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FINRA fines Prudential Financial unit $1M over inaccurate information

The Financial Industry Regulatory Authority fined Prudential Investment Management Services LLC $1 million for providing inaccurate investment information to employers and employees involved in some of the retirement plans it administers.

The misstatements, which occurred in nine different types of publications over two decades, exposed plan sponsors and participants to the risk of making investment decisions based on inaccurate and incomplete information, according to FINRA.

The regulator said the Prudential Financial Inc. broker/dealer unit disseminated inaccurate expense ratio and historical performance information for several investment options in defined contribution plans offered through a group variable annuity and provided inaccurate third-party ratings for investment options in retirement plan group variable annuities. The regulator also said the company provided performance data for money market funds available as investment options in retirement plans but did not provide the required seven-day yield information.

On top of the monetary penalty, FINRA censured the company and required it to retain one or more qualified independent consultants to review its compliance with regulatory rules in connection with the violations.