Another casualty was added to the growing list of mutual fund criminals last Tuesday as a New York bank executive was hauled off in handcuffs for allegedly arranging $1 billion in financing for illegal mutual fund trades.

Paul Flynn, former managing director of equity investments at Canadian Imperial Bank of Commerce, was arrested near his home in Larchmont, N.Y., by officials from the office of New York Attorney General Eliot Spitzer. The 46-year old stock trader has been charged with five felonies for allegedly providing the financing for hedge funds that engaged in late trading and market timing of mutual fund shares.

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