Brokers fired in mutual fund probe

Friday, Oct. 24, 2003 | 9:30 a.m.

NEW YORK -- Smith Barney, the brokerage arm of Citigroup Corp., fired four more brokers for improper trading of mutual funds, the firm's second such move in less than a month amid an expanding probe of the fund industry.

Also, SEC enforcement chief Stephen Cutler said Thursday there is evidence some mutual funds employees are engaged in market timing their own funds. In an interview on the CNBC program "Kudlow & Kramer," Cutler said there is evidence that some fund executives and portfolio managers "are timing their own funds."

"There's just no excuse for that, and those people will be charged appropriately in enforcement action where we do find that evidence," Cutler said.

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