PRUDENTIAL . . . LOSING A BIG PIECE OF THE ROCK

Thursday, Oct. 27, 1994
  • Share
  • Read Later
The embattled Prudential Securities brokerage firm was charged today in New York with misleading 100,000 investors about its sales of $1.4 billion in risky oil and gas limited partnerships during the 1980s. But federal prosecutors, as expected, agreed to set the charges aside for three years if the company fulfils various obligations, including doubling a $330 million fund set up to reimburse investors. The upshot: a long criminal probe is now officially closed.