October 28, 1994 |
Capping an investigation into what is believed to be the largest fraud by a single brokerage against small investors, federal prosecutors on Thursday filed criminal charges against Prudential Securities for its $8-billion limited partnership program. But prosecutors agreed not to press charges if the brokerage lives up to a strict settlement agreement.
April 6, 2004 |
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.
July 17, 1989 |
The Prudential Securities Group says it has called off its plan to purchase Thomson McKinnon Inc., a deal that could have created the nation's third-largest brokerage operation. The deal, announced June 13, was canceled after Prudential discovered problems with Thomson McKinnon's financial records, Prudential officials said. The value of the deal was never disclosed.
October 28, 2000 |
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.
July 13, 1994 |
Prudential Securities said Tuesday that it has set aside an additional $305 million to pay investors' fraud claims, making its limited partnership debacle one of Wall Street's costliest scandals ever and more than wiping out the firm's profit for the first half of the year. Prudential Securities also disclosed that parent company Prudential Insurance has injected $180 million of new capital into the Wall Street subsidiary.