Kenneth Leech, a former executive at Western Asset Management Co (Wamco), a U.S. fixed-income manager, has been charged by U.S. authorities with fraud. He was reportedly involved in unlawful pricing of mortgage-backed securities to artificially inflate annual returns, which left Wamco’s clients potentially misled regarding the performance of their investments. The Securities and Exchange Commission filed these charges, intending to safeguard investors’ interests and uphold financial transparency. If convicted, Leech may face severe penalties, including hefty fines and potential ban from the securities industry. However, it is important to note that these are charges and Leech is still innocent until proven guilty in a court of law.
U.S. charges former Wamco executive Kenneth Leech with fraud
