757:
1199:
38:
1175:
254:
1187:
286:
resolved investigations of the firm by the
National Association of Securities Dealers and 49 states, including California, where 52,000 investors lost money in Prudential limited partnerships. Further investigation was conducted by the SEC into the executives of the company to determine the extent of the fraud.
306:
on July 1, 2003. Wachovia purchased 62% of the joint venture, while
Prudential retained the remaining 38%. At the time, the new firm had client assets of $ 532.1 billion, making it the nation's third largest full service retail brokerage firm based on assets. Prudential, which had been looking to
285:
Prudential
Financial eventually settled with investors for $ 330 million in 1993. Prudential said it would repay customers across the U.S. who lost money on the company's limited partnerships in the 1980s. In addition, the firm was required to pay another $ 41 million in fines. The settlement also
281:
for suspected fraud. During the investigation, it was found that PSI had defrauded investors of close to $ 8 billion, the largest fraud found by the SEC in US history to that point. The SEC charged that
Prudential allowed rogue executives to cheat customers on a large scale and blithely ignored a
249:
and 16 other major investment banks. The fact that Halsey, Stuart was a significant investment banking firm, at the top of the IPO league tables in 1951 led some observers to suspect that they had provoked the government's antitrust suit.
307:
sell its brokerage division, sought to use the joint venture's larger brokerage network to market its insurance products, while
Wachovia sought to expand its investment banking business through the combination.
1250:
268:
In 1989, the firm acquired branch offices, client accounts and related assets from
Thomson McKinnon when a deal to purchase Thompson McKinnon fell through a top 20 brokerage and investment banking firm.
484:"Prudential to Pay at Least $ 371 Million in Fraud Settlement : Securities: In agreeing to the accord, CEO says the brokerage 'fully recognizes the valid claims of investors.' - Los Angeles Times"
323:
businesses. These businesses did not use the Bache name. However, in
January 2003, Prudential Financial rebranded the two units under the Bache name, forming Prudential Bache. This unit was sold to
1235:
1230:
1245:
533:
503:
1255:
450:
278:
1240:
265:
and renamed
Prudential-Bache Securities. Prudential dropped the usage of the Bache name in 1991, renaming the division Prudential Securities.
1084:
705:
655:
1134:
967:
282:
1986 SEC order to overhaul its internal enforcement of securities laws. In all, some 400,000 individual investors lost money on the deals.
398:
616:
360:
1094:
937:
592:
629:
1160:
1124:
1069:
1079:
1074:
907:
897:
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414:
1225:
997:
1028:
867:
673:
1119:
1114:
1109:
1064:
80:
241:, a Chicago-based investment bank founded in 1911. In 1952, Halsey, Stuart made headlines when its managing partner,
1043:
962:
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564:
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927:
698:
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324:
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957:
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831:
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121:
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987:
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125:
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765:
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1104:
887:
253:
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37:
17:
1038:
633:
223:
756:
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During the 1980s and 1990s, Prudential
Securities Incorporated, was investigated by the
1099:
882:
773:
593:"Wachovia Corp. and Prudential Financial, Inc. Complete Combination of Brokerage Units"
336:
246:
227:
171:
76:
245:, testified before the U.S. Supreme Court for the government's antitrust case against
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877:
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204:
153:
421:
902:
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In 1981, the company (then called Bache Halsey Stuart
Shields) was acquired by
56:
315:
Following the joint venture with Wachovia, Prudential Financial retained the
1033:
219:
1007:
299:
252:
595:(Press release). Wachovia Corporation. 2003-07-01. Archived from
215:
Prudential Securities traces its origins to the founding of the
687:
683:
656:"Jefferies to Buy Prudential Commodities for $ 430 Million"
1251:
Defunct financial services companies of the United States
294:
Prudential Financial combined its retail brokerage in a
617:
Prudential and Wachovia Said to Be Near Merging Units
1236:
Financial services companies disestablished in 2003
1148:
1052:
1021:
855:
824:
764:
734:
170:
160:
142:
131:
116:
101:
86:
72:
62:
52:
44:
199:. In 2003, Prudential Securities was merged into
1231:Financial services companies established in 1981
654:Marcinek, Laura; Buhayar, Noah (April 7, 2011).
