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Tuesday, Sept. 16, 2003 | 11:15 a.m.
Former Bank of America Corp. broker Theodore Sihpol was charged with larceny and securities fraud today for allegedly giving a hedge fund an illegal edge over other investors in trading mutual fund shares. Sihpol is the first person charged in the biggest investigation of the $6.9 trillion mutual fund industry since Congress passed the Investment Company Act of 1940. The SEC has demanded information about trading practices from the 80 biggest fund companies. Bank of America dismissed at least five employees since the scandal erupted Sept. 3.
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