Lawrence Lasser, the former chief executive of Putnam Investments, is paying a penalty of $75,000 (€57,720) to US regulators. Lasser was awarded a $78m severance payout following his ousting in the wake of the US mutual fund trading scandal in 2003.

In late 2003, Putnam was the first firm to be formally accused of wrongdoing in the scandal over improper mutual fund trading. At issue was market timing: the use of rapid in-and-out trades that skim profits from long-term shareholders and benefit favoured short-term investors. Putnam fired at least 16 employees in the wake of the scandal, and replaced Lasser with Ed Haldeman.