As expected, Martin Druffner, a former broker with
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.
Last month, Druffner's colleague Skifter Ajro also pled guilty to market timing. He is scheduled to appear in court for his sentencing on Nov. 2, at which he will face between 13 and 20 months in jail.
The
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