The U.S. Attorney’s office yesterday unsealed a criminal charge complaint against Mutuals.com, charging three executives at the firm with helping hedge funds deceive mutual fund companies by hiding their market-timing activities in separate accounts, The Wall Street Journal reports. Mutuals.com said it is "vigorously" contesting the charges.

Mutuals.com Chief Executive Officer Richard Sapio, President Eric McDonald and Chief Compliance Officer Michele Leftwich appeared before the court yesterday and were released on bail payments between $100,000 and $400,000 apiece. They face up to five years in prison.

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