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News November 22, 2004 Issue

Pilgrim and Baxter Settle

On November 17, Gary Pilgrim and Harold Baxter settled with the SEC, each agreeing to pay $60 million in disgorgement and a $20 million civil money penalty. Each agreed to a permanent bar from the investment management industry. Baxter, but not Pilgrim, also was barred from association with any broker-dealer (Pilgrim was not associated with any broker-dealer at the time of his alleged misconduct).