SEC charges former Wamco co-CIO Kenneth Leech with fraud

Reuters05:58

NEW YORK, Nov 25 (Reuters) - The U.S. Securities and Exchange Commission on Monday charged Kenneth Leech, the former co-chief investment officer of Western Asset Management Co ("Wamco"), with running a fraudulent "cherry-picking" scheme.

In a complaint filed in Manhattan federal court, the SEC said that between Jan. 2021 and Oct. 2023, Leech disproportionately allocated better performing trades favored portfolios, and worse performing trades to other portfolios.

Wamco is part of Franklin Resources BEN.N.

(Reporting by Jonathan Stempel in New York)

((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net))

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