Franklin Resources' Wamco to pay $100 million SEC fine over alleged cherry-picking
05/06/2026 13:57
Franklin Resources' Wamco to pay $100 million SEC fine over alleged cherry-picking June 5 (Reuters) - Western Asset Management, a unit of Franklin Resources BEN.N, will pay a $100 million civil penalty to resolve U.S. Securities and Exchange Commission charges related to former co-chief investment officer Kenneth Leech's alleged cherry-picking scheme, the regulator said on Friday.
Leech has pleaded not guilty to related criminal charges in New York. His former employer is commonly known as Wamco.
(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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