Strong Capital Management
| Industry | Investment banking |
|---|---|
| Founded | 1974 |
| Defunct | 2004 |
| Fate | Acquired by Wells Fargo |
| Headquarters | Menomonee Falls, Wisconsin |
Key people | Richard Strong |
| Products | Financial services, Wealth management |
Strong Capital Management, Inc, was a financial services firm based in Menomonee Falls, Wisconsin. During its 30-year existence, it acquired other companies[1] and expanded into the Israeli market.[2] However, it became defunct after the 2003 mutual fund scandal amid charges of improper mutual fund trading.
In May 2004, the firm agreed to pay $80 million in restitution to investors, and founder/CEO Richard Strong agreed to personally pay an additional $60 million. Two other executives were also sanctioned and fined. The agreement was reached in a settlement involving the
The settlement cleared the way for the company to be sold. It was acquired by Wells Fargo later in 2004.[5]
References
- ^ "Strong Capital Management buys Ziegler's discount brokerage". Journal-Sentinel. August 13, 1999. Retrieved 1 June 2012.
- ^ "Strong Capital Management launches Israel operation". Globes. May 3, 2003. Retrieved 1 June 2012.
- ^ "Strong Capital, founder to pay $140M in settlement". USA Today. May 20, 2004. Retrieved 1 June 2012.
- ^ "Strong, firm to pay $140M in settlement". CNN Money. May 25, 2004. Retrieved 1 June 2012.
- ^ Wells Fargo press release
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