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Prudential Branch Manager Charged in Securities Fraud

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At a glance:

As the investigation into the securities fraud at Prudential continues, a former Boston branch manager, Robert E. Shannon, was recently charged by federal prosecutors.
 
The allegation is that one of the brokers whom Shannon supervised began the fraudulent trading practices in 1999; subsequently, other managers allegedly participated for the benefit of some hedge fund clients.
 
Practices in question included market timing trades of mutual funds, and trades for the purpose of generating commissions.
 

Former Prudential manager charged with aiding in trading scheme

Boston Globe - 3/29/2006 5:58 PM

As the investigation into the securities fraud at Prudential continues, a former Boston branch manager, Robert E. Shannon, was recently charged by federal prosecutors.
 
The allegation is that one of the brokers whom Shannon supervised began the fraudulent trading practices in 1999; subsequently, other managers allegedly participated for the benefit of some hedge fund clients.
 
Practices in question included market timing trades of mutual funds, and trades for the purpose of generating commissions.
 
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