Former Putnam Execs Implicated In Accounting Scandal

Law360, New York (January 3, 2006, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has slapped six former top executives of Putnam Fiduciary Trust Company with a lawsuit, accusing them of defrauding Cardinal Health out of nearly $4 million and then covering up the scheme.

The suit, filed in the U.S. District Court for the District of Massachusetts, charged the former executives with securities violations and detailed machinations undertaken to conceal a company blunder. The defendants include Karnig Durgarian, Jr., the former senior managing director and chief of operations for the company.

In January...
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