PBHG Funds, Founders Settle Charges NEW YORK (Reuters) - The founders of the PBHG mutual funds agreed to pay $160 million in restitution and civil fines, and to accept a lifetime ban from the securities industry to resolve allegations they facilitated improper trading in the funds, regulators said on Wednesday. Gary L. Pilgrim and Harold J. Baxter secretly allowed improper market timing arrangements with favored clients, in contrast to sharp limits set for other investors in PBHG funds, New York Attorney General Eliot Spitzer said in a statement. "As founders of a company that bore their names, Mr. Pilgrim and Mr. Baxter should have set an example of integrity and fair play," Spitzer said. "Instead, they were at the center of improper conduct that deceived and harmed their clients." The agreement with Pilgrim and Baxter comes after regulators in June announced a $100 million settlement with Pilgrim Baxter & Associates, a company they founded that advises the PBHG funds and that they later sold. The firm, now known as Liberty Ridge Capital, selectively disclosed the portfolio holdings of certain PBHG funds to facilitate hedge fund market timing strategies, Spitzer's statement said. Wednesday's agreement with Pilgrim and Baxter was announced jointly with the Securities and Exchange Commission, Spitzer's office said. Quelle "PBHG Funds, Founders Settle Charges" : reuters.com Main page for "PBHG Funds, Founders Settle Charges"