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SEC Prosecutions

SEC Prosecutions

Heartland Group Directors Ordered to Cease-and-Desist in Fraudulent Bond Valuation Case

In the Matter of Jon D. Hammes, Albert Gary Shilling, Allan H. Stefl, and Linda F. Stephenson, Respondents

  • 2003

Respondents were found to have been involved in approving pricing procedures that assigned day-to-day valuation of certain portfolio securities to Heartland Advisors’ Pricing Committee, leading to fraudulent mispricing of bonds held in Heartland Group’s High Yield and Short Duration Funds.

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