The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

U.S. charges former Wamco executive Kenneth Leech with fraud

by admin November 27, 2024
November 27, 2024
U.S. charges former Wamco executive Kenneth Leech with fraud

Kenneth Leech, the former co-chief investment officer of Western Asset Management Co, was charged by U.S. authorities on Monday with running a fraudulent “cherry-picking” scheme where he improperly favored some clients’ accounts over others when allocating trades.

The U.S. Securities and Exchange Commission said that between January 2021 and October 2023, Leech disproportionately allocated better performing trades to favored portfolios, and worse performing trades to other portfolios.

Leech also faces related criminal charges from the U.S. Attorney’s office in Manhattan, the SEC said.

Lawyers for Leech did not immediately respond to requests for comment. The U.S. attorney’s office did not immediately respond to a similar request.

Western Asset Management, known as Wamco, is part of Franklin Resources, which acquired the business through its purchase of Legg Mason in 2020.

Clients have pulled tens of billions of dollars from Wamco in the last few months, after Franklin announced that authorities were investigating Leech.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
British man captured by Russian forces while fighting for Ukraine in Kursk region, state media says
next post
Walmart pulls back on DEI efforts, removes some LGBTQ merchandise from website

Related Posts

GM to lay off 1,300 Michigan workers as...

December 19, 2023

U.S. markets close sharply lower — but some...

August 7, 2024

Walmart employees are now wearing body cameras in...

December 18, 2024

Why JPMorgan Chase is prepared to sue the...

September 30, 2024

Boeing’s crewed Starliner flight won’t return until at...

July 27, 2024

Oscar Mayer is launching a plant-based hot dog

March 8, 2024

UPS is ‘disposing of’ U.S.-bound packages over customs...

October 13, 2025

23andMe files for bankruptcy as co-founder Anne Wojcicki...

March 25, 2025

Meet CrowdStrike, the company at the heart of...

July 20, 2024

Oil executives bluntly criticize Trump tariffs and ‘drill,...

March 28, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,560)
    • Investing (4,346)
    • Politics (5,761)
    • World (4,762)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved