It also operated seasonal offices in Palm Beach, Florida (winter) and Saratoga Springs, New York (summer) to cater to its customers.

Hutton, an entrepreneur who later also became chairman of the General Foods Corporation and for years wrote a newspaper column, led the firm until his death in 1962.

[1] In or around 1972, the firm hired Carole Brookins, making her one of the few women stockbrokers on the Chicago futures exchange floors at the time.

The Hutton companies also managed many mutual funds and other investment vehicles, some of which were separately incorporated and/or registered, and participated actively in corporate mergers and public offerings of securities.

Thomas Morley, who was in charge of getting the firm to better manage its cash, wrote a memo to Hutton's president, George Ball, saying that this practice netted one branch an extra $30,000 per month.

In 1984, the matter was forwarded to the United States Attorney for the Middle District of Pennsylvania, who opened a federal criminal probe.

However, in February 1985, Curnin discovered a memo from a Hutton regional vice president for the Washington, D.C., area which stated that his offices drew on "bogus deposits".

[5] On May 2, Hutton agreed to plead guilty to 2,000 counts of mail and wire fraud, as well as pay a $2 million fine plus $750,000 for the cost of the investigation.

[10] In early 1987, an internal probe revealed that brokers at an office in Providence, Rhode Island, laundered money for the Patriarca crime family.

By the end of November, Hutton had lost $76 million, largely due to massive trading losses and margin calls that its customers could not meet.

At the same time, the combined firm suffered dwindling business from individual investors as its focus was shifted to large corporate transactions.

[18] In 2012, a group of EF Hutton alumni led by Frank Campanale announced plans to launch a new financial advisory firm under the name E.F. Hutton & Company, but Campanale left in October 2013 to become chairman and chief executive of Lebenthal Wealth Advisors LLC and the effort was abandoned.

[19] EFH Group went public In November 2014, via a reverse merger with OTC-traded Twentyfour/seven Ventures, Inc. and was renamed EF Hutton America, Inc. trading under the stock symbol HUTN.

By late 2018 it had accumulated $14 million dollars worth of debt [22] and had pledged its office building and the rights to the EF Hutton brand as collateral.

HUTN "ceased normal operations" and the board agreed to accept a loan from its chairman Stanley Hutton Rumbough to provide interim funding to the company as it began the process of dissolution and wind-down.

The investment bank acquired the EF Hutton name because of the “incredible legacy of this powerhouse firm that was once synonymous with Wall Street,” said Chief Executive Officer Joseph T. Rallo and President David W.

[27]  The first EF Hutton SPAC, led by CEO Ben Piggott and co-presidents Rallo and Boral, is set to raise about $150 million and will target the U.S. consumer technology sector.