Eliot Spitzer’s crusade to clean up the mutual fund industry is far from over. The determined New York attorney general, who has arrested eight fund employees and put one behind bars as part of a widespread investigation of trading abuses, asserted that there is more work to be done, Bloomberg reports

"I don’t think we have put enough people in jail," Spitzer said at a conference sponsored by Forbes magazine. "I can tell you with absolute certainty: There are other major cases coming."

Spitzer declined to elaborate on the details of upcoming cases or discuss his probe of the incentives insurance companies pay broker/dealers. He believes that more arrests will serve as a deterrent for future transgressions.

"We need to see a few more [arrests] before we can see changes in behavior," Spitzer said.

James Connelly, former vice chairman of Fred Alger Asset Management , is the lone executive doing time as a result of his investigation. Connelly was sentenced to one to three years in prison for concealing evidence.

Spitzer also reiterated his plans to go to court in his case against former New York Stock Exchange Chairman Richard Grasso, who received an egregious $187 million pay deal for running the not-for-profit organization.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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.