The
Skifter Ajro of Milford, Mass., is accused of acting, as part of a team of
The
Ajro's attorney, Daniel M. Rabinovitz, declined comment on details of the case but told The Journal: "When the truth about Prudential-approved market-timing practices becomes public, we are hopeful these charges will be resolved in a way that is favorable to Mr. Ajro."
If convicted of two counts apiece of wire and securities fraud, Ajro faces up to 20 years in jail and $5.5 million in fines.
Unlike other market-timing cases in which mutual funds were unwittingly used to generate profits, according to the news report, this case is different.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.