Prudential Fined for Failing to Supervise Brokers
WASHINGTON — Prudential Securities Inc. was fined $250,000 by the National Assn. of Securities Dealers for failing to supervise brokers in its Little Rock, Ark., and Memphis, Tenn., branches.
The brokers were found to have excessively traded customers’ accounts to generate commissions for themselves, the NASD said.
In addition, the NASD said Prudential failed to supervise the maintenance of records in its Little Rock office, which resulted in some employees earning commissions from transactions executed by other brokers.
In addition to a fine and a censure, Prudential agreed to initiate training programs in its Little Rock and Memphis offices.
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