Leech Shunted $600M to Favored Portfolios: SEC, DOJ

What You Need To Know

• Regulators accused the former co-CIO of Western Asset Management, now 70, of routinely waiting and assigning winning trades to accounts that produced the most revenue.
• He could face 20 years in prison.
• With Leech receiving roughly half of the firm’s profits as cash bonuses, the uncanny pattern could also fatten his wallet, the SEC said.