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Rating:Second Pru Broker Admits Crimes Not Rated 1.0 Email Routing List Email & Route  Print Print
Friday, August 26, 2005

Second Pru Broker Admits Crimes

by: Sean Hanna, Editor in Chief

Federal prosecutors have won a guilty plea from a second Boston broker accused of helping clients market time and late trade mutual funds. The Prudential broker had been charged with four counts of securities and wire fraud by the Boston U.S. attorney's office.

Martin J. Druffner, 36, will plead guilty to helping hedge fund clients market time mutual funds his lawyer told the Boston Globe. He will be sentenced at a later date and will likely face some prison time. He is the second ex-Prudential broker to plead guilty in the investigation of the broker's Boston office.

Earlier this month Skifter Arjo, 37, also pled guilty to two counts of securities and wire fraud. Arjo will be sentenced November 2.

The lawyer for Justin Ficken, the third broker accused by Federal investigators of taking part in the scheme, told the paper that his client maintains his innocence and is looking forward to his day in court should charges be filed. 

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