Steinway Chairman Settles SEC Charges

Steinway Musical Instruments Inc. Chairman Kyle Kirkland settled federal charges he defrauded investors in two high-yield funds by concealing performance problems and inflating values of troubled securities.

Kirkland, of Santa Monica, did not admit or deny the charges filed by the Securities and Exchange Commission in an administrative proceeding.

He agreed to pay a $30,000 penalty and to be barred from the brokerage and investment company businesses, with the right to reapply after three years, the SEC said.