{"id":10639,"date":"2024-11-27T15:19:58","date_gmt":"2024-11-27T15:19:58","guid":{"rendered":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/11\/27\/u-s-charges-former-wamco-executive-kenneth-leech-with-fraud\/"},"modified":"2024-11-27T15:19:58","modified_gmt":"2024-11-27T15:19:58","slug":"u-s-charges-former-wamco-executive-kenneth-leech-with-fraud","status":"publish","type":"post","link":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/11\/27\/u-s-charges-former-wamco-executive-kenneth-leech-with-fraud\/","title":{"rendered":"U.S. charges former Wamco executive Kenneth Leech with fraud"},"content":{"rendered":"<p class=''>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 \u201ccherry-picking\u201d scheme where he improperly favored some clients\u2019 accounts over others when allocating trades.<\/p>\n<p class=''>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.<\/p>\n<div id='taboolaReadMoreBelow'><\/div>\n<p class=''>Leech also faces related criminal charges from the U.S. Attorney\u2019s office in Manhattan, the SEC said.<\/p>\n<p class=''>Lawyers for Leech did not immediately respond to requests for comment. The U.S. attorney\u2019s office did not immediately respond to a similar request.<\/p>\n<p class=''>Western Asset Management, known as Wamco, is part of Franklin Resources, which acquired the business through its purchase of Legg Mason in 2020.<\/p>\n<p class='endmark'>Clients have pulled tens of billions of dollars from Wamco in the last few months, after Franklin announced that authorities were investigating Leech.<\/p>\n<\/p>\n<div>This post appeared first on NBC NEWS<\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kenneth Leech, the former co-chief investment officer of Western Asset Management Co, was charged by&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10640,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-10639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts\/10639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/comments?post=10639"}],"version-history":[{"count":0,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts\/10639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/media\/10640"}],"wp:attachment":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/media?parent=10639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/categories?post=10639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/tags?post=10639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}