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SEC Fines Prudential Insurance Co. in Broker Oversight Case
In the continuing saga relating to the Foundation for New Era Philanthropy, Prudential agreed to pay $800,000 to settle charges that it failed to properly supervise its former broker, Stuart Bianchi of Kenosha, Wisconsin. He allegedly was involved in the Ponzi Scheme.
Bianchi also agreed to disgorge commissions and interest, as well as to pay a fine. Prudential's line supervisor, a branch office manager also settled charges by payment of a $15,000 fine.
Source: Wall Street Journal, January 30, 2001
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