A judge has ruled that Keith Tucker, the former chief executive officer of Waddell & Reed, was, indeed a resident of Kansas City between 1999 and 2003, not Texas, and that he must pay $1.2 million in taxes, penalties and interest. Jackson County Circuit Court Judge John M. Torrence made the ruling, The Kansas City Star reports.

Kansas City charges residents a 1% earnings tax. “This is good for the city,” said City Manager Warne Cauthen. “The decision is a complete victory for the Revenue Division,” said City Attorney Galen Beaufort.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.