IBM (IBM) was a beneficiary of Ken Leech’s alleged “cherry-picking” scheme referenced in criminal charges against the bond manager brought by the Department of Justice, which has accused the veteran investor of illegally shunting gains to favored clients at Western Asset Management Co., people with knowledge of the matter told Bloomberg’s Loukia Gyftopoulou, Sridhar Natarajan and Silla Brush. When the DOJ accused the investor, authorities didn’t identify any of the clients by name, but IBM is referred to as “Account-2” throughout the fraud indictment against Leech, the sources said. Franklin Resources (BEN) owns Western Asset Management and Leech has taken a leave amid an SEC investigation.
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