The adviser to the Monetta Family of Mutual Funds and the company's top executive will appeal a recent Securities and Exchange Commission ruling that the firm and executives associated with the funds committed fraud.

Monetta Financial Services of Wheaton, Ill., Richard Barcarella, the company's president and CEO, and former fund director Richard D. Russo will appeal a March 27 decision from Brenda P. Murray, the SEC's chief administrative law judge. Murray ruled in March that Monetta Financial, Barcarella and Russo violated federal securities laws in handling hot initial public offerings.

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