SECURITIES : Prudential Executive Resigns After Scandal

Loren Schechter has resigned as general counsel and a director for Prudential Securities Inc. after the scandal involving the firm’s sales of risky limited partnerships to unsuspecting investors, the New York Times reported. The newspaper, citing an internal corporate memorandum, said Schechter left the positions because of publicity about the scandal. He will stay on as an executive vice president but will no longer be part of the firm’s top committee of eight executives, the paper said. Schechter had been the most senior Prudential officer whose activities were being studied by federal prosecutors in the criminal inquiry involving the sales, the Times said.