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Rating:Ex-Pru Securities Manager Charged In Market Timing Scheme Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, March 30, 2006

Ex-Pru Securities Manager Charged In Market Timing Scheme

by: Armie Margaret Lee

A former Prudential Securities branch office manager has been charged by federal prosecutors for allegedly assisting in a fraudulent scheme involving the market timing of mutual funds.

Robert Shannon, 54, was charged Wednesday with one count of aiding and abetting securities fraud as part of an ongoing probe into improper mutual fund trading practices, prosecutors announced in a news release.

In 2005, some of the former brokers Shannon supervised in the Boston office, including Martin Druffner and Skifter Ajro, pleaded guilty in the scheme.

Shannon, a former Brookline, Massachusetts resident now living in Maryland, resigned in 2003. 

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