The Securities and Exchange Commission and the Office of the Comptroller of the Currency have each fined a former senior portfolio manager at First National Bank of Chicago $15,000 for overstating the price of government-backed securities derivatives.

Michael P. Traba, who in 1994 managed two proprietary money market funds, sold the derivatives at inflated prices to trust accounts he controlled, said Jane Jarcho, an assistant regional director at the SEC. If he had sold them at a fair price, the funds' net asset value - that is, the price of one share -- would have fallen below $1.

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