When Peter Scannell appeared before Congress to testify about market timing at Putnam Investments, he hardly appeared the picture of a valiant hero. Scannell was somewhat incoherent, his written testimony riddled with misspellings, according to one of our reporters who was there.

A former waiter at a casino, Scannell got a job as a customer service rep at Putnam's call center, where he noticed irregular trading by a number of clients, including a chapter of the Boilermakers union.

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