Consultant Tallies Losses to Putnam Investors

A consultant appointed to tally investors’ losses from mutual fund trading abuses at Putnam Investments has found investors were shortchanged by around $100 million in the first big market-timing case, Massachusetts’ chief regulator said.

The Harvard business professor hired for the task as part of a $110-million settlement Putnam reached with federal and state regulators last April still is compiling his report.

However, professor Peter Tufano has preliminarily determined losses of about $100 million, Secretary of the Commonwealth William Galvin said.