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This profile was last updated on 6/30/2004 and contains contributions from the  Zoominfo Community.

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Wrong Harold Baxter?

Harold J. Baxter

President

PBHG Funds

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

Background Information

Employment History

Chairman and Chief Executive Officer, Officer

Pilgrim Baxter & Associates Ltd.


Affiliations

Archbishop Molloy High School

Board Member


Academy of Notre Dame de Namur

Member of the Community


United Asset Management

Board Member


Education

Molloy


Web References(74 Total References)


Pilgrim Baxter Mutual Fund Litigation - Bernstein Litowitz Berger & Grossmann LLP

www.blbglaw.com [cached]

Pilgrim Baxter & Associates, Ltd., Gary Pilgrim and Harold Baxter have all agreed to the entry of cease and desist orders by the SEC resulting from the market timing activity.
On November 20, 2003, the Securities and Exchange Commission ("SEC") and the Office of the New York Attorney General filed complaints against PBHG, Gary Pilgrim and Harold Baxter, the founders and most senior officers advising PBHG mutual funds, alleging that they permitted certain investors to trade billions of dollars in and out of the PBHG Funds and also engaged in and facilitated market timing for their own personal profit. While ordinary investors were limited to four trades per year into and out of the PBHG Funds, both Pilgrim and Baxter made explicit exemptions for Appalachian and other select investors. The complaint further alleges that Harold Baxter, another principal of PBHG, provided nonpublic portfolio information to Wall Street Discount Corporation ("WSDC"), a brokerage firm run by Alan Lederfeind, who in turn passed that information on to other clients.


Pilgrim Baxter Mutual Fund Fraud Litigation - Bernstein Litowitz Berger & Grossmann LLP

www.blbglaw.com [cached]

Pilgrim Baxter & Associates, Ltd., Gary Pilgrim and Harold Baxter have all agreed to the entry of cease and desist orders by the SEC resulting from the market timing activity.On November 20, 2003, the Securities and Exchange Commission ("SEC") and the Office of the New York Attorney General filed complaints against PBHG, Gary Pilgrim and Harold Baxter, the founders and most senior officers advising PBHG mutual funds, alleging that they permitted certain investors to trade billions of dollars in and out of the PBHG Funds and also engaged in and facilitated market timing for their own personal profit.While ordinary investors were limited to four trades per year into and out of the PBHG Funds, both Pilgrim and Baxter made explicit exemptions for Appalachian and other select investors.The complaint further alleges that Harold Baxter, another principal of PBHG, provided nonpublic portfolio information to Wall Street Discount Corporation ("WSDC"), a brokerage firm run by Alan Lederfeind, who in turn passed that information on to other clients.


CCH Wall Street

www.wallstreet.cch.com [cached]

PBHG founders Gary Pilgrim and Harold Baxter will have to dig deep to clear their tab with regulators--to the tune of $80 million each.Pilgrim and Baxter had originally told the SEC that they intended to fight the charges against them.And the firm was raking in these ill-gotten advisory fees even as Pilgrim and Baxter reaped multi-million dollar profits from the sale of their respective interests in PBHG to UAM for approximately $300 million.UAM was later bought by Old Mutual Plc, which re-upped the deal with Pilgrim and Baxter.But it wasn't just that Pilgrim and Baxter sold their firm at premiums inflated by market-timer fee revenue.In 1998, Baxter directed the firm to provide 30-day stale, material, and non-public portfolio holdings of a handful of PBHG funds to Baxter's friend, the President of a New York brokerage firm.The firm provided this information to Baxter's friend for roughly five years, ending the arrangement at the dawn of the mutual fund probe in September 2003. Baxter's friend, the President of the New York brokerage firm, provided this information to his firm's customers, who used the information to market time the PBHG Funds and to exercise hedging strategies through other financial and brokerage institutions. Prior to the hefty fines levied upon Pilgrim and Baxter, Strong Funds founder Dick Strong had faced the largest fine of any individual in the fund scandal, paying $60 million and agreeing to a lifetime ban from the industry.But despite the size of the settlements, Strong's penalty may have been harsher than either Pilgrim or Baxter's.That's because, while Pilgrim and Baxter had already sold their firm, the regulatory action against Strong forced him to sell his own company to Wells Fargo, and at a price many consider deeply discounted. However, as with Strong, the cost to Pilgrim and Baxter may not end in the SEC's office.


Spitzer Leaves Mutual Fund Symphony Unfinished

www.thestreet.com [cached]

Post-Spitzer, mutual fund officials will also think carefully about granting anyone special trading privileges, lest they be shamed out of work as were Richard Strong of Strong Capital Management, Lawrence Lasser of Putnam Investments, and Gary Pilgrim and Harold Baxter of PBHG.


Adviser News

www.moneymanagerservices.com [cached]

11.20.2003 The SEC filed a civil injunctive action in the United States District Court for the Eastern District of Pennsylvania against Gary L. Pilgrim, of Malvern, PA, Harold J. Baxter, of Berwyn, PA and Pilgrim Baxter & Associates, Ltd. (Pilgrim Baxter), a registered investment adviser headquartered in Wayne, PA, charging them with fraud and breach of fiduciary duty in connection with market timing of the PBHG Funds.
Baxter was the CEO and Chairman of Pilgrim Baxter & Associates, and the Chairman and trustee of the PBHG Funds and the PBHG Insurance Series Fund. In March 2000, with the approval of both Pilgrim and Baxter, Appalachian began market timing several PBHG funds including the PBHG Growth Fund, whose portfolio was managed by Pilgrim. Neither Pilgrim nor Baxter disclosed to the Board of Pilgrim Baxter & Associates, the Board of Trustees of the funds, or fund shareholders, that Pilgrim had an extensive financial interest in Appalachian and that Appalachian had been permitted to implement its trading strategy in PBHG funds. In addition, the SEC alleges that Baxter provided non-public PBHG Fund portfolio information to a close friend in the brokerage business, who was president of Wall Street Discount Corporation, a registered broker-dealer.


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