Strong Capital Management, Inc, (Not to be confused with Strong Investment Management LLC in Anaheim, CA) was a financial services firm based in

Menomonee Falls, Wisconsin Menomonee Falls is a village in Waukesha County, Wisconsin, Waukesha County, Wisconsin, United States, and is part of the Milwaukee–Racine–Waukesha Metropolitan Area, Greater Milwaukee area. The population was 35,626 at the 2010 census, makin ...

. During its 30-year existence it acquired other companies and expanded into the Israeli market. However, it became defunct after the

2003 mutual fund scandal The mutual fund scandal of 2003 was the result of the discovery of illegal late trading and market timing practices on the part of certain hedge fund and mutual fund companies. Spitzer investigation On September 3, 2003, New York Attorney General ...

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

Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against mark ...

New York State New York, officially the State of New York, is a U.S. state, state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the List of U.S. ...

Attorney General

Eliot Spitzer Eliot Laurence Spitzer (born June 10, 1959) is an American politician and attorney. A member of the Democratic Party, he was the 54th governor of New York from 2007 until his resignation in 2008. Spitzer was born in New York City, attended Pr ...

, and

Wisconsin Wisconsin () is a state in the upper Midwestern United States. Wisconsin is the 25th-largest state by total area and the 20th-most populous. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake M ...

Attorney General

Peg Lautenschlager Peggy Ann Lautenschlager (November 22, 1955 – March 31, 2018) was an American attorney and Democratic politician who was the first chair of the Wisconsin Ethics Commission from 2016 to 2017, the 42nd Attorney General of Wisconsin from 2003 to ...

. Unlike most such settlements, the firm admitted wrongdoing and apologized to investors. Strong and the other two executives were barred from the securities industry for life, but no criminal charges were filed. The settlement cleared the way for the company to be sold. It was acquired by

Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and inter ...

later in 2004.Wells Fargo press release
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References

{{Reflist Defunct financial services companies of the United States Defunct companies based in Wisconsin