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Ex-State Street executives indicted for alleged client fraud scheme

( April 5, 2016, 15:27 GMT | Official Statement) -- MLex Summary: The US Department of Justice charged two former executives at State Street, a Boston-based asset manager and bank, for an alleged scheme to defraud clients in 2010 and 2011. The DOJ said Ross McLellan, former president of the bank’s US broker-dealer unit, and Edward Pennings conspired to add secret commissions to fixed income and stock trades performed for at least six “transition management” clients. The business helps institutional clients move their investments between and among asset managers or liquidate large investment portfolios. McLellan was arrested and will appear in court on Tuesday.Statement follows in full....

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