• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

U.S. charges former Wamco executive Kenneth Leech with fraud

by November 26, 2024
written by November 26, 2024

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 “cherry-picking” scheme where he improperly favored some clients’ accounts over others when allocating trades.

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.

Leech also faces related criminal charges from the U.S. Attorney’s office in Manhattan, the SEC said.

Lawyers for Leech did not immediately respond to requests for comment. The U.S. attorney’s office did not immediately respond to a similar request.

Western Asset Management, known as Wamco, is part of Franklin Resources, which acquired the business through its purchase of Legg Mason in 2020.

Clients have pulled tens of billions of dollars from Wamco in the last few months, after Franklin announced that authorities were investigating Leech.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Kohl’s CEO Tom Kingsbury to step down and be replaced by Michaels CEO Ashley Buchanan
next post
Special Counsel Jack Smith’s federal Trump cases cost taxpayers more than $50 million, financials show

related articles

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025

Trump says U.S. will impose new tariffs on...

September 29, 2025

Former Fed chairs warn that removing Lisa Cook...

September 27, 2025

Amazon to pay $2.5 billion to settle FTC...

September 27, 2025

The charm of watching movies in theaters is...

September 25, 2025

Ben & Jerry’s co-founder resigns, claiming parent company...

September 18, 2025

LimeWire acquires Fyre Festival, asking ‘What Could Possibly...

September 17, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Warren Buffett’s Berkshire Hathaway sold nearly half its stake in Apple

    August 5, 2024
  • Anonymous GOP senator concerned about Grassley, 91, reclaiming key Judiciary Committee chair: report

    October 22, 2024
  • Anti-abortion provider measure in Trump’s ‘big, beautiful bill’ could spark House GOP rebellion

    May 12, 2025
  • Mike Johnson, Donald Trump get ‘big, ‘beautiful’ win as budget passes House

    May 22, 2025
  • Amazon ‘anti-union propaganda,’ employee surveillance loom over labor vote at North Carolina warehouse

    February 17, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,247)
  • Investing (634)
  • Stock (935)

Latest Posts

  • Ben Carson dispels rumors about joining White House in specific role, says he will meet with Trump soon

    November 18, 2024
  • Jimmy Carter’s funeral will bring all five living presidents together in Washington, D.C.

    January 9, 2025
  • Biden has signed just 2 executive orders since dropping out of 2024 race, trailing past presidents

    September 9, 2024

Recent Posts

  • Russia bombards Ukraine with drones hours after Trump announces talks with Putin

    May 19, 2025
  • Medvedev warns Trump’s new deadline to end Russia-Ukraine conflict is a ‘step towards war’

    July 29, 2025
  • Republicans 2 seats away from House majority, giving Trump leeway to implement agenda

    November 13, 2024

Editor’s Pick

  • Bronfman’s Paramount bid could keep Shari Redstone involved at the company

    August 26, 2024
  • Where are low-cost airlines cutting back now? New planes.

    September 2, 2024
  • ‘Doomed’: Experts say this crucial campaign decision led to VP Harris’ ‘disastrous’ defeat

    November 7, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock