SEC’s Boston Administrator Resigns
BOSTON (AP) _ The administrator of the Securities and Exchange Commission’s Boston district has decided to resign, citing recent press coverage of ``matters involving the Boston office,″ the SEC said Monday.
Juan M. Marcelino, who had been district administrator in Boston since 1993, was in charge of the agency’s enforcement and examination programs in New England. He decided to step aside ``to minimize any further distractions for his staff,″ according to a statement on the SEC Web site.
The SEC and Massachusetts regulators have brought civil fraud charges against Boston-based Putnam Investments, the nation’s fifth-largest mutual fund company.
Putnam is accused of defrauding investors by allowing some customers and money managers to trade rapidly in and out of mutual funds. The practice is not illegal, but authorities allege Putnam acted fraudulently by failing to enforce company policies discouraging it.
The mutual fund scandal has drawn the attention of regulators who are drawing up a major overhaul of the $7 trillion industry.
The SEC did not indicate when Marcelino would step down or say who his replacement would be.
Messages left at the SEC’s headquarters in Washington and at its Boston office were not immediately returned.
Marcelino joined the SEC in 1984 and previously served as a branch chief and assistant director of the Bank Fraud Task Force.