James Connelly, Jr., a former vice chairman for Fred Alger Management , turned himself in to New York State Attorney General Eliot Spitzer Thursday, Reuters reports. He also pled neither innocent or guilty to a cease-and-desist order from the Securities and Exchange Commission barring him from working at any broker/dealer or investment advisory firm and fining him $400,000. Connelly was expected to plead guilty to ordering employees to destroy documents and e-mails indicating the firm might have allowed late trading, a source told Reuters. The SEC charged him with permitting select investors to market time the Alger funds in exchange for promising to make large deposits in other of the fund complex’s funds.

Besides Connelly and the firm itself, the New York regulator is expected to bring criminal or civil charges against a number of other Alger employees.

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