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Prudential subs charged with disclosure violations
The SEC has filed an Order charging two subsidiaries of Prudential Financial Inc. with failing to disclose conflicts of interest and making misleading disclosures to the boards for 94 funds they advised. Prudential affiliates AST Investment Services, Inc. (a Connecticut corporation) and PGIM Investments LLC (a New York limited liability company) self-reported their violations and cooperated with the SEC's investigation. Under the Order, ASTIS and PI were ordered to cease and desist from further violations, and censured. They were also ordered jointly and severally to pay disgorgement of $27.6 million and a civil money penalty of $5 million.