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By New York Times News Service | October 28, 1994
NEW YORK -- After more than three years of denying that it broke the law, Prudential Securities admitted yesterday for the first time that the firm committed crimes in its sale of certain limited partnerships in the 1980s and agreed to pay $330 million to resolve criminal charges.Combined with a $371 million civil settlement reached with federal and state regulators last year, the fines and penalties imposed on Prudential by the government in the scandal now exceed $700 million. That eclipses the penalties for any other Wall Street crime, including the $650 million paid by Drexel Burnham Lambert to settle securities fraud charges.
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BUSINESS
By BLOOMBERG NEWS | October 2, 2003
Prudential Securities fired a dozen brokers and managers in its Boston and New York offices after regulators alleged that some brokers traded mutual funds for quick profits at the expense of long-term investors, people familiar with the situation said. The Boston employees included Robert Shannon, manager of the office, and five brokers, Martin Druffner, Justin Ficken, Marc Bilotti, John Peffer and Skifter Ajro, their lawyers said. Prudential, part of Wachovia Securities, also dismissed six employees in two offices on Long Island and in Manhattan, a person familiar with the matter said.
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BUSINESS
By Los Angeles Times | June 19, 1993
NEW YORK -- 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.Launched over a month ago, the probe was broadened within the past week to include the firm's huge limited partnership program, which took in $6 billion from investors in the 1980s and resulted in big losses.The sources said that federal prosecutors were looking into the possible payment of kickbacks and attempted bribes to senior Prudential Securities officials by outside companies that managed individual partnership programs.
BUSINESS
By Julius Westheimer | October 10, 2001
"DON'T create your own financial crisis in the wake of the terrorist attacks," we hear from Charles Kadlic, investment adviser and author of Dow 30,000, Fact or Fiction? "Don't try to outsmart the market by jumping into one stock or sector. The market adjusts to perceived economic risks, this time falling 7 percent on the day trading resumed after the attacks - but then it stabilized. "Fear, greed and emotional investing are enemies of financial well-being. A well-crafted, long-term plan should hold up when negative surprises strike.
BUSINESS
By FROM STAFF REPORTS | April 24, 1996
A syndicate headed by Prudential Securities Group won the bid yesterday to underwrite $87 million worth of bonds for the Baltimore Ravens' football stadium at an interest rate of 5.761 percent.Maryland Stadium Authority Chairman John Moag said he was pleased with the interest rate, but said it was higher than it would have been had the bond sale not been delayed by opposition in the General Assembly."We did have more favorable market conditions three or four months ago," Mr. Moag said. If the sale had taken place earlier in the year as originally planned, when interest rates were lower, the authority may have saved about $500,000 a year in interest, Mr. Moag said.
NEWS
April 23, 2001
Ariel appointed area sales manager for Syntricity Inc. David Ariel has been appointed sales manager for the northeast area for Syntricity Inc. Ariel will supervise the new sales center in Columbia. Syntricity supplies Syntricity dateConductor, a Web-based analysis and management tool in the semiconductor and electronics industry. Payton, Dickey promoted at Prudential Securities James Payton of Columbia and Jonathan Dickey of Bethesda have been promoted as associate vice president and first vice president at the Columbia Parkside branch of Prudential Securities.
BUSINESS
July 13, 1994
Prudential scandal tops $1 billionPrudential 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.
NEWS
March 27, 2000
Citizens bank names Barber an assistant branch manager Jeana Barber has been promoted to assistant branch manager at Citizens Nation Barber al Bank, Laurel Center, 1025 Washington Blvd., Laurel. Barber will manage branch operations and customer service. Citizens National Bank is a locally managed community bank with 17 offices in the Baltimore-Washington area. Payton receives promotion at Prudential Securities Jim Payton of Columbia has been promoted to vice president of investments at the Prudential Securities Columbia Parkside branch, 10500 Little Patuxent Parkway.
BUSINESS
By Bloomberg Business News | October 13, 1994
NEW YORK -- Prudential Securities Inc., which already has agreed to pay almost $700 million in fines and reimbursements to customers bilked in fraudulent limited partnership sales, has reached an agreement that avoids a criminal indictment in the scandal, people familiar with the discussions said yesterday.The accord, first reported by the Wall Street Journal, may help the nation's fourth-largest securities firm avoid the fate of two other brokerage firms that were tainted after guilty pleas.
BUSINESS
By Ellen James Martin and Ellen James Martin,Staff Writer | July 10, 1993
A Wall Street analyst yesterday downgraded his estimate on 1993 earnings for the Ryland Group Inc., a Columbia-based home builder.The analyst, Lawrence Horan, who follows the company for Prudential Securities in New York, lowered his earnings estimate for the year to $2 a share, from $2.15, citing what he said were disappointing new-home orders during the company's second quarter, which ended June 30. The company has not yet reported second-quarter earnings.Mr....
