Western Asset’s Leech Retires; CFTC Closes Investigation of Firm

Western Asset Management’sKen Leech, who had been the subject of investigations for allegedly cherry-picking lucrative trades for clients, has retired.

Leech, who had been Wamco’s co-chief investment officer, was placed on leave about a year ago and recently retired, according to a filing Friday from Western Asset’s parent company Franklin Resources Inc. He was previously charged with criminal securities fraud in November. He was granted $10 million bail and pleaded not guilty in New York federal court the following month.

“After a long and storied career, Ken Leech, 71, has decided to retire to defend himself against these ...