(https://www.cnbc.com/2026/06/12/kenneth-leech-pleads-guilty-to-obstructing-cherry-picking-probe.html) to obstructing a cherry-picking probe isn't an isolated compliance failure — it's a forensic signal that institutional asset managers face massive structural incentives to game performance numbers when duration positioning conflicts with client outcomes. The real question: How many others are doing the same thing but haven't been caught yet?

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