Scott A. Christian, a broker at the New York investment management firm Trautman Wasserman and Co. has pleaded guilty to charges of illegal late trading in mutual funds, the office of New York State Attorney General Eliot Spitzer announced late last week.

The Securities and Exchange Commission has also filed a civil injunction against Christian, alleging that the 29-year-old executed "ten of thousands of late trades for hedge fund customers and engaged in deceptive conduct to evade restrictions that mutual fund companies sought to place on his customers' frequent, short-term trading of mutual fund shares." The SEC also accuses Christian of creating false records to conceal the late trading.

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