WASHINGTON -- Federal prosecutors are expected to announce a settlement today or criminal and civil charges against Steven Wymer, the California money manager who allegedly defrauded municipalities nationwide out of roughly $100 million, a knowledgeable source said.

The Securities and Exchange Commission and the U.S. attorney's office in Los Angeles will hold a joint news conference at 11 a.m., Pacific daylight time, to outline the agreement with Mr. Wymer, the head of the now-defunct Institutional Treasury Management, the source said.

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