NEWS
April 23, 2001
Ariel appointed area sales manager for Syntricity Inc. David Ariel has been appointed sales manager for the northeast area for Syntricity Inc. Ariel will supervise the new sales center in Columbia. Syntricity supplies Syntricity dateConductor, a Web-based analysis and management tool in the semiconductor and electronics industry. Payton, Dickey promoted at Prudential Securities James Payton of Columbia and Jonathan Dickey of Bethesda have been promoted as associate vice president and first vice president at the Columbia Parkside branch of Prudential Securities.
NEWS
March 27, 2000
Citizens bank names Barber an assistant branch manager Jeana Barber has been promoted to assistant branch manager at Citizens Nation Barber al Bank, Laurel Center, 1025 Washington Blvd., Laurel. Barber will manage branch operations and customer service. Citizens National Bank is a locally managed community bank with 17 offices in the Baltimore-Washington area. Payton receives promotion at Prudential Securities Jim Payton of Columbia has been promoted to vice president of investments at the Prudential Securities Columbia Parkside branch, 10500 Little Patuxent Parkway.
BUSINESS
By FROM STAFF REPORTS | April 24, 1996
A syndicate headed by Prudential Securities Group won the bid yesterday to underwrite $87 million worth of bonds for the Baltimore Ravens' football stadium at an interest rate of 5.761 percent.Maryland Stadium Authority Chairman John Moag said he was pleased with the interest rate, but said it was higher than it would have been had the bond sale not been delayed by opposition in the General Assembly."We did have more favorable market conditions three or four months ago," Mr. Moag said. If the sale had taken place earlier in the year as originally planned, when interest rates were lower, the authority may have saved about $500,000 a year in interest, Mr. Moag said.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | November 2, 1994
As many as 60,000 people may miss out on millions of dollars in settlement payments from Prudential Securities Inc., merely because they didn't ask for the money.They are among the thousands of investors, including almost 6,000 in Maryland, who sank more than $8 billion into risky limited partnerships that Prudential, the nation's fourth-largest brokerage firm, fraudulently sold to investors in the 1980s.Those investments have resulted in the largest securities fraud settlement in history, surpassing the $650 million that junk bond seller Drexel Burnham Lambert Inc. paid to settle charges of securities and mail fraud.
BUSINESS
By Bloomberg Business News | October 31, 1994
NEWARK, N.J. -- Can Arthur Ryan, expert cost-cutter and retail-banking whiz, save Prudential Securities?Mr. Ryan's talents will be put to the test when he becomes chairman and chief executive of the brokerage's parent company, Prudential Insurance Co. of America, in December, moving from his current position as president of Chase Manhattan Corp.The brokerage unit has been dogged by customer claims from the sale of energy limited partnerships, mostly in the 1980s. The scandal has already cost it $1.1 billion.
BUSINESS
By New York Times News Service | October 28, 1994
NEW YORK -- After more than three years of denying that it broke the law, Prudential Securities admitted yesterday for the first time that the firm committed crimes in its sale of certain limited partnerships in the 1980s and agreed to pay $330 million to resolve criminal charges.Combined with a $371 million civil settlement reached with federal and state regulators last year, the fines and penalties imposed on Prudential by the government in the scandal now exceed $700 million. That eclipses the penalties for any other Wall Street crime, including the $650 million paid by Drexel Burnham Lambert to settle securities fraud charges.
BUSINESS
By New York Times News Service | September 15, 1994
Prudential Securities Inc. plans to buy back more than $70 million worth of mortgage investments that were improperly sold to hundreds of retail investors as being less risky than they actually are, executives with the firm said yesterday.The investments were sold during the spring and early summer, the executives said, and they are already showing large losses.Although a final figure has not yet been tallied, Prudential believes that the customer losses on the investments total at least $10 million.
BUSINESS
December 31, 1993
Prudential executive resignsThe fraud scandal at Prudential Securities claimed the career of one of the brokerage firm's most senior executives yesterday.Loren Schechter, Prudential's chief legal strategist, resigned as general counsel and a director of the firm, according to an internal memo. Mr. Schechter, who will continue to work for the firm as an executive vice president, will no longer supervise Prudential's legal and compliance efforts.Pentagon to reopen bidsThe Pentagon has decided to reopen bidding for a $3.5 billion military medical contract awarded to Aetna Life & Casualty, a deal that other bidders had protested as unfair.
BUSINESS
By Bloomberg Business News | October 13, 1994
NEW YORK -- Prudential Securities Inc., which already has agreed to pay almost $700 million in fines and reimbursements to customers bilked in fraudulent limited partnership sales, has reached an agreement that avoids a criminal indictment in the scandal, people familiar with the discussions said yesterday.The accord, first reported by the Wall Street Journal, may help the nation's fourth-largest securities firm avoid the fate of two other brokerage firms that were tainted after guilty pleas.
BUSINESS
By New York Times News Service | September 15, 1994
Prudential Securities Inc. plans to buy back more than $70 million worth of mortgage investments that were improperly sold to hundreds of retail investors as being less risky than they actually are, executives with the firm said yesterday.The investments were sold during the spring and early summer, the executives said, and they are already showing large losses.Although a final figure has not yet been tallied, Prudential believes that the customer losses on the investments total at least $10 million.
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