Each employee with knowledge of the trading has been fired, the company announced, and the methods of clients partaking in the rapid trading have been reset back to normal speed.
Janus admission of dealings with rapid-fire traders is the first by a fund company since New York Attorney General Eliot Spitzers announced his lawsuit against a hedge fund a month ago.
While not illegal, many companies, including Janus, clearly state in their fund prospectuses that any hit-and-run trading practices would be harmful to long-term shareholders bottom lines.
Beside Janus,
