Martin Druffner, the former Prudential broker, is planning on pleading guilty to the charges against him by the Securities and Exchange Commission, said his lawyer, Michael Collera, TheStreet.com reports.
Druffner is being charged with wire and securities fraud and is believed to be the leader of a successful team of market timers. They are believed to have produced more than $1 million in commissions through $1.3 billion in market-timing trades on behalf of hedge fund customers.
Druffner is the second Prudential broker to be charged with fraud. Earlier this month, Skifter Ajro pled guilty to charges brought against him by the SEC. Ajro has not been sentenced as of yet.