- Allegation
- Resolved
- Finding
Stephen Kenneth Leech Agrees to Settle SEC Charges Over Alleged Cherry-Picking Allocation Scheme, Subject to Court Approval
The release describes Stephen Kenneth Leech as a former co-chief investment officer of registered investment adviser Western Asset Management Company LLC.
The SEC posted litigation release LR-26666 on Oct. 6, 2026.
From the release:
"Without admitting the allegations in the SEC's complaint, Leech consented to entry of a final judgment, subject to court approval, that would order him to pay a $3 million penalty, impose an officer-and-director bar and permanently enjoin him from violating Section 17(a)(1) and (3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(a) and (c) thereunder, Sections 206(1) and (2) of the Investment Advisers Act of 1940, and Section 36(a) of the Investment Company Act of 1940."