To me this is a very PERSONAL story because one of my family members is good buddies with not only a few Pilgrim-Baxter employees, but none other than Pilgrim's SON!! He was one of her best buddies at college and she attended his wedding and countless other grand family events over the years. In a strange twist, you'd never know he was a "rich kid"; he's quite a laid-back and unpretentious kind of person.

But, I digress from my seething.

In 2000, based on the high praises at the time from the likes of Fortune magazine, I chose to roll my 401k into an IRA that invested in PBHG funds. Thankfully I put some of it into a money-market account as well. Needless to say, these hyper-rich a-holes screwed me and other trusting investors royally.  Hopefully now I can recoup some of my losses due to this court action. I just have to find out what the process will be. Even if I don't see a dime I am glad that these characters are finally disgraced in thei industry and are barred from the industry that took them to the top.

The irritating part is that of course to these zillionaires, $80 million apiece is a drop in the bucket. Why is Martha Stewart in jail and these CROOKS who HURT people STOLE from their retirment funds, have to pay a fine?

http://www.newsday.com/business/local/newyork/ny-bzpilg184045485nov18,0,2656064.story?coll=ny-nybusiness-headlines

http://www.usatoday.com/money/perfi/funds/2004-11-17-pilgrim-baxter-settlement_x.htm