Hedge Funds

Ex-Pru broker charged in fund scandal


Federal authorities have charged former Prudential Securities broker Skifter Ajro with two counts each of wire fraud and securities fraud - for facilitating allegedly improper mutual fund trades at the behest of hedge fund clients.

Ajro, who had worked in Pru's Boston office, is one of seven former employees of the firm to be charged with improper rapid trading of mutual funds. The trades are alleged to have occurred between 2001 and 2003.

Prudential Financial has set aside $136 million to cover the potential legal costs the firm may incur if it settles with regulators over the mutual