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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