01.17.20
Prudential Affiliate Is Fined for Misstatements
by: Anne Tergesen
FINRA has fined an broker-dealer affiliate of Prudential Financial $1 million for providing potentially thousands of workers in some of the retirement plans it administers with inaccurate data on the cost and performance of their investments. The misstatements, which occurred over as many as two decades, caused investment fees to be understated by as much as 50 percent, according to a settlement entered with Prudential Investment Management Services, creating “the risk that sponsors and participants would make investment decisions based” on inaccurate information. The problems often occurred in retirement plans that included variable annuities.
Read the full article on Wall Street Journal