Four Citigroup Brokers Cut Loose in Fund Scandal

The bloodletting in Eliot Spitzer's mutual fund probe continued with news that four more brokers at Citigroup's(C Quote) Smith Barney unit were fired for their involvement in a frowned-upon and costly arbitrage strategy.

The four private client group brokers were let go due to "inappropriate behavior" with respect to mutual fund market-timing, a spokeswoman said.

The firings are the latest in an industrywide house cleaning that began in September when Spitzer announced a $40 million settlement with hedge fund Canary Capital for alleged abuses of the mutual fund pricing mechanism. ...