The US Securities and Exchange Commission has charged former top bond trade and Western Asset Management co-CIO Ken Leech with fraud.
The federal agency alleged that Leech had engaged in a multi-year scheme to allocate favourable trades to certain portfolios, while allocating unfavourable trades to other portfolios, a practice known as cherry-picking. The SEC's complaint, filed in the United States District Court for the Southern District of New York, charges Leech with violating antifraud and other provisions of the federal securities laws, and seeks permanent and conduct-based injunctions, an officer-and-director bar, disgorgement, prejudgment interest, civil penalties, and other relief. In a parallel action, the ...
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