Prudential Securities has just fired 12 in its Boston, Garden City, N.Y., and Manhattan offices following a probe by Massachusetts regulators into short-term mutual fund trades. Besides 10 brokers, two managers, of the Boston and Garden City offices, have reportedly been asked to resign.

"We continually review our business practices and occasionally, as a result of these reviews, take action if appropriate," Tony Mattera, a spokesman for Prudential’s parent company, Wachovia, told Bloomberg. Robert Shannon, the manager of the Boston office, could not be reached for comment.

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