SEC, Former Putnam Exec Settle $4M Fraud Case

Law360, New York (June 30, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has settled its case against the last of six former Putnam Fiduciary Trust Co. executives accused of cheating clients out of $4 million in 2001 to cover up an error.

Donald F. McCracken of Naples, Maine, will pay a $35,000 civil penalty and submit to a permanent injunction under a consent decree entered Monday in the U.S. District Court for the District of Massachusetts.

In exchange, the SEC has dropped two of three claims and part of a third claim...
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