A mutual fund expert from
Speaking to an audience at the 2004 Lipper Fund awards, Robin Thurston, the global director of research at Lipper, said, "We believe there will be a couple of dozen more companies that have not yet been named," speaking of improper trades.
Citing information that the "churn rate" of many funds is high, a sign of quick in-and-out trades within funds known as market timing, Thurston warned that more allegations and charges may soon come.
The once-untarnished mutual fund industry has come under a swell of charges and investigations since September for both market timing and late trading, the illegal practice of post-4 p.m. transactions. Lippers newest research, with its showing of the high churn rates, goes against some industry experts opinions that the scandal is winding down.