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James Connelly, former vice chairman of Fred Alger Management Inc., was ordered to spend one to three years in prison Wednesday for concealing evidence of improper mutual fund trading, becoming the first executive sentenced in the industrywide probe.
Connelly admitted telling employees to get rid of e-mails containing information about improper fund trading by the Veras Investment Partners LLP hedge fund. He pleaded guilty on Oct. 16.
The sentencing boosts “the profile of the mutual fund investigations and shows the government is serious,” said James Cox, a professor at the Duke University School of Law.
