(Bloomberg) -- Western Asset Management, a unit of Legg Mason, will pay more than $21 million to settle charges of defrauding clients, the SEC said.
Western Asset, based in Pasadena, Calif., concealed investor losses that resulted from a coding error and engaged in cross trading of mortgage-backed securities that favored some clients over others, the SEC said in a statement today.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access