Star Bond Manager Ken Leech Charged in $600M Fraud Scheme
Ken Leech, a prominent bond fund manager and former co-chief investment officer of Western Asset Management Co., has been charged with a $600 million fraud by federal prosecutors. The charges allege that Leech engaged in 'cherry-picking' trades to benefit certain portfolios at the expense of others from 2021 to 2023. The Securities and Exchange Commission has also filed civil charges against him. Despite the allegations, Leech's attorney claims he received no personal benefit and will defend himself vigorously. The investigation has already led to a significant loss of assets for WAMCO.
