Steven Adler, 63, of Tampa, Fla., the former president of Vector Index Advisors, and manager of the ASM Index 30 Fund, has been permanently kicked out of the fund industry and is facing five years in prison for allegedly misappropriating $1.9 million of investors' money.

Adler is facing a Federal indictment on 20 counts of mail and wire fraud. In addition, the SEC has permanently barred Adler from working with any broker/dealer or investment advisory firm.

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