Reported about 6 hours ago
Kenneth Leech, the former co-chief investment officer of Western Asset Management Co (Wamco), has been indicted on multiple criminal fraud charges for allegedly orchestrating a $600 million 'cherry-picking' scheme that favored certain clients' trades over others. The U.S. Attorney's office stated that Leech was indicted on four counts of fraud and one count of making false statements, facing possible severe penalties if convicted. His actions reportedly led to clients withdrawing around $55 billion from Wamco, and he must appear in court by December 6.
Source: YAHOO