He is said to be worth $800 million, and according to regulators, he earned $600,000 from the improper trading.

With this settlement, all four companies have settled investigations tied to improper trading.

The firm added that the improper trading ceased after it was discovered in an internal investigation.

Putnam paid $110 million in early 2004 to settle federal accusations of improper trading.

But he said the industry should have stopped the improper trading long ago.

Investors might have withdrawn that money earlier had they been aware of the improper trading, the commission said.

The move was an effort to ease fallout from charges of improper trading.

Yesterday, Putnam said the four other managers involved in improper trading had left the firm.

The firm just chose to bypass these controls when it came to some of its own employees, who engaged in improper trading, he said.

Ms. White said she found no evidence of improper trading by him.