Financial Services Industry
Industry: Email Alert RSS FeedRogue broker's Ponzi scheme takes $2 million bite out of Prudential; Arbitration panel awards compensatory, punitive damages.(News)
Investment News, July, 2006
Byline: Bruce Kelly
NEW YORK - Prudential Financial Inc. has exited the brokerage business, but it still has to pick up the $2 million tab for an arbitration award involving a rogue broker who ran a Ponzi scheme that defrauded 13 investors of nearly $2.5 million.
Edward Thomas Dold last year pleaded guilty in federal court in Lubbock, Texas, to one charge of money laundering in connection with the scheme. He was sentenced to 10 years in jail, the maximum.
Mr. Dold's victims invested more than $2.4 million, of which about $600,000 was paid back.
Several victims and family members testified that he preyed on the "vulnerable, sick and unsophisticated,'' according to a statement released by the Department of Justice after the...
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