Wamco Agrees to Pay $100 Million SEC Fine Over Alleged Cherry-Picking Scheme
Updated
Updated · Reuters · Jun 5
Wamco Agrees to Pay $100 Million SEC Fine Over Alleged Cherry-Picking Scheme
3 articles · Updated · Reuters · Jun 5
Summary
$100 million is the civil penalty Western Asset Management Co will pay to settle SEC charges tied to an alleged cherry-picking scheme involving former co-CIO Kenneth Leech.
Franklin Resources said Wamco made the deal as a business decision to avoid prolonged litigation, and the settlement closes investigations by both the SEC and the U.S. Department of Justice.
Wamco did not admit wrongdoing in the settlement, while Leech has pleaded not guilty to related criminal charges in New York.