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Prudential Securities

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BUSINESS
November 22, 2002 | From Reuters
Mum's the word at Prudential Securities as the brokerage Thursday began prohibiting its analysts from talking to the media, saying in an internal memo it wants to focus solely on clients. Critics have accused Wall Street analysts in general of issuing overly bullish reports to help their banking colleagues win underwriting and advisory work from companies. But Prudential, a unit of insurance firm Prudential Financial Inc.
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BUSINESS
April 6, 2004 | From Reuters
A National Assn. of Securities Dealers panel has awarded $1 million in damages to a Prudential Securities Inc. client because the firm did not properly discipline an Encino broker despite customer complaints, the client's law firm said Monday. Under the arbitration ruling made Friday by the market regulator, Prudential Securities will pay $500,000 in punitive damages and $500,000 in compensatory damages, according to a statement by the client's law firm, Aidikoff & Uhl.
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BUSINESS
June 19, 1993
The U.S. attorney's office in Manhattan has begun a federal criminal investigation of Prudential Securities and suspected fraud by brokers and managers, sources close to the inquiry said. The probe, which was launched more than a month ago, was broadened within the last week to include the firm's massive limited partnership program, which took in $6 billion from investors in the 1980s and resulted in huge losses.
BUSINESS
December 19, 2003 | From Bloomberg News and Reuters
Prudential Financial Inc., the third-largest U.S. life insurer, said Thursday that the federal prosecutor in Massachusetts had subpoenaed the company for documents pertaining to alleged improper trading of mutual fund shares. Prudential Financial also has received a formal request for information from the New Jersey Bureau of Securities, according to a Securities and Exchange Commission filing by New Jersey-based Prudential. U.S. Atty.
BUSINESS
December 19, 2000 | Reuters
Prudential Securities, the brokerage arm of Prudential Insurance Co. of America, said it will cut 160 jobs at its investment banking unit, which has performed poorly compared with other top banks, as its parent company prepares to go public. Prudential Securities, which has about 7,000 brokers, said the 130 people remaining at its investment banking arm would focus on research for individual and institutional investors, rather than on serving initial public offering issuers.
BUSINESS
December 21, 1994 | SCOT J. PALTROW, TIMES STAFF WRITER
Prudential Insurance said Tuesday that it is injecting another $365 million in capital into its troubled Wall Street subsidiary, mainly because of the mounting cost of settling with customers who invested in Prudential Securities' risky limited partnerships. The latest contribution pushes Prudential Insurance's investment in the brokerage past $2 billion, including the $381 million it paid for the Wall Street firm in 1981.
BUSINESS
June 19, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
The U.S. attorney's office in Manhattan has begun a federal criminal investigation of Prudential Securities and suspected fraud by brokers and managers, sources close to the inquiry said. The probe, which was launched more than a month ago, was broadened within the last week to include the firm's massive limited partnership program, which took in $6 billion from investors in the 1980s and resulted in huge losses.
BUSINESS
March 3, 1994 | SCOT J. PALTROW, TIMES STAFF WRITER
Prudential Insurance Chairman Robert C. Winters said Wednesday that the company has no plans to divest itself of its Prudential Securities subsidiary, despite a relentless wave of unfavorable attention drawn to the brokerage by the investigations and lawsuits stemming from its problems involving limited partnerships.
BUSINESS
January 10, 1995 | SCOT J. PALTROW, TIMES STAFF WRITER
With today the deadline for most investors to file claims against a Prudential Securities settlement fund, the brokerage had been hoping to put its massive limited partnership scandal behind it. But a surge of last-minute claims makes it virtually certain that Prudential will have to lay out substantially more than the $660 million it has already paid into the settlement fund set up under an agreement with the Securities and Exchange Commission, agency officials said Monday.
BUSINESS
June 8, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
A Texas oil company boosted its cash offer Monday for a troubled group of Prudential Securities oil and gas limited partnerships by $42.5 million to $508 million--a purchase price that still would leave investors with about $340 million in out-of-pocket losses. Parker & Parsley Petroleum said $491 million of the total would go to limited partners--the 137,000 thousand investors, many of them retirees, to whom Prudential sold partnership interests from 1983 to 1990.
