Financial Services

Cheating in the financial services industry is pervasive, with new stories about ethical lapses emerging daily. A string of seemingly endless scandals have exposed corrupt practices at investment banks, mutual funds, and financial service branch offices and firms around the United States. Overtaxed regulatory agencies have consistently been a few steps behind wrongdoers taking advantage of America's investors.

Scandal continues to rock the mutual fund industry. Former SEC chairman Arthur Leavitt has called

it the biggest scandal in financial services in 50 years.

	Study: Mutual fund frauds cost a typical family with investments $3,700
	Alliance to pay record $250 million settlement
	Las Vegas trader accused of making $175 million through improper mutual fund trading
	Alliance settles charges with Spitzer, agrees to cut fees by 20 percent
	Mutuals.com charged with inappropriate trades in SEC fraud suit
	A complete list of all fines paid by financial services firms

What Ails the Mutual Fund Industry?

	Beyond market timing: Mutual fund fees under fire as unfair
	Mutual fund scandal lays bare problems at SEC
	AP: Senators blast SEC for lax oversight of mutual funds.
	Fort Worth Star Telegram: A look at the rotten structure of the financial services industry.
	CNN: How the funds scandal will take a chunk out of many firms' bottom lines

Reform Watch

	Consumer groups call for tougher reform measures to clean up mutual funds
	USA Today: SEC outlines reforms of mutual fund industry. Calls for more disclosure.
	SEC chair Donaldson speech on what went wrong and how to fix it
	Donaldson testimony to Congress on how to reform mutual fund industry

Fund Scandals

The ranks seem to grow daily of financial services companies, both large and small, that have been caught up in the mutual fund scandal in the past few months.

Putnam:

	Spitzer slams Putnam settlement
	Ralph Nader blast SEC on Putnam settlement
	Details of SEC complaint against Putnam and terms of settlement
	Dow Jones Business News: Investors pull $4 billion from Putnam in In the wake of scandals
	AP: Putnam chief steps down
	Reuters: Putnam hit by accusations of improper trading.

Alger

	Alger executive given prison time
	MSNBC: Alger bans market timing
	MSNBC: Ex-Alger exec pleads guilty.

Fidelity

SmartMoney.com: The largest mutual fund firm in the world revealed that it has been subpoenaed by Spitzer's office for allegations of trading abuses.

Citigroup

TheStreet.com: Citigroup fires four brokers over market timing abuses.