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

 

The settlements were announced by the Securities and Exchange Commission and New York State Attorney General Eliot Spitzer. "As founders of a company that bore their names, Mr. Pilgrim and Mr. Baxter should have set an example of integrity and fair play. Instead, they were at the center of improper conduct that deceived and harmed their clients," said Spitzer.

 

The money paid by the partners will be contributed by $90 million paid by the company, the Securities and Exchange Commission said.