226:in 1879. In 1891, the firm was reorganized as
361:Prudential, Wachovia Complete Corporate Merger
699:
587:
585:
8:
1246:Former investment banks of the United States
478:
476:
30:
706:
692:
684:
445:
443:
441:
36:
29:
409:
407:
399:Thomson McKinnon Said to Be in Sale Talks
1256:Defunct companies based in New York City
389:, (Touchstone Books, 1990), pp. 502-503.
279:Securities and Exchange Commission (SEC)
353:
563:Eichenwald, Kurt (October 29, 1993).
7:
1186:
1135:Wells Fargo Tower (Colorado Springs)
619:. New York Times, February 10, 2003
1095:Wells Fargo Center (Salt Lake City)
27:American financial services company
938:First National Bank (Philadelphia)
540:. November 1, 1993. Archived from
510:. November 1, 1993. Archived from
457:. November 1, 1993. Archived from
234:was brought into the partnership.
189:Prudential Securities Incorporated
48:Prudential Securities Incorporated
25:
1161:Wells Fargo cross-selling scandal
1125:Wells Fargo Center (Philadelphia)
1085:Wells Fargo Center (Portland, OR)
1070:Wells Fargo Center (Jacksonville)
898:Bowles Hollowell Conner & Co.
565:"Prudential May Face Civil Suits"
1197:
1185:
1174:
1173:
1080:Wells Fargo Center (Minneapolis)
1075:Wells Fargo Center (Los Angeles)
755:
363:The State Journal, July 18, 2003
327:parent Jefferies Group in 2011.
1090:Wells Fargo Center (Sacramento)
401:. New York Times, June 9, 1989
257:Prudential-Bache logo, ca. 1984
1130:Wells Fargo Tower (Birmingham)
845:Wells Fargo Insurance Services
1:
1241:2003 mergers and acquisitions
868:ABD Insurance & Financial
415:"SEC News Digest, 10-21-1993"
1100:Wells Fargo Center (Seattle)
1029:Allspring Global Investments
1120:Wells Fargo Plaza (Phoenix)
1115:Wells Fargo Plaza (Houston)
1110:Wells Fargo Plaza (El Paso)
1065:Wells Fargo Center (Denver)
237:In 1974, Bache merged with
81:Prudential-Bache Securities
18:Prudential-Bache Securities
1272:
1044:Tillie the All-Time Teller
963:Garden State National Bank
374:Nothing Short of Criminal,
1169:
928:First Commerce Bancshares
842:Wells Fargo Home Mortgage
753:
721:
35:
978:Halsey, Stuart & Co.
933:First Interstate Bancorp
342:Halsey, Stuart & Co.
239:Halsey, Stuart & Co.
983:National Bank of Alaska
943:First Pennsylvania Bank
325:Jefferies & Company
304:Wachovia Securities LLC
191:(PSI), was an American
1156:History of Wells Fargo
1060:One Wells Fargo Center
873:Atlantic National Bank
848:Wells Fargo Securities
258:
217:Leopold Cahn & Co.
993:Prudential Securities
973:Golden West Financial
968:Georgia Railroad Bank
958:Florida National Bank
918:Evergreen Investments
913:Crocker National Bank
893:Bank of North America
863:Abbot-Downing Company
856:Historical components
839:Wells Fargo Financial
321:financial derivatives
256:
185:Prudential Securities
31:Prudential Securities
1226:Prudential Financial
908:CoreStates Financial
832:Wells Fargo Advisors
817:Suzanne M. Vautrinot
290:Merger with Wachovia
263:Prudential Financial
228:J.S. Bache & Co.
197:Prudential Financial
195:arm of the insurer,
187:, formerly known as
177:Prudential Financial
122:Wachovia Corporation
1013:Wachovia Securities
544:on November 4, 2012
514:on November 4, 2012
461:on November 4, 2012
387:The House of Morgan
201:Wachovia Securities
138:and Jefferies Bache
136:Wachovia Securities
126:Wachovia Securities
32:
1140:Duke Energy Center
796:Theodore F. Craver
766:Board of directors
569:The New York Times
534:"Socking the Rock"
504:"Socking the Rock"
451:"Socking the Rock"
311:Remaining Business
259:
193:financial services
165:Financial services
148:New York, New York
67:Investment banking
1213:
1212:
1105:Wells Fargo Place
1022:Former components
888:Bank of Baltimore
814:Ronald L. Sargent
182:
181:
16:(Redirected from
1263:
1201:
1189:
1188:
1177:
1176:
836:Wells Fargo Bank
808:Richard B. Payne
793:Celeste A. Clark
759:
708:
701:
694:
685:
678:
677:
670:
664:
663:
651:
645:
644:
642:
641:
632:. Archived from
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420:. Archived from
419:
411:
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383:
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364:
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243:Harold L. Stuart
203:, a division of
112:
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40:
33:
21:
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1165:
1144:
1048:
1039:Pamlico Capital
1017:
883:Bache & Co.
