Violation Tracker Individual Record

Company: 
Prudential Equity Group, Inc. and Prudential Investment Management Services LLC
Current Parent Company: 
Prudential Financial
Penalty: 
$11,500,000
Year: 
2004
Date: 
January 29, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

NASD fined Prudential Equity Group, Inc. (formerly known as Prudential Securities, Inc.) and Prudential Investment Management Services LLC, $2 million and ordered the firms to pay customers $9.5 million for sales of annuities, including variable annuities, that violated a New York State Insurance Department regulation and NASD rules.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New Jersey
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).

Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.