Defendant Name: The New America High Income Fund, Inc.

Defendant Type: Public Company
SIC Code: 6726
CUSIP: 64187680

Initial Case Details

Legal Case Name In the Matter of The New America High Income Fund, Inc.; Robert F. Birch; and Ellen E. Terry
First Document Date 20-Dec-2012
Initial Filing Format Administrative Action
File Number 3-15146
Allegation Type Investment Advisers/Investment Companies

Resolutions

First Resolution Date 20-Dec-2012
Headline Total Penalty and Disgorgement $433,400

Related Documents:

IC-30313 20-Dec-2012 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 9(b) and 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On December 20, 2012, the SEC instituted settled administrative proceedings against The New America High Income Fund, Inc. for repurchasing $15 million of its own Auction Term Preferred Stock (ATP) to avoid a failing auction, which was inconsistent with the ATP terms and conditions. According to the Commission, the ATP terms prohibited the Fund from acquiring ATP in an ATP auction. Thus, "[t]he repurchase also unfairly discriminated against other ATP holders, and was contrary to the Fund's prior statements in shareholder reports...."

Other Defendants in Action:

Robert F. Birch
Ellen E. Terry