Massachusetts Secretary of State William F. Galvin on Wednesday charged a unit of Boston-based Putnam Investments with deceiving investors about $3 billion in investments in mortgage-related securities that went on to lose money. According to Galvin’s office, Putnam Advisory Co. allowed a prominent Illinois hedge fund, Magnetar Capital, to be involved in picking securities to create collateralized debt obligations — vehicles made up of risky sliced-up mortgages that imploded in the financial crisis.
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