September 16, 2019 / 7:23 PM / a month ago

U.S. charges Prudential subsidiaries for allegedly misleading 94 mutual funds

WASHINGTON, Sept 16 (Reuters) - The top U.S. securities regulator on Monday said it had charged AST Investment Services Inc. and PGIM Investments LLC, subsidiaries of Prudential , for failing to disclose conflicts of interest and making misleading disclosure to the boards for 94 insurance-dedicated mutual funds.

The Securities and Exchange Commission said that the subsidiaries self-reported their misconduct, cooperated with its investigation and voluntarily reimbursed the funds more than $155 million. It added that its order also censures AST and PI, requiring them to disgorge an additional $27.6 million and pay a civil fine of $5 million. The subsidiaries did not admit or deny the SEC’s findings. (Reporting by Lisa Lambert)

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