Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Hearing Officer in Pru Refuses to Recuse Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 13, 2004

Hearing Officer in Pru Refuses to Recuse

News summary by MFWire's editors

Life for some alleged market timers just keeps getting more difficult. On Monday, Prudential brokers charged with improper trading received some bad news. The person in charge of hearing the civil case, Diane Young-Spitzer, denied a motion calling on her to recuse herself from the case.

Lawyers for the defendants filed a motion in May arguing that Young-Spitzer, as an associate director of Massachusetts Securities Division, suffers from a conflict of interest in the case. Young-Spitzer reports to William Galvin, secretary of the commonwealth.

"To me it is axiomatic that when an employee of the entity that is bringing the complaint has to make a decision in light of her boss's comments on the matter, it's impossible for that person to be fair and impartial," said Brad Bailey, an attorney representing former Prudential broker Justin Ficken.

Reuters reported in late May that Steven Fuller, a lawyer for a former Prudential office manager said during a hearing "[i]t is in the best interest for you as an employee of the (Securities) Division to step aside and an independent officer be appointed." Fuller added that Young-Spitzer had not "exhibited affirmative bias."

Young-Spitzer accepted the defense's motion to recuse in late May, but did not make a decision until recently.

Also in May, Reuters reported that lawyers from U.S. Attorney Michael Sullivan's office had contacted Massachusetts regulators seeking postponement of the civil case until September 30. Young-Spitzer granted that motion.

Jack Pirozzollo, an assistant U.S. attorney, said in a hearing "[w]e understand that there is an interest for the individuals to have the proceedings move as fast as possible...[b]ut that is outweighed by the public interest in having the criminal investigation proceed without interference from the civil discovery." 

Edited by: Theresa Sim


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q4Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  2. WE PNW - Mentorship Program Virtual Session: Building Trust to Win New Business and Influence Others, September 23
  3. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  4. IMEA Portfolio Construction Roundtable, September 24
  5. Nicsa webinar - Utilizing AI to Enhance Distribution & Advisor Engagement, September 24
  6. IMEA Models Roundtable, September 25
  7. Expect Miracles Atlantic Coast Classic 2025, September 29
  8. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  9. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  10. 10th annual Fuse Forum, October 8
  11. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  12. MFDF webinar - Series Trust Funds - Effective Board Relationships with Advisers, October 15
  13. 2025 MMI Annual Conference, Oct 15-17
  14. Samfund Soiree Manhattan 2025, October 23
  15. Tiburon CEO Summit XLIX, Oct 27-29
  16. 2025 Sohn San Francisco Investment Conference, October 28
  17. Schwab Impact 2025, Nov 2-4
  18. UCITS & AIFMD for U.S. Managers 2025, Nov 4-5
  19. MFDF In Focus webinar - Audit Committee Chair, November 5
  20. 2025 Nicsa Asset & Wealth Management Summit, Nov 11-12
  21. MFDF webinar - Mutual Fund CCO Compensations: The MPI Annual Survey Update, November 13
  22. ALFI Roadshow to Houston, November 13
  23. MFDF 2026 Directors' Institute, January 26 - 28, 2026
  24. MFDF 2026 Fund Governance & Regulatory Insights Conference, March 5 - 6, 2026




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use