WASHINGTON - The investment adviser registration of Continental Heritage Investment Management Inc. of Denver has been revoked by the Securities and Exchange Commission, the agency said Friday.

The SEC took the action after Continental failed to answer the agency's charges that the firm violated the antifraud provisions of the federal securities laws.

The SEC charged that the defunct firm, which served as an adviser to the Denver-based National Municipal Asset Trust, prompted the municipal leasing fund to make an improper $800,000 loan in late 1988 and then made false and misleading disclosures about the loan. Continental representatives could not be reached for comment.

The action came two and a half years after the SEC won a permanent injunction against Alpine Mutual Fund Trust of Denver for allegedly violating several laws governing the administration of mutual funds.

The SEC charged that Alpine failed in its administration of two series of funds - the National Municipal Asset Trust and the California Municipal Asset Trust - to accurately compute the daily net asset value of the funds' shares, made improper loans, failed to accurately maintain books and records, and violated a host of other provisions governing mutual funds.

The assets of both funds were frozen in late 1991 and a receiver was appointed to liquidate the funds.

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