Ex-Prudential Exec Settles SEC Market Timing Claims

Law360, New York (July 31, 2007, 12:00 AM EDT) -- A former executive at Prudential Securities Inc. has agreed to pay $100,000 to settle federal securities claims that he failed to supervise advisors who allegedly defrauded mutual funds and their shareholders through market timing trades.

Michael J. Rice was also suspended from supervising any broker, dealer or investment adviser for 12 months as part of the agreement announced Monday with the U.S. Securities and Exchange Commission. Rice, who also agreed to cooperate fully with ongoing SEC investigations into market timing, did not admit or deny the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.