Former Prudential Securities broker Skifter Ajro pled guilty yesterday to processing $1.3 billion worth of market-timing trades in mutual funds on behalf of hedge fund clients.
The 36-year-old's plea, to two counts apiece of wire and securities fraud, will land him in prison between 12 and 30 months. His sentencing is scheduled for Nov. 2. During his court appearance Tuesday, Ajro remained silent, except to answer questions from U.S. District Court Judge Nathaniel M. Gorton.
Federal regulators said Ajro profited $200,000 of Prudential's overall $700,000 commisions windfall.