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Violation Tracker Individual Record

Company: Prudential Equity Group LLC
Current Parent Company: Prudential Financial
Penalty: $600,000,000
Year: 2006
Date: August 28, 2006
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: securities issuance or trading violation
Mega-Scandal: Market Timing Abuses
Violation Description: Prudential Equity Group LLC (PEG), a broker-dealer subsidiary of Prudential Financial Inc., entered into a deferred prosecution agreement in which PEG has admitted to criminal wrongdoing in connection with deceptive market timing trading in mutual fund shares dating back to 1999 and agreed to a payment of $600 million in fines, restitution and penalties.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
Prosecution Agreement: deferred prosecution agreement
HQ Country of Current Parent: USA
HQ State of Current Parent: New Jersey
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.