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News Flash- Three Execs Face Criminal Charges

The U.S. Attorney's office has filed criminal charges against three executives, charging them with helping hedge funds deceive mutual fund companies by hiding their market-timing activities in separate accounts. Chief Executive Officer Richard Sapio, President Eric McDonald and Chief Compliance Officer Michele Leftwich face up to five years in prison. This is the first time that federal, not state, regulators have filed criminal charges in the ongoing market-timing and late-trading investigation.

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