The board of Amerindo Funds has replaced founder and CEO Alberto Vilar and President Gary Tanaka because of criminal complaints that have landed the pair in jail, according to an SEC filing. Both are facing charges of stealing millions in investor funds for personal use.

However, the SEC has gone a step further and asked a federal judge to appoint a temporary receiver for Amerindo Investment Advisors, the Amerindo Technology Fund's advisor, The Wall Street Journal reports. "There does not appear to be an individual at Amerindo with full decision-making authority," the SEC stated in its plea for a restraining order prohibiting the destruction of documents and disgorgement of ill-gotten gains.

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