Ex-broker hit with fraud charges

January 25, 2008
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A Jamaica Plain man was indicted last month on federal securities fraud charges in connection with his time as a Prudential Securities broker.

Justin F. Ficken, 32, faces charges of securities fraud, wire fraud, conspiracy and obstruction of justice. The charges carry potential penalties of up to 170 years in prison and a $12 million fine.

Federal prosecutors allege Ficken and some other brokers engaged in deceptive and prohibited trading of mutual funds shares from 2001 to 2003, garnering more than $6 million in gross commissions. Two other brokers charged with fraud in the alleged trades previously pleaded guilty and are awaiting sentencing.

In a separate decision in September, the US District Court in Boston approved a federal Securities and Exchange Commission civil enforcement action against Ficken related to the alleged trades, ordering Ficken to pay more than $589,000 in restitution. An appeal of that decision is pending.

From press releases.

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