SECURITIES

NYSE Penalizes Prudential and PaineWebber: The Big Board said it censured and fined Prudential Securities and PaineWebber for violations related to the “over tendering” of securities. Employees at both firms allegedly profited from exchanging customer securities, such as bonds or preferred stock, through tender and conversion offers even though the customers hadn’t authorized the exchanges. The firms settled the charges without admitting guilt. Prudential blamed a former employee and said it promptly reported the irregularities as soon as the firm discovered them. Prudential was fined $100,000 and PaineWebber $65,000.