MARLBORO – Defense contractor Raytheon Company has received a U.S. Navy contract for the first of a two-phase program to develop the Navy’s most advanced satellite communication system, the Advanced Extremely High Frequency Multi-band Terminal.
Raytheon will be paid an initial installment of $3.1 million; the program’s total value is expected to be $1.6 billion, the company said. The system’s first phase begins with a 30-month development period, during which Raytheon will build AEHF system prototypes. Raytheon will then test them against competition in a simulation to determine the final production award for the system, the company said.
Prudential brokers used aliases, insiders’ tips, complaint says
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BOSTON – Prudential Securities Inc. brokers Martin J. Druffner, Marty Drussner, Martin Druffner and Martin Druffener all made mutual fund trades at the firm’s Boston branch during the past five years. They were all the same person: Martin J. Druffner.
Massachusetts regulators charged Druffner, a former Prudential broker, and two of his colleagues with securities fraud for creating 62 identities that enabled them to make short-term trades in mutual funds while evading fund company restrictions. The complaints provide the most detailed picture yet of how brokers and investors allegedly were able to evade fund companies’ limits on frequent trading to make profits at the expense of long-term shareholders.
Across the industry, improper short-term trading may have skimmed more than $4 billion a year from investors, according to New York Attorney General Eliot Spitzer.
Druffner, 34, started at Prudential in 1996 and began making short-term fund trades on behalf of hedge fund clients in 1998, according to a complaint from Massachusetts Secretary of the Commonwealth William Galvin, the state’s securities regulator. He resigned from Prudential at the end of September. (Bloomberg News)
