In it, Gupta accused the regulator of depriving him of a jury trial and other procedural safeguards by bringing administrative proceedings rather than filing a lawsuit.

Asked about the potential charges against the five executives, William Ahearn, a spokesman for Prudential, said, "We have received indications that the S.E.C. may be contemplating bringing administrative proceedings against several former senior executives, branch managers and brokers, as well as a few current employees."