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Rating:Hiring? Three Ex Janus Execs Hit The Market
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Wednesday, April 30, 2008

Hiring? Three Ex Janus Execs Hit The Market

Reported by Erin Kello

Another Spitzer case has been settled. Three ex-Janus executives accused of allowing market timing in the funds of their former firm have been let go with a warning.

The AP reports that, under a ruling by an administrative law judge, Warren Lammert, Lars Soderberg and Lance Newcomb will be able to continue working in the fund industry.

Judge Carol Fox Foelak issued cease-and-desist orders against Lammert and Soderberg and told them to avoid breaking the SEC's Laws in the future. Charges against Newcomb were dismissed.

The three had argued that they alone should not be held responsible for the timing because it went straight to the top of Janus' executive ranks.

Lammert, Newcomb and Soderburg may not have as tough a time getting a job as one might think after Spitzer was brought down by a scandal of his own. Waddell & Reed recently hired ex-Invesco chief investment officer Timothy Miller, who had been barred from the fund industry for year following a market-timing settlement. The announcement of Miller's hire came a few weeks after Spitzer resigned from office.

At Janus, Lammert was the manager of the Mercury Fund until February of 2003, Soderberg was the executive vice president of institutional services until 2004 and Newcomb was an assistant vice president and regional sales director until August 2003.  

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