851:
820:
811:Juan A. Pujadas
805:Maria R. Morris
802:Donald M. James
799:Wayne M. Hewett
760:
751:
730:
717:
712:
682:
681:
674:"Breaking News"
672:
671:
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405:
397:
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384:
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372:Time Magazine,
371:
367:
359:
355:
350:
337:Bache & Co.
333:
313:
292:
275:
224:investment bank
213:
156:
150:
108:
106:
93:
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77:Bache & Co.
28:
23:
22:
15:
12:
11:
5:
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1259:
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1253:
1248:
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1041:
1036:
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998:Southeast Bank
995:
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975:
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948:First Security
945:
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935:
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923:Fidelity Trust
920:
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797:
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790:Mark A. Chancy
788:
783:
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774:Charles Scharf
770:
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749:
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376:Mar. 17, 1952.
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352:
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344:
339:
332:
329:
312:
309:
291:
288:
274:
273:Investor fraud
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247:Morgan Stanley
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878:A. G. Edwards
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835:
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816:
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798:
795:
792:
789:
787:
784:
781:
780:Charles Noski
778:
775:
772:
771:
769:
767:
763:
758:
748:
747:William Fargo
745:
743:
740:
739:
737:
733:
727:
724:
723:
720:
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709:
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702:
697:
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689:
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675:
669:
666:
661:
657:
650:
647:
636:on 2011-05-19
635:
631:
625:
622:
618:
613:
610:
599:on 2007-10-22
598:
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586:
582:
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559:
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539:
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529:
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485:
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460:
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446:
444:
442:
438:
427:on 2011-07-21
423:
416:
410:
408:
404:
400:
395:
392:
388:
385:Ron Chernow,
382:
379:
375:
369:
366:
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357:
354:
347:
343:
340:
338:
335:
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330:
328:
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305:
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296:joint venture
289:
287:
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266:
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255:
251:
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244:
240:
235:
233:
229:
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205:Wachovia Bank
202:
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154:United States
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78:
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61:
58:
55:
51:
47:
43:
39:
34:
19:
1202:
1190:
1178:
992:
903:Century Bank
786:Steven Black
668:
659:
649:
638:. Retrieved
634:the original
624:
612:
601:. Retrieved
597:the original
572:. Retrieved
568:
558:
546:. Retrieved
542:the original
537:
528:
516:. Retrieved
512:the original
507:
498:
487:. Retrieved
463:. Retrieved
459:the original
454:
429:. Retrieved
422:the original
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386:
381:
373:
368:
356:
314:
293:
284:
276:
267:
260:
236:
214:
188:
184:
183:
143:Headquarters
120:Acquired by
53:Company type
1204:Wikiversity
953:First Union
742:Henry Wells
715:Wells Fargo
317:commodities
232:Jules Bache
73:Predecessor
1220:Categories
1003:SouthTrust
782:(chairman)
640:2012-12-18
603:2007-10-14
489:2010-07-09
431:2010-07-09
348:References
57:Subsidiary
1053:Buildings
1034:H.D. Vest
825:Divisions
660:Bloomberg
630:"History"
220:brokerage
132:Successor
1180:Category
1008:Wachovia
735:Founders
574:April 9,
548:April 9,
518:April 9,
465:April 9,
331:See also
302:to form
300:Wachovia
161:Products
124:to form
63:Industry
45:Formerly
1192:Commons
1149:History
988:Norwest
726:History
211:History
107: (
102:Defunct
92: (
87:Founded
230:after
172:Parent
776:(CEO)
425:(PDF)
418:(PDF)
298:with
576:2010
550:2010
538:Time
520:2010
508:Time
467:2010
455:Time
319:and
222:and
117:Fate
109:2003
105:2003
94:1981
90:1981
1222::
658:.
584:^
567:.
536:.
506:.
475:^
453:.
440:^
406:^
207:.
151:,
79:,
707:e
700:t
693:v
676:.
662:.
643:.
606:.
578:.
552:.
522:.
492:.
469:.
434:.
111:)
96:)
20:)
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