The National Association of Securities Dealers is following up on a Prudential internal probe that found some managers and brokers had forged documents in order to switch clients from one annuity to another, thus boosting sales results.
Bob DeFillippo, a Prudential spokesman, said the NASD investigation came after the internal investigation found irregularities in less than 1,000 contracts sold from 1998 to 2002. The irregularities included falsifying customer signatures.
A Wall Street Journal report Friday said the company asked 15 Prudential financial advisers and managers in New York to resign after last years probe.
"Well reach out to those clients by offering either a full refund, additional credit toward their policy, or the opportunity to surrender the policy without paying a penalty," DeFillippo said. "We believe the investigation and steps we took, along with the remedies we offered, show we have no tolerance for employees that fail to follow regulatory requirements."