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Wrong Harold Baxter?

Mr. Harold J. Baxter



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Background Information

Employment History

Chief Executive Officer and Chairman

Pilgrim Baxter & Associates Ltd.


Board Member
Archbishop Molloy High School

Member of the Community
Academy of Notre Dame de Namur

Board Member
United Asset Management



Web References (74 Total References)

Financial Mail - GLOBAL WORST PRACTICE [cached]

According to The New York Times, the brokerage firm Wall Street Discount Corporation run by Alan Lederfeind, a close friend of PBA chairman Harold Baxter, was also allowed to trade frequently in PBHG units.

The US regulator, the Securities & Exchange Commission (SEC), alleges that Baxter deliberately and repeatedly provided Lederfeind with a list of securities held in the PBHG funds - allowing the firm to hedge their market timing trades.
Pilgrim and Baxter are the first mutual fund executives to be charged with fraud by the SEC.
To its credit, Old Mutual dismissed Pilgrim and Baxter as soon as revelations of improper trading came to light.

campbell [cached]

Harold J. Baxter, Chairman and Chief Executive, Officer, Pilgrim Baxter & Assoc., Ltd. , Wayne, Pennsylvania.

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

Funds - News - [cached]

PBHG funds' founders Gary Pilgrim and Harold Baxter will pay $80 million each to settle charges for improper trading.

Pilgrim Baxter & Associates, Ltd., Settlement Website [cached]

Also, on November 17, 2004, the SEC instituted administrative and cease-and-desist proceedings against Gary L. Pilgrim and Harold J. Baxter.

Mr. Baxter is the former Chief Executive Officer and Chairman of the Board of Directors of Pilgrim Baxter & Associates, Ltd., the investment adviser to the PBHG family of mutual funds.
The Commission found that, contrary to the disclosures made in the prospectuses of all PBHG Funds since at least 1996, PBA, acting through Mr. Pilgrim and Mr. Baxter, allowed various account holders to engage in transactions that violated the fund's prospectus disclosures from at least June 1998 through December 2001.
The Commission also found that PBA, acting through Mr. Pilgrim and Mr. Baxter, allowed various account holders to make more than 4 exchanges per year into the PBHG Cash Reserves Fund from other PBHG Funds.
Also, Mr. Pilgrim and Mr. Baxter each were ordered to pay $60 million in disgorgement and $20 million in a civil penalty for distribution to affected shareholders.
The role of the IDC is to develop a plan for distributing the total $250 million settlement payment to shareholders in PBHG Funds who may have been affected by the alleged market timing described in the June 21, 2004 SEC Administrative proceeding and the subsequent Administrative Proceedings dated November 17, 2004 involving Mr. Pilgrim and Mr. Baxter.

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