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Nov 18, 2003 | New York Post

Janus Capital Group said Richard Garland, CEO of its international business, resigned amid allegations that the Denver-based money manager was involved in improper mutual fund trading.

Garland, 42, was named in New York Attorney General Eliot Spitzer's complaint on Sept. 3 that initiated the biggest investigation of the mutual fund industry.

The executive wrote e-mails that appeared to promote an agreement allowing hedge fund Canary Capital Partners LLC to conduct short-term trades in some Janus funds based outside of the U.S, according to Spitzer.

Janus and Garland decided "it would be best if he left the company," said Blair Johnson, a company spokesman.

Garland's resignation follows the departures of top executives at Putnam Investments and Alliance Capital Management Holding LP as Spitzer and the SEC widen probes of the $7 trillion mutual fund industry. In all, more than 40 people have been suspended or fired.

Janus has said that it had agreements with 12 investors to make frequent trades in its U.S. funds, although only four of them were active. In September Janus terminated the agreements and returned $314 million to market-timing investors.

The company also said in an SEC filing Wednesday that it had arrangements for some investors to make short-term trades in "offshore funds" that were similar to the agreements the company had for some U.S. funds. Janus didn't say how many arrangements or investors engaged in so-called market timing and didn't identify the offshore funds.

Garland is the first Janus executive to lose his job in the ongoing investigations of its improper trading agreements.

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