The Securities and Exchange Commission has slapped a pair of financial advisers for deceptive mutual fund trading on behalf of hedge fund clients.

The regulator sued former Morgan Stanley advisers Darryl Goldstein and Christopher O’Donnell—both of whom still work in the financial industry—with making more than 4,000 market-timing trades with a  total trading volume in excess of $4.8 billion, all for a pair of hedge funds.

The complaint says the pair used deceptive techniques between January 2002 and August 2003 to skirt the mutual funds’ market-timing restrictions.

The action was filed Friday in Manhattan federal court.

Goldstein now works at Gilford Securities, while O’Donnell is at Bear Stearns.