Reported about 4 hours ago
Ken Leech, former co-Chief Investment Officer at Western Asset Management, has been charged by U.S. federal prosecutors for allegedly engaging in a cherry-picking scheme that favored certain clients by allocating better-performing trades to them, while assigning worse trades to others. The Securities and Exchange Commission has also filed a civil lawsuit against him, claiming he violated his fiduciary duties over several years. Leech, who has taken a leave of absence, faces serious allegations that could lead to significant prison time if convicted.
Source: YAHOO