BOSTON: Federal and state regulators on Tuesday accused Putnam Investments of securities fraud, making the mutual fund company the first to be formally charged in a widening probe into improper trading.
In separate civil complaints, the US Securities and Exchange Commission and Massachusetts regulators said that Putnam Investments, the fifth largest US mutual fund company with US$272bil in assets under management, knew for five years that some of its fund managers were breaking securities laws but looked the other way.
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