SEC May Hold Independent Directors Responsible for Heartland Debacle
The independent directors of two Heartland Advisors muni bond funds soon may have to explain to the Securities and Exchange Commission how they allowed pricing of the funds' portfolio securities to get so out of whack that the funds lost a combined $62 million in value in a single day.
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In a speech last month to a mutual fund directors conference, Paul Roye, head of the agency's funds division, hinted the directors may be squarely in the agency's crosshairs. Roye quoted former Supreme Court Justice -- and former SEC Chairman -- William O. Douglas' description of the agency's role as akin to keeping a "shotgun, so to speak, behind the door, loaded, well-oiled, cleaned, ready for use, but with the hope that it would never have to be used." ...
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