A Massachusetts court has dropped civil fraud charges against three former
Putnam Fiduciary Trust Company executives.
CCH Wall Street reports that it was alleged that
Karnig Durgarian, a former senior managing director and chief of operations and principal executive officer of certain Putnam mutual funds;
Donald McCracken, former managing director and head of global operations services;
Ronald Hogan, a former vice-president;
Virginia Papa, former managing director and director of defined contribution servicing;
Sandra Childs, former managing director who had overall responsibility for Putnam’s compliance department; and
Kevin Crain, a managing director, defrauded a defined contribution plan client and a group of Putnam mutual funds. A court found there was insufficient evidence to charge Papa, Childs, and Crain. Durgarian, McCracken, and Hogan still face charges.
 
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