Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

SEC Accuses 6 Ex-Putnam Execs of Fraud
Associated Press ^ | Jan 3, 2006 | ap

Posted on 01/03/2006 9:16:46 PM PST by george76

Federal regulators have accused six former executives of Putnam Fiduciary Trust Co., the transfer agent for a big mutual fund company, of defrauding several funds and a 401(k) plan client of some $4 million in 2001.

The Securities and Exchange Commission on Tuesday announced the civil lawsuit against the six individuals, filed Friday in federal court in Boston, where mutual-fund company Putnam Investments is based.

Because it was covered up, the scheme was not discovered until January 2004, according to the SEC.

The SEC is seeking injunctions and unspecified civil fines against the six former executives:

Karnig Durgarian Jr., a former managing director and chief of operations at Putnam Fiduciary Trust, and principal executive officer of certain Putnam mutual funds;

Donald McCracken, who was a managing director and head of global operations services at Putnam Fiduciary Trust...

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: mutualfunds; putnam; putnamfiduciary; putnammutual; sec; securitiesexchange

1 posted on 01/03/2006 9:16:47 PM PST by george76
[ Post Reply | Private Reply | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson