SEC seeks final judgment against former Western Asset co-CIO in cherry-picking case
Oct. 6, 2026 — The SEC moved for a final judgment by consent against Stephen Kenneth Leech II, a former co-chief investment officer of Western Asset Management, whom it charged in November 2024 with a multi-year cherry-picking scheme in which, it alleged, he delayed allocating trades until he could see how prices moved. If the court approves, $103 million would be returned to harmed investors, the SEC said.
The wall: Whether Leech admits the allegations under the consent judgment, and the status of any parallel criminal case, were not stated.
Tier: Confirmed (based on the SEC's announcement)
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