The U.S. Attorneys office yesterday unsealed a criminal charge complaint against
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.
This is the first time that federal, not state, regulators have filed criminal charges in the ongoing market-timing and late-trading investigation, and notable, as well, because it concerns market timing, not in and of itself illegal, as late trading is.
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