Millennium Partners' Latest Dirty Laundry

Updated from 7:19 a.m. EST

A much-anticipated $100 million settlement with Millennium Partners will reveal that abusive mutual fund trading was no small secret at the $5 billion hedge fund.

The settlement with securities regulators, which could be announced as early as Thursday, will blame Israel Englander and at least two other top executives at the fund for letting the trading occur, say people familiar with the investigation.

Englander, the storied Wall Street trader and buyout specialist who founded Millennium, is expected to pay a portion of the fine assessed against the hedge fund by the Securities and Exchange Commission and New York Attorney General Eliot Spitzer, sources say. ...