{{Short description|Defunct financial services firm based in Menomonee Falls, Wisconsin}} {{Infobox company | name = Strong Capital Management | logo = | fate = Acquired by Wells Fargo | predecessor = | successor = | foundation = {{sda|1974}} | defunct = 2004 | location = Menomonee Falls, Wisconsin | industry = Investment management | key_people = Richard Strong | products = Financial services, Wealth management | num_employees = | parent = | subsid = }}
'''Strong Capital Management''' was a financial services firm based in Menomonee Falls, Wisconsin. During its 30-year existence, it acquired other companies<ref>{{cite news|url=http://nl.newsbank.com/nl-search/we/Archives?p_product=MWSB&p_theme=mwsb&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB82CFC4B69C212&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM|title=Strong Capital Management buys Ziegler's discount brokerage|date=August 13, 1999|work=Journal-Sentinel|accessdate=1 June 2012}}</ref> and expanded into the Israeli market.<ref>{{cite news|url=http://www.globes.co.il/serveen/globes/docview.asp?did=687337&fid=942|title=Strong Capital Management launches Israel operation|date=May 3, 2003|work=Globes|accessdate=1 June 2012}}</ref> 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.<ref>{{Cite web| title = Strong Capital Management and Founder Richard Strong Agree to Pay $140 Million to Settle Fraud Charges Concerning Undisclosed Mutual Fund Trading| access-date = 2025-07-29| url = https://www.sec.gov/news/press/2004-69.htm}}</ref> The agreement was reached in a settlement with the Securities and Exchange Commission, New York State Attorney General Eliot Spitzer, and Wisconsin Attorney General Peg Lautenschlager. Unlike most such settlements, the firm admitted wrongdoing and apologized to investors.<ref>{{cite news|url=https://www.usatoday.com/money/perfi/funds/2004-05-20-strong-settle_x.htm|title=Strong Capital, founder to pay $140M in settlement|date=May 20, 2004|work=USA Today|accessdate=1 June 2012}}</ref> Strong and the other two executives were barred from the securities industry for life, but no criminal charges were filed.<ref>{{cite news|url=https://money.cnn.com/2004/05/20/funds/fundsfire_strong/?cnn=yes|archive-url=https://web.archive.org/web/20141011231540/http://money.cnn.com/2004/05/20/funds/fundsfire_strong/?cnn=yes|url-status=dead|archive-date=October 11, 2014|title=Strong, firm to pay $140M in settlement|date=May 25, 2004|work=CNN Money|accessdate=1 June 2012}}</ref>
The settlement cleared the way for the company to be sold. It was acquired by Wells Fargo later in 2004.<ref>[https://www.wellsfargo.com/press/strong05262004?year=2004 Wells Fargo press release]</ref>
==References== {{Reflist}}
Category:Defunct financial services companies of the United States Category:Defunct companies based in Wisconsin Category:1974 establishments in Wisconsin Category:2004 disestablishments in Wisconsin
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