Defendant Name: Pruco Securities, LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: Prudential Financial, Inc.
SIC Code: 6311
CUSIP: 74432010

Initial Case Details

Legal Case Name In the Matter of Pruco Securities, LLC
First Document Date 23-Dec-2020
Initial Filing Format Administrative Action
File Number 3-20190
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Sections 206(2), 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 23-Dec-2020
Headline Total Penalty and Disgorgement $18,252,341

Related Documents:

34-90790 23-Dec-2020 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On December 23, 2020, the SEC instituted settled cease-and-desist proceedings against Pruco Securities, LLC, stating: "These proceedings arise from Pruco’s breaches of fiduciary duty to its advisory clients that participated in Pruco’s wrap fee programs."
34-90790-s 23-Dec-2020 Administrative Summary
Advisory Firm Settles Charges Related to Breaches of Fiduciary Duties
The SEC "announced that Pruco Securities, LLC, a dually-registered investment adviser and broker-dealer based in New Jersey, agreed to settle charges for breaches of its fiduciary duty to its advisory clients in Pruco's wrap fee programs. The settlement provides for over $15.75 million to be included in a fund for distribution to Pruco's harmed advisory clients."