TITLE

Prudential to Pay $600 Million for Deceptive Market Timing of Mutual Funds

PUB. DATE
August 2006
SOURCE
ComplyNet;Aug2006, p5
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article looks at the agreement Prudential Equity Group (PEG) LLC to pay a total of $600 million for fraudulent market timing of mutual funds. Former representatives of PEG defrauded mutual funds by concealing their identities and their customers to evade mutual funds' prospectus limitations on market timing. Under the terms of the settlement, part of the money will be paid to a fund administered by the Securities and Exchange Commission for the benefit of those harmed by the fraud.
ACCESSION #
22872284

 

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