Michael J. Rice, former executive director and president of the private client group at Prudential Securities, settled with the Securities and Exchange Commission over charges he failed to supervise registered reps who permitted their hedge fund clients to market time mutual funds between 2000 and 2003. Without admitting to or denying wrongdoing, Rice is paying a $100,000 fine and will be suspended from supervising broker/dealers for a year.

The SEC said the reps used multiple client accounts and broker identification numbers to conceal the activity.

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