To pay for his legal costs, the first broker to face criminal charges under the wide-ranging mutual fund probe has sued his former employer, Bank of America, The Wall Street Journal reports.

Theodore Siphol, who New York Attorney General Eliot Spitzer charged with helping a hedge fund illegally trade fund shares, says his legal fees totaling $130,000 should be incurred by Bank of America. However, the bank sent a letter to Siphol on Oct. 13 saying it wouldn’t pay for any of Siphol’s legal fees.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.