a pretty penny over some allegedly mis-priced bonds. The SEC recently found the investment manager guilty and ordered it--along with president, CEO and chief investment officer William J. Nasgovitz-- to pay $3.5 million.

Other Heartland employees were also hit. Chief operating officer Paul T. Beste was ordered to pay $95,001; vice president and co-portfolio manager Thomas J. Conlin, $95,001; vice president and co-portfolio manager Greg D. Winston, $62,961; senior vice president of trading Kevin D. Clark, $25,001; and senior vice president and treasurer Kenneth J. Della, $29,130.

The SEC found that Heartland violated sections 17(a)(2) and 17(a)(3) of the Securities Act, section 34(b) of the Investment Company act, rule 22c-1(a) (related to section 22(c) of the Investment Company Act); and section 206(2) of the Advisers Act. 

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