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COPYRIGHT 2003 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com
Byline: Jane Bryant Quinn
One thing you can count on: when you invest, a lot of the people you trust are going to cheat. Billions of investor dollars whirl through the system. It's all too easy for insiders to stick their hands into that current and grab. We're not talking about a bad apple here and there. Cheating runs through Wall Street's very seams--even in sainted mutual funds.
Every few days, new cases of fraud pop up in the $7 trillion mutual-fund industry. Big names are involved, and funds that seemed pristine. The charges center on something you probably didn't know was possible: skimming profits from your mutual fund that ought to belong to you.
Turns out, dozens of fund groups secretly created two classes of investors--you (on the bottom) and...
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