Defendant Name:
PGIM Investments LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Prudential Financial, Inc.
SIC Code:
6311
CUSIP:
74432010
Document Reference:
IA-5346
Document Details
Legal Case Name
In the Matter of AST Investment Services, Inc. and PGIM Investments LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to 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
Document Date
16-Sep-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On September 16, 2019, instituted settled administrative and cease and desist proceedings against AST Investment Services, Inc. and PGIM, Investments LLC ("Respondents"). The SEC stated: "These proceedings arise out of two different issues that financially harmed certain funds after they were reorganized in 2006 and converted from being taxed as regulated investment companies (RICs) to partnerships for federal income tax purposes so that Respondents' parent company and its affiliates could take advantage of certain tax benefits."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Disgorgement
Individual:
Shared:
$27,632,560.00
Shared with: AST Investment Services, Inc.
Civil Penalty
Individual:
Shared:
$5,000,000.00
Shared with: AST Investment Services, Inc.
Other Defendants in Action:
