The Boilermakers-Putnam saga doesn’t end with market timing. Massachusetts regulators are now looking into whether Putnam issued rebates to favored 401(k) plans, including the Boilermakers’ – and whether trustees of those plans misused the funds, intended for the administrative costs borne by all of the participants in the plan, The Wall Street Journal reports.

Putnam promised the Boilermakers annual rebate checks of $40,000, according to The Journal, citing sources and documents, including e-mails. Among the e-mails regulators are investigating, is one mentioning a $400 check to the Boilermakers for an "annual golf tournament registration fee."

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