Editing Value Line (section)

==Fraud case==
Fraud was uncovered by the [[U.S. Securities and Exchange Commission|Securities and Exchange Commission (SEC)]] in November 2009.<ref>{{cite web | url=https://www.sec.gov/litigation/admin/2009/33-9081.pdf | title=Administrative Proceeding: Value Line, Inc., Value Line Securities, Inc., Jean Bernhard Buttner, and David Henigson | date=November 4, 2009 | access-date=September 19, 2017 | archive-date=May 28, 2017 | archive-url=https://web.archive.org/web/20170528214213/https://www.sec.gov/litigation/admin/2009/33-9081.pdf | url-status=live }}</ref> The fraud, which spanned nearly 20 years and involved over $24 million, was committed by Value Line against its mutual fund shareholders. The fraud was first reported to the SEC in 2004 by the then Value Line Fund ({{NASDAQ|VLIFX}}) portfolio manager and Chief Quantitative Strategist, John (Jack) Dempsey of Easton, Connecticut, who was required to sign a Code of Business Ethics as required by the [[Sarbanes-Oxley Act]].<ref>{{cite web |url=http://www.marketwatch.com/story/publisher-value-line-may-take-earnings-hit-from-sec-inquiry |title=Publisher Value Line may take earnings hit from SEC inquiry |publisher=Marketwatch.com |access-date=2010-08-27 |archive-date=2010-04-12 |archive-url=https://web.archive.org/web/20100412160330/http://www.marketwatch.com/story/publisher-value-line-may-take-earnings-hit-from-sec-inquiry |url-status=live }}</ref><ref>{{cite news | url=https://www.pionline.com/article/20091130/ONLINE/911309996/end-of-the-line-for-value-line-s-tyrannical-ceo | title=End of the line for Value Line's tyrannical CEO | first=Aaron | last=Elstein | work=PI Online | date=November 30, 2009 | access-date=June 29, 2019 | archive-date=June 29, 2019 | archive-url=https://web.archive.org/web/20190629025555/https://www.pionline.com/article/20091130/ONLINE/911309996/end-of-the-line-for-value-line-s-tyrannical-ceo | url-status=live }}</ref><ref>{{Cite news |url=https://www.nytimes.com/2008/08/02/business/02fund.html |title=The S.E.C. Is Investigating Fee Practices at Value Line |work=The New York Times |date=2 August 2008 |access-date=2017-09-19 |archive-date=2018-01-06 |archive-url=https://web.archive.org/web/20180106024942/http://www.nytimes.com/2008/08/02/business/02fund.html |url-status=live |last1=Glater |first1=Jonathan D. }}</ref> Restitution totaling $34 million was placed in a fair fund and returned to the affected Value Line mutual fund investors.<ref>{{cite news |url=https://www.reuters.com/article/idUSN045378520091104 |title=Value Line, execs to pay $45 mln in SEC case |publisher=Reuters.com |date=2009-11-04 |access-date=2010-08-27 |first=Gina |last=Keating |archive-date=2021-03-09 |archive-url=https://web.archive.org/web/20210309022928/https://www.reuters.com/article/idUSN045378520091104 |url-status=live }}</ref> The Commission ordered Value Line to pay a total of $43,705,765 in disgorgement, prejudgment interest and civil penalty, and ordered CEO Jean Buttner and COO David Henigson to pay civil penalties of $1,000,000 and $250,000, respectively. The Commission further imposed officer and director bars and broker{{En dash}}dealer, investment adviser, and investment company associational bars (“Associational Bars”) against Buttner and Henigson. No criminal charges were filed.