Mutuals.com announced on Tuesday that it reshuffled its fund manager lineup last week amid allegations that two of its managers engaged in late trading.

The Dallas-based investment company said CEO Richard Sapio and President Eric McDonald stepped down as managers of the company’s four Generation Wave funds. The company explained that the reshuffling was "strictly an administrative move" and that the two executives were never really actively involved in managing the portfolios. Dan Ahrens will stay on as the lead portfolio manager for those funds.

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