Former Prudential Securities Manager Charged with Fraud

March 29, 2006 ( - Robert Shannon was charged Wednesday in federal court with aiding and abetting securities fraud in connection with his role as manager of the Boston branch office of Prudential Securities, Inc. and Wachovia Securities LLC where fraudulent market timing in mutual funds occurred, according to a news release.

Shannon and five brokers he managed were accused of using fake identities and other tactics to help investors make more than $1.3 billion in improper mutual fund trades (See Feds Refile Pru Market Timing Case).

Two of the brokers have previously pled guilty to wire and securities fraud charges (See Ex-Pru Broker Pleads Guilty to Market Timing Allegations and Former Prudential Broker Charged With Fraud ).

The case is still being investigated by the US Postal Inspection Service, the news release said.