Responding to civil fraud charges, FleetBoston Financial has put eight executives on leave. They include James Tambone and Louis Tasiopoulos, co-presidents of Columbia Funds Distributor, the fund distribution unit of FleetBoston, The Wall Street Journal reports this morning.
An attorney for Tambone confirmed that his client has been put on leave but said he had always been "strongly against disruptive market timing."
Tambone and Tasiopoulos both joined Columbia from Putnam Investments, one of the four fund companies in New York Attorney General Eliot Spitzers original Sept. 3 complaint.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.