The SEC looks like it is multitasking these days to prove that it isn't too lenient on the fund industry. While the agency's investigations of more than a dozen mutual fund companies continues, the agency has charged Heartland Group, a Milwaukee-based fund company for inappropriate activities in two high yield bond fund.

SEC officials said today that they charged Heartland, its chief executive, William Nasgovitz, 11 company executives and others for "misrepresentations, mispricing and insider trading in two high yield bond funds."

In a related action, the SEC also imposed a $125,000 civil penalty on FT Interactive Data Corp., which provides pricing information to fund firms. FT Interactive officials revealed the settlement.

Reports also surfaced Thursday that the commission is supposed to be looking into pricing irregulaties at more than a dozen fund firms.

This summer, Heartland Group disclosed in an SEC filing that the agency was 'conducting a formal inquiry into the facts and circumstances surrounding the repricing' of shares in two Heartland high-yield funds in 2001. The company also disclosed that it recieved a Wells Notice from the SEC. 

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