Prudential scandal tops $1 billionPrudential Securities...


July 13, 1994

Prudential scandal tops $1 billion

Prudential Securities' projected cost for its limited partnership debacle has surpassed $1.1 billion, which would make it the costliest fraud scandal for any investment house in Wall Street history.

The increased cost was announced yesterday by Prudential Securities, which said it was adding $305 million to its reserves for settlements involving the partnership sales. That money would then be used to settle claims by clients who said they were fraudulently sold the investments, which have since soured.

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