Defendant Name:
The New America High Income Fund, Inc.
Defendant Type:
Public Company
SIC Code:
6726
CUSIP:
64187680
Document Reference:
IC-30313
Document Details
Legal Case Name
In the Matter of The New America High Income Fund, Inc.; Robert F. Birch; and Ellen E. Terry
Document Name
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
Document Date
20-Dec-2012
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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...."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Disgorgement
Individual:
$410,594.08
Shared:
Pre-Judgment Interest
Individual:
$2,805.49
Shared:
Other Defendants in Action:
