In the wake of last year's fraud charges against California investment adviser Steven D. Wymer, groups like the Municipal Treasurers' Association of the United States and Canada have been hot on the heels of how best to safeguard public investments.

Mr. Wymer was indicated this winter in a Los Angeles federal court on criminal charges that he defrauded dozens of municipalities of public funds invested with his firm, Institutional Treasury Management. He was charged with making unauthorized trades without telling investors and hiding the losses by illegally shifting funds between accounts.

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