Securities firm charged with $2.5bn trades fraud

Broker dealer Prudential Equity is to face a civil fraud action brought against it by the Securities and Exchange Commission (SEC) over charges that between 2001-2003 PSI registered representatives defrauded more than 25 mutual funds and shareholders in thousands of market timing trades worth more than $2.5 billion. The fraud was allegedly accomplished by representatives misrepresenting their identities. In a related action PEG agreed to pay $270 million to settle SEC charges concerning

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