As expected, Martin Druffner, a former broker with Prudential Securities, pled guilty Monday to four counts of wire fraud and four counts of securities fraud for illicit market timing. He now faces up to 20 years in jail, to be determined in a Dec. 12 sentencing hearing.
Druffner "recognizes that he made some mistakes in his career at Prudential and hopes to start his life anew," his attorney, Michael Collora, told Reuters. He added that Druffner is cooperating with investigators in hopes of more lenient sentencing. U.S. Attorney Michael Sullivan charged Druffner with reaping $1 million in commissions through $1.3 billion worth of market-timing trades on behalf of a hedge fund client.