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Bank One Fires Two Mutual-Fund Execs

Dec 9, 2003 | AP

Bank One Corp. has dismissed two more executives as it continues internal investigations into allegations of improper trading in its mutual funds.

Recently leaving the company was Gary Young, a fund administration manager at the company's One Group mutual fund unit in Columbus, Ohio.

From the company's New York office, institutional sales executive Thomas Macior was dismissed in October, according to company spokeswoman Julie Crothers.

Furthermore, Chicago-based Bank One reassigned Michael Wible, a lawyer in the fund division, to another position in the company's investment-management business.

Crothers said the moves were related to the mutual fund probes, but declined to comment further.

The latest changes follow the departure from the company in October of Mark Beeson, president of One Group, and John AbuNassar, head of the institutional asset-management group.

One Group said that in late November it had been told to expect enforcement action related to mutual fund probes and that it hoped to avoid regulatory litigation and reach an amicable resolution with regulators.

The company is one of the four mutual fund firms mentioned by New York Attorney General Eliot Spitzer in his initial complaint against Canary Capital in early September.

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