LAWSUITS NEWS & LEGAL INFORMATION
Michael Rice
Boston, MA: (Jul-30-07) The US Securities and Exchange Commission (SEC) brought charges against Michael Rice, a former senior executive with Prudential Securities, alleging that he failed to supervise registered advisers who allowed favored clients to make improper market timing mutual fund trades. The SEC claimed that Prudential advisers previously used fraudulent and deceptive trading practices to evade restrictions on market timing from at least November 2000 to June 2003 and that Rice failed to supervise these employees.
In a settlement reached, Rice agreed to pay $100,000 to settle allegations made by the Securities and Exchange Commission. Further, as part of the settlement, he also agreed to serve a 1-year suspension from supervising broker dealers or investment advisers, though he did not admit to any wrongdoing. [WPRI NEWS: MARKET TIMING]
Published on Aug-1-07
In a settlement reached, Rice agreed to pay $100,000 to settle allegations made by the Securities and Exchange Commission. Further, as part of the settlement, he also agreed to serve a 1-year suspension from supervising broker dealers or investment advisers, though he did not admit to any wrongdoing. [WPRI NEWS: MARKET TIMING]
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