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Justin Scott and Omid Kamshad

Washington, DC: (Jun-04-07) The Securities and Exchange Commission filed charges against two former Putnam Investments portfolio managers, Justin Scott, 49, and Omid Kamshad, 44, alleging that they made inappropriate trades in Putnam mutual funds that they held in their own accounts. The Securities and Exchange Commission had first charged Scott and Kamshad with securities fraud in October 2003. The SEC had accused them of engaging in excessive, short-term trading in their own personal accounts of Putnam mutual funds that they managed.

As part of a settlement reached, Scott agreed to pay $489,439, plus interest of $159,475. Kamshad agreed to give up $57,157, plus $13,709 in interest. Scott and Kamshad also accepted one-year bans on working in the money managing industry. They settled without admitting or denying wrongdoing. [HOUSTON CHRONICLE: PUTNAM TRADING]

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Published on Jun-5-07


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