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Ex-Putnam Brokers Settle With SEC

Law360 (June 5, 2007, 12:00 AM EDT) -- Two former investment managers at Putnam Investment Management LLC have agreed to pay $400,000 each to settle allegations of inappropriate mutual fund trading brought by the U.S. Securities and Exchange Commission.

In a consent judgment entered in the U.S. District Court for the District of Massachusetts on Tuesday, Justin Scott and Omid Kamshad both agreed to pay the fines, in addition to disgorging any ill-gotten gains. Scott will disgorge $489,439 and $159,475 in interest, while Kamshad will disgorge $57,157 and $13,709 in interest. The former brokers...
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