Prudential Securities wasnt told once. It wasnt told twice. It wasnt told three times. Mutual fund companies sent the brokerage firm more than 25,000 letters asking it to stop market timing, Massachusetts regulators are expected to charge as early as today, The Wall Street Journal reports. The allegations could result in charges of civil securities fraud.
Wachovia, parent company of Prudential Securities, declined to comment for the article, and a Prudential spokeswoman would only say that the firm is cooperating with regulators.