Securities Lawyers Blog
The securities lawyers at Gana Weinstein LLP represent investors who have been mistreated by their brokers and suffered investment losses. Our firm is experienced in bringing claims against brokerage firms, such as Prudential Investment Management Services LLC, to hold Wall Street responsible for their misconduct. When a client contacts our firm they can expect that our attorneys will have the knowledge and ability to evaluate the potential claims and analyze their trading activity for red flags of misconduct. Our consultations are designed to help provide clients with all available options.
Prudential Investment Management Services LLC is the principal distributor and underwriter of the PGIM mutual funds and certain closed-end and real estate funds. Formed in Delaware in 1996, the firm is part of Prudential Financial alongside the investment manager PGIM, Inc.
Prudential Investment Management Services LLC – By the Numbers:
- CRD #: 18353
- Regulatory Events: 6
- Broker Employees: 479
Prudential Investment Management Services LLC – In the News:
FINRA v. Prudential Investment Management Services LLC (Case #2015047966801) – During at least the period January 2010 to June 2017, PIMS provided employer sponsors and employee participants, in retirement plans administered and/or maintained by the Prudential Retirement business unit (“Prudential Retirement”), with inaccurate expense ratio information and historical performance information for numerous investment options in defined contribution plans (i.e., retirement plans) offered through a Group VA. In addition, from at least October 2003 to December 2018, PIMS provided inaccurate third-party ratings for investment options in retirement plan Group VAs. PIMS made these misstatements in nine different types of communications, including customer statements and quarterly fact sheets. Finally, from at least January 2004 to September 2019, in multiple client-facing publications, PIMS provided performance data for money market funds available as investment options in retirement plans, but failed to provide “Seven-Day Yield” information as required by Rule 482(e) under the Securities Act of 1933 (“SEC Rule 482”). Throughout the period of these violations, PIMS did not have supervisory systems or written supervisory procedures (“WSPs”) reasonably designed to achieve compliance with the content standards of FINRA’s advertising rule by ensuring that its communications to customers about retirement plan investments and related investment options were accurate. By virtue of the foregoing, PIMS violated NASD Rules 2210(d)(1)(A) & (B), 3010(a) & (b), and 2110, and FINRA Rules 2210(d)(1)(A) & (B), 3110(a) & (b), and 2010.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.