BUSINESS
February 19, 2003 | From Bloomberg News
Wachovia Corp., the fourth-largest U.S. bank, agreed to acquire Prudential Financial Inc.'s retail brokerage business to almost double its roster of stockbrokers, people familiar with the negotiations said. The transaction would bring about 5,000 brokers and $1.7 billion of capital to Charlotte, N.C.-based Wachovia, which has about 8,500 brokers. Prudential would have a minority stake in the new business. Prudential Securities Inc. has lost almost $300 million during the last two years.
BUSINESS
November 22, 2002 | From Reuters
Mum's the word at Prudential Securities as the brokerage Thursday began prohibiting its analysts from talking to the media, saying in an internal memo it wants to focus solely on clients. Critics have accused Wall Street analysts in general of issuing overly bullish reports to help their banking colleagues win underwriting and advisory work from companies. But Prudential, a unit of insurance firm Prudential Financial Inc.
BUSINESS
April 17, 2002 | From Bloomberg News
Hefty dividend yields and steady profit growth have lured more investors to real estate investment trusts this year, and some analysts are growing concerned the stocks have climbed too far. Prudential Securities Inc.'s James Sullivan on Tuesday cut ratings on Kilroy Realty Corp., SL Green Realty Corp. and Equity Office Properties Trust, citing rising office vacancy rates in some markets.
BUSINESS
December 13, 2001 | From Reuters
Prudential Financial Inc., the No. 2 U.S. life insurer, launched the largest initial public offering ever in the insurance business Wednesday, selling $3 billion in stock to investors. Newark, N.J.-based Prudential sold 110 million shares, or about 19% of the company, to investors at $27.50 a share, said co-lead underwriter Goldman Sachs & Co. Investment bank Prudential Securities, a unit of Prudential Financial, was the IPO's co-lead manager.
BUSINESS
December 19, 2000 | Reuters
Prudential Securities, the brokerage arm of Prudential Insurance Co. of America, said it will cut 160 jobs at its investment banking unit, which has performed poorly compared with other top banks, as its parent company prepares to go public. Prudential Securities, which has about 7,000 brokers, said the 130 people remaining at its investment banking arm would focus on research for individual and institutional investors, rather than on serving initial public offering issuers.
BUSINESS
October 28, 2000 | From Bloomberg News
Prudential Securities Inc., the sixth-biggest U.S. brokerage, is reducing its fixed-income trading and underwriting business for institutions, according to a person familiar with the situation. Prudential spokesman Charles Perkins declined to comment. The move comes after a series of high-level departures this year from Prudential Securities, the investment banking arm of Prudential Insurance Co., which is preparing to offer shares to the public. "This is largely a retail firm.
BUSINESS
July 16, 1992 | SCOT J. PALTROW, TIMES STAFF WRITER
A former Prudential Securities broker was indicted Wednesday on felony charges in connection with the sale of limited partnership interests that may have cost investors more than $1 billion. The Dallas indictment, apparently the first criminal case arising from the Prudential partnerships, may be the start of further legal trouble for the firm. The case is unusual because criminal charges are rarely brought against a broker for misrepresenting the risks of securities.
BUSINESS
May 26, 1993 | From Times Staff and Wire Reports
Prudential Securities Probed by SEC: The trading activities of Prudential Securities' offices in several cities, including Newport Beach and Laguna Hills, are under investigation by the Securities & Exchange Commission, the New York Times reported in today editions. The newspaper said the government agency is investigating whether the securities firm violated strict supervisory rules agreed to in 1986 as part of an agreement with the SEC.
BUSINESS
December 14, 1999 | (Reuters)
Prudential Securities said it has acquired Volpe Brown Whelan & Co., among one of the few remaining independent investment banks, as it seeks a piece of the lucrative business of helping technology companies sell stock to the public. Terms of the cash transaction were not disclosed. Prudential, the brokerage arm of Prudential Insurance Co.
BUSINESS
February 10, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Prudential Securities on Monday announced a joint venture with music entrepreneur Charles A. Koppelman to turn songs, books and movies into securities. Koppelman's new boutique investment bank, CAK Universal Credit Corp., will draw on a $200-million credit line from Prudential to make loans to musicians and other owners of intellectual property, backed by the royalties from their creations.
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