Skip to comments.SEC Accuses 6 Ex-Putnam Execs of Fraud
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 ...