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Article: The Mutual Fund Scandal: Unfair Fight: Mutual funds were supposed to be the smart, safe choice for small investors. But the latest scandal shows how Wall Street big shots make profits, while the little guys take a beating.
- Article from:
- Newsweek
- Article date:
- December 8, 2003
- Author:
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Byline: Allan Sloan
On Wall Street, there are big, well-connected fish. And then there are regular, little investors, who are the fish food. Exhibit A? The case of fund manager Gary Pilgrim, perhaps the most startling example of alleged abuse of investors to come out of the mutual-fund scandal. It's a tale of how insiders can grow fat from their stake in a fund even as regular investors are being stripped to the bone. It turns out that Pilgrim made rich profits from investing in his PBHG Growth Fund while shareholders lost big. PBHG Growth dropped 65 percent from March of 2000 through November of 2001, the period covered in suits filed by New York Attorney ...
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