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Putnam Charged in Fund Probe
Updated from 11:38 a.m. EST
State and federal securities regulators filed civil charges against Putnam Investments and two portfolio managers in the ever-expanding mutual fund trading scandal.
The charges were filed Tuesday in separate civil securities fraud actions brought by the Securities and Exchange Commission and Massachusetts Secretary of the Commonwealth William Galvin.
Putnam, a division of Marsh & McLennan(MMC Quote), is the first mutual fund family to be charged in the trading scandal. The Boston-based fund family engaged in securities fraud by failing to disclose that two of its managers "engaged in excessive short-term trading of Putnam mutual funds" for their own benefit, according to the charges. ...
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