Violation Tracker Individual Record

Company: 
Prudential Equity Group
Current Parent Company: 
Prudential Financial
Penalty: 
$270,000,000
Year: 
2006
Date: 
August 28, 2006
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
securities issuance or trading violation
Violation Description: 

The New York Attorney General announced that Prudential would pay $270 million in customer restitution to resolve allegations of unlawful trading of mutual funds through market timing. This was part of a larger $600 million civil and criminal settlement involving the U.S. Justice Department, which issued its own announcement; see the Violation Tracker entry at https://violationtracker.goodjobsfirst.org/violation-tracker/-prudential...

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Attorney General
Civil or Criminal Case: 
civil
Facility State: 
New York
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.