|
WASHINGTON (AP) - Investment adviser Value Line Inc., its CEO and its former compliance chief have agreed to pay about $45 million to settle regulators' allegations the firm charged more than $24 million in bogus commissions on mutual fund trades.
The Securities and Exchange Commission announced the settlement with Value Line, a firm that is well known in financial circles for its analytical publications and that also manages mutual funds. New York-based Value Line, chief executive Jean Buttner and former chief compliance officer David Henigson didn't admit or deny the SEC's charges in agreeing to the accord.
Value Line is paying a $10 million civil fine and about $24.2 million in restitution plus $9.5 million in interest. Buttner and Henigson are paying civil fines of $1 million and $250,000, respectively. The two also were barred from working for any brokerage firm or investment adviser or as officers or directors of any public company.
|