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Leech Pleads Guilty, $600M Fraud Dropped; Wamco Pays $100M

6/13/2026

37 6 Full Breakdown

Summary

Story summary

Kenneth Leech’s plea agreement eliminated the $600 million fraud case and capped his sentence at one year.
Leech pleaded guilty to obstructing an SEC proceeding in Manhattan, admitted false testimony about trade allocations, and caused the fraud charges to be dropped.
Wamco, a Franklin Resources bond firm, agreed on June 5 to pay a $100 million civil penalty after its assets under management fell 40 percent from June 2024 to March 2026.

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Story summary

Kenneth Leech’s plea agreement eliminated the $600 million fraud case and capped his sentence at one year.
Leech pleaded guilty to obstructing an SEC proceeding in Manhattan, admitted false testimony about trade allocations, and caused the fraud charges to be dropped.
Wamco, a Franklin Resources bond firm, agreed on June 5 to pay a $100 million civil penalty after its assets under management fell 40 percent from June 2024 to March 2026.