Federal securities laws

The Securities and Exchange Commission sought a final judgment by consent against former Western Asset Co‑CIO Stephen Kenneth Leech II for violating antifraud provisions of federal securities laws. Leech’s alleged multi‑year cherry‑picking scheme involved delaying trade allocations to capture price swings, allocating disproportionate gains to favored portfolios and losses to disfavored ones. The consent judgment—subject to court approval—orders a $3 million penalty, a permanent officer‑and‑director bar, and an enjoin from violating antifraud provisions. Leech also agreed to a forthcoming associational bar. The SEC’s prior settlement with Western Asset imposed a $100 million civil penalty and established a Fair Fund to reimburse affected investors. These actions aim to restore $103 million to harmed investors and reinforce fiduciary duties under federal securities laws. Job Openings and Labor Turnover Survey INCLUDES_SECTOR Real estate and rental and leasing sector· Entity summary generated by Graphiti