Former Putnam CEO to pay $75,000 settlement

Former Putnam Investments Chief Executive Lawrence Lasser agreed to a $75,000 fine to settle Securities and Exchange Commission allegations that he oversaw improper payments to brokers.

Boston-based Putnam compensated brokers, who in return, provided “heightened visibility” in selling Putnam’s mutual funds to clients, the SEC said Tuesday. Lasser knew of the arrangements with brokers and failed to adequately disclose them to Putnam’s board, the SEC said.

Lasser, 64, is the first individual to be accused of wrongdoing in wide-ranging SEC probe of so-called shelf-space arrangements, in which a mutual fund pays brokers to promote its funds, Elaine Greenberg of the SEC said.

A Putnam spokeswoman declined to comment.