Byline: MARCY GORDON Associated Press
WASHINGTON -- The two founders of the Pilgrim-Baxter mutual fund family have agreed to pay $80 million each to settle regulators' charges of improper trading to benefit themselves and friends at the expense of longer-term shareholders, the authorities announced Wednesday.
Under the settlements with the Securities and Exchange Commission and the office of New York Attorney General Eliot Spitzer, Harold J. Baxter and Gary L. Pilgrim also will be permanently banned from the securities industry.
Baxter and Pilgrim were prominent figures in the mutual fund industry, and the penalties were the heaviest to date for a …
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