SEC fines former Prudential executive $100,000

07/31/2007 | · Wall Street Journal (free content), The

The Securities and Exchange Commission settled with a former Prudential Securities senior executive accused of failing to supervise advisers who the SEC alleges allowed favored clients to make improper "market timing" mutual fund trades. Michael J. Rice, a former president of the retail brokerage at Prudential, agreed to a $100,000 fine and a one-year suspension from supervising broker-dealers or investment advisers without admitting any wrongdoing.

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