400 jobs in downtown Springfield: 5 things to know about E.F. Hutton


E.F. Hutton America, one of the most iconic players in financial firm industry, will move it headquarters to Springfield.

>>READ MORE: Financial Firm plans to move to downtown Springfield, add 400 jobs

Here’s some notable facts about the company and its founder.

  • Founder E.F. Hutton: Edward Francis Hutton was born in 1875 in New York. His father, James Laws Hutton was originally from Jefferson County in Ohio. E.F Hutton’s second wife, Marjorie Merriweather Post, heiress to the General Foods company, was known for her famous houses. One of their homes, Mar-a-Lago, located in Palm Beach, Fla., was purchased and renovated by Republican Presidential nominee Donald Trump. The home is listed on the National Register of Historical Places and is designated as a National Historical Landmark.
  • E.F. Hutton & Co. founded: The original firm was founded in 1904 in San Francisco. E.F. Hutton would remain the company’s chairman until his death in 1962.
  • Controversy: In the 1980s, EF Hutton was caught in an alleged check kiting scheme where they were accused of writing checks greater than what they had on hand at one bank, then depositing it at another bank for the same amount. This would lead to gains of additional funds for the individual branches. Hutton reportedly would receive an estimated $250 million per day to use in investments interest free. In 1985, Hutton agreed to a plea deal with the U.S. government where they would pay back more than $10 million in fines and restitution.

    However, company leaders stressed EF Hutton America is a newly independent company that was incorporated in Colorado in 2007, and isn’t connected to any previous problems.

    A group of former company executives and family members of the EF Hutton’s founder purchased the naming rights to the firm in 2014. Company officials also stressed none of the current management or employees were in any way connected with the previous problems.

  • The company was acquired by Shearson in 1987: The company was purchased by Shearson Lehman/American Express and in 1988, the new company became Shearson Lehman Hutton Inc.


Reader Comments ...


Next Up in Business

7 Hallmark-worthy holiday activities to do in Ohio
7 Hallmark-worthy holiday activities to do in Ohio

You don’t have to leave home to pretend you live in one of those picturesque Hallmark holiday movie towns. As December nears, plan out your perfect holiday season with light displays, horse-drawn carriage rides and lantern tours. Here are seven activities in Ohio that will put you in the holiday spirit: The historic Clifton mill, built in 1802...
David’s Bridal files for bankruptcy: How it will impact brides
David’s Bridal files for bankruptcy: How it will impact brides

David’s Bridal has voluntarily filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.  The bridal retailer announced last week it reached an agreement with its senior noteholders and equity holders on the terms of a restructuring support agreement that will reduce the company’s...
How Amazon’s explosive U.S. growth is producing thousands of jobs in Ohio
How Amazon’s explosive U.S. growth is producing thousands of jobs in Ohio

Amazon is growing at breakneck speed across the nation and in Ohio, where it has created 6,000 jobs in the past seven years and has commitments to add 5,500 more employees. Last week, the online giant said it would open a package-sorting “air gateway” at Wilmington Air Park, an airport 40 minutes southeast of Dayton that was decimated in...
Recalls: Dangerous baby carriers and poisonous tables 
Recalls: Dangerous baby carriers and poisonous tables 

Parents and those cleaning up from this week’s ice storm should check to see if they have this week’s recalled products. Jobs news: Amazon hiring in Butler Co.  Active Series baby carriers by LILLEbaby are being recalled because a clip can detach and cause your child to fall, according to the Consumer Product Safety Commission. There...
Beware of shady door-to-door energy sales tactics
Beware of shady door-to-door energy sales tactics

It’s the time of year for door-to-door pitches to get you to switch your energy provider, but consumers need to be wary of shady sales tactics. Norm Krebs of Dayton said he was pressured into an energy contract with a new supplier. Instead of saving money, as he was promised — his bill skyrocketed.  He listened to a pitch from a salesperson...
More Stories