The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Strong Capital Down to One Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 06, 2012

Strong Capital Down to One

News summary by MFWire's editors

Poor Strong Financial [profile]. Over the years, Strong Financial has been pelted with devastating hits that have dwindled the Milwaukee money management firm that once boasted over 1,000 employees down to its last employee.

It all started with the eruption of a market-timing scandal in 2003, Randy Diamond reports for Pensions & Investments. In 2004, the company then sold its mutual fund, institutional and defined contribution businesses — or $29 billion's worth in assets — to Wells Fargo, one week after the SEC banned founder Richard Strong for life from the financial industry. This was followed by a $150 million payout to wronged investors this year, as well as current president John Widmer's filing in May with the Wisconsin Department of Financial Institutions to dissolve the remaining entities — which, by the way, have not traded securities since 2004 and were delisted by regulators.

But though the company and its shell companies have been more or less dormant in the securities scene for quite some time, it's proved difficult for the firm to exit the industry. It's already taken the firm more than six years to determine which investors would receive payment and how much, and it will take two more for the companies to be dissolved under state rules.

“It's been a longer process that I thought,” Widmer said. “I didn't think I would be here for so long.”

Read more about the company's unfortunate history at Pensions & Investments

Edited by: Irene Park

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use