Financial Accounting Blog

Tuesday, March 23, 2004

Wall Street Journal reports that top executives at Putnam Investment Group knew of improper trading in 2000 and did not report it.
The report, whose results are expected to be released Tuesday, also found that the extent of improper trading at Putnam was broader than previously disclosed. About 40 current and former Putnam Investments employees were issued warnings about rapid trading in the company's own funds between 2001 and 2003, the report said. John Hill, chairman of the Putnam funds board of trustees, said the 40 employees who engaged in rapid trading represented a very small number of the 12,700 current and former workers whose records were examined over the past five years.