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Fund Scandal Widens As Congress Opens Hearings Into Trading; Putnam CEO Forced To Quit; Industry observers worry investors may wind up footing bill for more safety.(A)
Byline: MURRAY COLEMAN
Regulators alleged mutual fund trading abuses are widespread and warned charges are being prepared against brokers and others, as Congress began delving Monday into the exploding scandal.
Meanwhile, the scandal claimed more victims. Putnam Investments Chief Executive Lawrence Lasser resigned under mounting pressure. Charles Haldeman, 55, will succeed Lasser. He was Putnam's co-head of investments.
The Securities and Exchange Commission told lawmakers that more than a quarter of top brokerage firms have let customers illegally trade fund shares after hours and 10% of top fund groups may have been involved in late trading.
SEC Official Leaving
The SEC said Monday that the head of its Boston regional office will resign. Juan Marcelino was responsible for the administration of the agency's enforcement and examination programs in New England. Boston is home to many of the biggest players in the $7 trillion fund industry.
On Sunday, Richard Strong resigned as chairman of the Milwaukee fund firm he founded amid charges that he traded shares of his funds improperly.
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