Justin F. Ficken, a former broker with Prudential Securities, pled guilty before U.S. District Judge Patti B. Saris on Monday to deceptively market timing mutual funds for seven hedge funds between January 2001 and September 2003, earning himself and two other brokers a combined $6 million in commissions.

 

The announcement came from U.S. Attorney General Michael J. Sullivan and Acting U.S. Postal Inspector in Charge Gerard Carmody.

 

The charge was one count of conspiracy, three counts of wire fraud and two counts of securities fraud. He faces 105 years in jail and a $12 million fine. Sentencing is scheduled for Dec. 10.

 

The two other brokers, Martin Druffner and Skifter Ajro, previously pled guilty to wire and securities fraud. Ajro was freed on two years’ probation, and Druffner awaits sentencing.

 

The U.S. Postal Inspection Service investigated the case, and Assistant U.S. Attorney Jack Pirozzolo prosecuted it.

 

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