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

Prices held steady in October as inflation slowed...

November 16, 2023

Macy’s says employee hid up to $154 million...

November 26, 2024

The ‘funflation’ effect: Why Americans are spending on...

June 28, 2024

Target says Pride collection will appear in ‘select’...

May 15, 2024

Rivian secures up to $5 billion from Volkswagen;...

June 28, 2024

Rules for repaying Social Security benefits are about...

March 12, 2025

Kraft Heinz to remove artificial dyes from U.S....

June 18, 2025

Lucid CEO says Wall Street misinterpreted $1.75 billion...

October 23, 2024

OpenAI introduces Operator to automate tasks like vacation...

January 24, 2025

Workers wrested a seat at the table on...

December 28, 2023

    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 (1,550)
    • Investing (4,198)
    • Politics (5,576)
    • 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