Violation Tracker Individual Record

Company: 
Western Asset Management Company
Current Parent Company: 
Legg Mason
Penalty: 
$19,400,000
Year: 
2014
Date: 
January 27, 2014
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

Western Asset Management, a susidiary of Legg Mason, agreed to settle allegations of concealing investor losses that resulted from a coding error and engaging in cross trading that favored some clients over others.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Maryland
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
asset management
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.