Mutuals.com, well known for its Vice Fund, which invests in tobacco, alcohol and gambling companies, is moving managers out of its Wave Generation fund family.

Richard Sapio, Mutuals.com's chief executive, and Eric McDonald, the company's president, will no longer be fund managers at the four Wave Generation funds.

The company announced no immediate plans to replace the two managers, who were charged by the SEC in December 2003. Sapio and McDonald, as well as Mutuals.com compliance officer Michele Leftwich, were charged with processing late trades and engaging in other illegal activities on behalf of several large, institutional clients.

The Generation Wave funds' other manager, Dan Ahrens, told the MFWire.com the change as "strictly an administrative move." Ahrens will continue to manage the four funds.

 

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