WASHINGTON Nov 28 Three top executives at KCAP
Financial Inc settled charges from securities
regulators on Wednesday that they overstated fund assets during
the financial crisis.
The Securities and Exchange Commission said the fund company
did not account for some market-based activity in determining
the fair value of its debt securities and other investments.
KCAP Chief Executive Officer Dayl Pearson and its investment
chief R. Jonathan Corless each agreed to pay $50,000 in
penalties to settle the charges but neither admitted nor denied
The fund's former finance chief, Michael Wirth, agreed to a
$25,000 penalty and also neither admitted nor denied the