Former MFS Mutual Fund Portfolio Manager Settles Insider Trading Charges

January 7, 2010

Steven E. Nothern of Scituate, Massachusetts, who had previously been found liable for insider trading by a federal jury, settled insider trading charges with the SEC.  He agreed to pay a civil penalty of $460,000. 

Northern has also agreed to be barred from association with any investment adviser, with the right to reapply after five years, in a separate administrative proceeding before the SEC.  He is a former Senior Vice President and manager of seven fixed income mutual funds for Massachusetts Financial Services Company.

In June 2009, a federal jury in Boston, Massachusetts found Nothern liable for insider trading when he purchased and tipped others to purchase U.S. Treasury 30-year bonds ahead of the October 31, 2001, Treasury Department announcement that it was suspending the future issuance of long bonds.

Click to access the SEC release.


Enforcement Actions, Mutual Funds