SEC Censures Prudential-Bache: The Securities and Exchange...

SEC Censures Prudential-Bache: The Securities and Exchange Commission censured Prudential-Bache Securities Inc. for what it said were violations of securities laws in several transactions. The SEC said Prudential-Bache failed to maintain possession or control of $218 million worth of securities that were pledged as collateral in so-called custody repurchase agreements between the firm and large institutional clients. The total involved 90 security positions and the alleged violations occurred during five days in late February and early March, 1988. Prudential-Bache settled the charges without admitting or denying guilt.