The chairman and CEO of Empire Financial Holding has resigned amid a continuing SEC probe into mutual fund trading practices at the brokerage firm, Reuters reports. Kevin Gagne, the executive, had been on unpaid leave of absence since the probe began late last month. Other executives who had been involved in trading mutual fund shares for institutional clients have either resigned or been fired, the firm said.

Empire Financial President Donald Wojnowski, Jr. has been elected to the board, in order that he can serve in Gagne’s position.

Meanwhile, it was reported Monday that the SEC and the New York attorney general have subpoenaed Credit Suisse First Boston for its mutual fund trading practices. CSFB characterized the subpoenas as part of the "industry-wide investigation relating to the practices of mutual funds and their customers." The firm made the characterization in its annual report, filed with the SEC Monday. A spokeswoman for CSFB confirmed to the Associated Press that the firm has received subpoenas, while spokesmen for the SEC and the New York attorney general’s office declined comment.

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