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Fremont Investment Advisors has agreed to pay $2.1 million in restitution and $2 million in civil penalties to end federal and state mutual fund timing cases, New York Attorney General Eliot Spitzer announced Thursday.

Fremont was accused by the Securities and Exchange Commission and Spitzer of allowing market timing and late trading of its mutual funds to benefit a few select clients at the expense of most investors, Spitzer said. Thursday's settlement covers both cases.

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