Executive Is Suing Prudential
A senior executive with the Prudential Insurance Company of America has filed court papers accusing the company of systematically defrauding institutional investors in one of the real estate funds it manages. The executive, Mark Jorgensen, who in 1992 began managing three Prudential real estate funds, contends in a lawsuit that company executives improperly inflated values of certain properties over a period of years in the Prudential Property Investment Separate Account, or Prisa.