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Ex-Investment Chief Pays $3M to Settle SEC Fraud Claims
7 Oct
Summary
- Former co-chief investment officer Ken Leech settled an SEC lawsuit.
- He allegedly cherry-picked winning trades for personal gain.
- Leech agreed to pay $3 million to resolve the claims.
Ken Leech, who previously served as co-chief investment officer at Western Asset Management Co., has agreed to a $3 million settlement with the U.S. Securities and Exchange Commission (SEC). This resolution addresses allegations that Leech engaged in fraudulent practices by cherry-picking profitable trades. The SEC's lawsuit claimed these actions were taken for his personal benefit.
Leech's agreement to pay the $3 million penalty signifies a resolution to the SEC's claims. Importantly, this settlement does not include an admission of guilt by Leech regarding the specific allegations of fraudulent trading practices. The case highlights the SEC's ongoing efforts to police misconduct within the investment management industry.
