Not only did Alliance Capital employees send e-mails mentioning the market timing practices of one of its largest clients, but Vice Chairman Roger Hertog was included in the correspondence, The Wall Street Journal reports.

Further, one of the e-mails reportedly implied that Alliance Chairman Bruce Calvert also knew about the market timing of Daniel Calugar, a Las Vegas broker, in several Alliance funds.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.