Daniel Calugar strikes again. If there is one name you don't want in your client book of business, aside from Eddie Stern, it is Calugar's. For the second time this summer, Franklin Resources has paid for its dealing with the mysterious Las Vegas investor.
Last week, subsidiaries Franklin Advisers and Franklin Templeton Alternative Strategies agreed to pay a $5 million fine to settle charges brought by the office of the Secretary of the Commonwealth of Massachusetts William Galvin. The charges were originally filed back in February. The recent deal follows a much larger, $50 million settlement by Franklin Advisers with the Securities and Exchange Commission early last month.