Violation Tracker Individual Record

Company: 
Prudential Equity Group LLC
Current Parent Company: 
Prudential Financial
Penalty: 
$600,000,000
Year: 
2006
Date: 
August 28, 2006
Primary Offense: 
securities issuance or trading violation
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 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
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.