Exclusive: 'Witness To A Crime' - mutual fund industry- 60min

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CBS) Many insiders in the mutual fund industry knew about improper trades but, apparently, no one told the authorities.

No one, that is, until Noreen Harrington, a 20-year Wall Street veteran, called the office of New York Attorney General Eliot Spitzer, launching an investigation that exposed the worst scandal in the history of mutual funds.

Harrington also identified a colleague who was pitching improper - and sometimes illegal - transactions.

In an exclusive interview, James Nesfield, who has decided to cooperate with Spitzer's investigation, tells Correspondent Bob Simon why it was so easy to scam the hundred million Americans who have 401(k) or retirement accounts.

http://www.cbsnews.com/stories/2004/02/17/60II/main600649.shtml

And the people stolen from never see a penny back. The Co.s are fined and the Gov. keeps the cash.