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.

This is the latest in a series of firings just this past week in connection with investigations into illegal and questionable fund trading. Alliance fired two of its fund managers in New York State’s ongoing investigation into trading between Canary Capital Partners and fund companies. The two Alliance managers who have been let go are Gerald Malone and Charles Schaffran, according to The Wall Street Journal. Janus, also named in the New York complaint, fired an undisclosed number of its fund managers, the company announced Tuesday.

As MME sister publication On Wall Street reports in this month’s issue, several of Prudential’s top producers in its Boston office continued to market time mutual funds even after the firm clamped down on the practice in January. The ongoing abuse was common knowledge throughout the branch, former Prudential brokers told On Wall Street.

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