I don't get rid of just irritates me. I like to like my portfolio." Market timing On November 20, 2003, both the Securities and Exchange Commission and New York Attorney General Eliot Spitzer filed charges against Pilgrim, Harold J. Baxter, and PBA for civil securities fraud and breach of fiduciary duties. Pilgrim was accused of allowing one of his friends, Michael Christiani, the manager of a hedge fund called Appalachian Trails L.P., to use a market timing strategy which rapidly traded shares of, among other funds, the PBHG Growth Fund. Though market timing is not illegal, it had begun to be considered potentially deleterious to buy-and-hold investors. In fact, at the time charges were brought in 2003, PBA had already expelled all market timers from its funds and had allowed no such activity since December 2001. There were no accusations or evidence of the illegal late trading which factored in several other cases of the 2003 mutual fund scandal. On November 17, 2004, the S.E.C. announced a settlement which forbade Pilgrim and Baxter from publicly denying wrongdoing, and required each to personally pay US$80 million while PBA would pay US$90 million, for a total of US$250 million. In addition, both Pilgrim and Baxter were permanently forbidden from employment in an investment-advisory capacity. Despite attempts to recover, the PBHG Funds brand was too badly damaged by the incident to remain viable. In 2004, PBA was renamed Liberty Ridge Capital by parent company Old Mutual. The PBHG Funds were absorbed into the Old Mutual Funds group, and Liberty Ridge Capital ceased operating in 2009. Philanthropy In 1998, Pilgrim established the Pilgrim Foundation, with the purpose of benefiting vulnerable women and children in Chester County, Pennsylvania. The foundation has since expanded its mission to support non-profit work nationally and internationally. Notes 1940 births Living people American money managers People from Nowata, Oklahoma