SEC Seeks Final Judgment Against Former Western Asset Management Exec Ken Leech
The former CIO accused of a cherry-picking scheme will be sentenced on one charge.
Law Enforcement
Exec Sentenced for Embezzling Millions From CFA Institute
Michael Collins, who stole $5 million from the organization as its chief marketing officer, will serve up to nine years in prison.
Former Western Asset Management Exec Ken Leech Pleads Guilty to Obstruction
The former co-CIO admitted he lied to the Securities and Exchange Commission regarding an alleged cherry-picking scheme.
Western Asset Management to Pay $100M Fine Over Former CIO’s Alleged Cherry-Picking Scheme
The Franklin Resources subsidiary will resolve a federal investigation into the firm over the trading practices of former Co-CIO Ken Leech.
Former Regional Director to Return to SEC as Head of Enforcement
Securities lawyer David Woodcock will return to the Securities and Exchange Commission to lead the division, effective May 4.
Securities Fraud, ERISA Class Action Settlements Surge in 2025
Tesla, Alphabet and Alibaba paid almost half the money in last year’s 10 largest settlements related to securities and ERISA.
PRT Lawsuit Against AT&T Dismissed
The court’s determination that the plaintiffs have standing to sue allows for the complaint to be refiled and could embolden others considering litigation.
Pension Risk Transfer Lawsuit Against General Electric Dismissed
The company was accused of violating its fiduciary duty by picking Athene for a $1.7 billion PRT in 2020.
SEC Again Postpones Disclosure Deadline for Private Investment Funds
The extension gives the regulator time to reduce the number of firms that have to file information.
Former CFA Institute Marketing Chief Indicted in $6M Embezzlement Scheme
Michael Collins is accused of stealing funds from multiple employers by invoicing them for nonexistent services from companies he owned.
LACERA Fraudster Charged With Grand Theft, Conflict of Interest
Carmelo Marquez is accused of awarding $120,000 worth of IT contracts from the Los Angeles County Employees Retirement Association to a company he owned.
DOJ, FTC Side Against Largest Asset Managers in ESG-Related Coal Suit
BlackRock, State Street and Vanguard are accused of suppressing prices in the coal market, and the DOJ has weighed in.
LACERA Sues Former Security Officer for Fraud
The Los Angeles County pension fund alleges Carmelo Marquez, who worked on an interim basis, defrauded the organization by giving contracts to companies he owned.
AustralianSuper Cyberattack Losses Reach $450,000
The 10 members whose accounts were affected have been fully reimbursed, superannuation officials confirmed.
SEC Announces Unit to Protect Investors From Crypto, AI Scams
The Cyber and Emerging Technologies Unit will be led by Laura D’Allaird, who was co-chief of the predecessor Crypto Assets and Cyber Unit.