Prudential Securities: Employees discontent leads to contacts with NASD, Wachovia, and AFL-CIO

On the heels of the recent uproar over Prudential Securities' effort to insert an unpopular clause within an annual reporting form, many disgruntled employees are prompting complaints to be filed with the NASD, Wachovia (heir apparent), and the AFL-CIO.

PRESS RELEASE

Contact:

Bill Singer
917-520-2836
RRBDLAWYER@aol.com
website: rrbdlaw.com

Yesterday evening, Bill Singer sent an e-mail to an in-house attorney at Wachovia offering to meet with the company in an effort to air the grievances of Prudential Securities, Inc.'s salesforce as raised during the recent episode involving PRU's effort to insert what was viewed as a non-compete/solicit clause into an annual reporting form. Singer, acting in a pro bono publico capacity, received numerous phone calls and e-mails from disgruntled PRU employees and filed a complaint with the NASD. That complaint, available for viewing at http://rrbdlaw.com/2003/NASDPRU.htm was acknowledged by NASD as received and the regulator indicated it would look into the allegations. Singer has not heard back from NASD and is awaiting their response.

It appears that in response to Singer's efforts and the overwhelming (and unprecedented) uproar among PRU employees, the firm has decided to withdraw the objectionable clause. Nonetheless, Singer believes that the NASD has an obligation to conduct an investigation of this matter and issue a clear advisory that such practices are not appropriate.

Additionally, Singer is planning on informing the AFL-CIO of this recent incident and will inform the organization of the interest expressed by many PRU employees that the time has come for Wall Street to be organized. Updates to the press will be provided as that situation develops.

Bill Singer is a securities-industry attorney who advocates on behalf of small- and mid-sized broker-dealers, registered persons, whistleblowers, and defrauded public investors. He can be contacted at 917-520-2836 or by e-mail at rrbdlawyer@aol.com. For specifics as to Mr. Singer's background, please visit his online resume at http://rrbdlaw.com/bios_singer.html
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Please visit the RRBDLAW. com website at http://rrbdlaw.com.