Hedge Funds

Ex-Prudential broker pleads guilty to improper trading


A former Prudential Securities broker pleaded guilty to two counts each of wire and securities fraud in connection to mutual fund timing.

Federal prosecutors last week brought the charges against Skifter Ajro 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 in 2003 with the improper rapid trading of mutual funds.

The improper trades were alleged to have occurred between 2001 and 2003. Ajro will be sentenced on November 2.