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PRUDENTIAL SECURITIES NAMES LEE B. SPENCER JR. AS GENERAL COUNSEL; PARTNER IN NEW YORK LAW FIRM IS FORMER SEC DIVISION DIRECTOR

 NEW YORK, Jan. 6 /PRNewswire/ -- Prudential Securities Incorporated announced yesterday that it has named Lee B. Spencer Jr. as general counsel, effective immediately. Mr. Spencer replaces Loren Schechter, who was relieved of his duties as general counsel, at his request, last Thursday.
 Mr. Spencer, 50, a partner with the New York office of Gibson, Dunn & Crutcher, has more than seven years of senior-level experience with the Securities and Exchange Commission. From 1981 to 1983, he was director of the SEC's Division of Corporate Finance, after serving as deputy director since 1979. From 1976 through 1979 he was associate director and chief counsel of the SEC's Investment Management Division.
 "Lee Spencer brings significant corporate and securities law expertise, as well as an extensive industry-specific regulatory background, to Prudential Securities at an important time for our firm," said Hardwick Simmons, president and chief executive officer of the firm. "I expect these credentials, combined with his recognized administrative strengths, will send a strong message that we are committed to maintaining the highest ethical standards throughout the firm and having the best compliance programs in the industry, and that we will continue to resolve our unfortunate partnership legacy fairly and expeditiously."
 As general counsel, Mr. Spencer's responsibilities will include managing the firm's day-to-day legal and compliance activities, and overseeing the extensive claims process established as part of the firm's October settlement with the SEC. Mr. Simmons noted that Mr. Spencer will serve as Prudential Securities' general counsel on an interim basis, while the firm conducts an in-depth search for a permanent general counsel.
 Mr. Spencer has been a partner with Gibson, Dunn & Crutcher since 1983, specializing in the area of corporate and securities law. He has also served as an adjunct professor at Georgetown University, teaching a course on financial institutions.
 Mr. Spencer is a graduate of Princeton University and Yale Law School.
 -0- 1/6/94
 /CONTACT: William J. Ahearn of Prudential Securities, 212-214-3955/


CO: Prudential Securities Incorporated ST: New York IN: FIN SU: PER

CK -- NY070 -- 9804 01/06/94 13:40 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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