Prudential Execs Told of Possible Charges : Securities: Separately, the firm’s former chief executive, George L. Ball, will leave Smith Barney Shearson next month.

NEW YORK — The Securities and Exchange Commission has notified at least 10 former and current Prudential Securities executives and managers that they may face civil charges for their role in the firm’s $8-billion limited partnership debacle, sources close to the case said.

In a separate development, Smith Barney Shearson said Friday that its senior executive vice president, George L. Ball, will leave the firm next month. Ball was chairman and chief executive of Prudential Securities, then called Prudential-Bache, throughout the time the partnerships were sold. But a Smith Barney spokesman said Ball’s departure has nothing to do with any pending investigations or with his activities while at Prudential.

Although there has been speculation that Ball may eventually face charges for what happened at Prudential, the sources said he is not among those who have received the SEC notices. In interviews, Ball has denied knowledge of any wrongdoing at Prudential.

The sources said that between 10 and 15 notifications went out to current and former Prudential executives, offering them a last-ditch opportunity to explain to the SEC why they should not be charged.

The former executives who were sent notices include Richard Sichenzio, who formerly headed Prudential’s retail division and reported directly to Ball. Also sent a notice was Joseph E. Haick, formerly Sichenzio’s assistant. Sichenzio did not return a call seeking comment, and Haick could not be reached.

Prudential spokesman William J. Ahearn confirmed that some notices had gone out, but said that “no current member of senior management is involved.” Sources said the current Prudential employees who received notices are brokers and branch office managers. Ahearn declined to identify any of them.

The Times reported a month ago that once the SEC reached a settlement with the firm itself, it would then proceed with a second phase of its investigation involving the personal responsibility of current and former executives. The SEC settled with Prudential on Oct. 21, accusing the firm of defrauding hundreds of thousands of its customers.

The alleged wrongdoing included fraud in the sale of limited partnership interests and failing to supervise nine branch offices. Prudential agreed to an open-ended settlement that includes an initial payment of $371 million in penalties and payments to a restitution fund.

The notifications to the executives mark the first official steps toward proceeding against individuals. SEC officials would not comment on whether others may be named as well. But sources close to the investigation said there is a strong possibility that others, including higher-level current and former executives, may eventually be charged.

SEC enforcement division lawyer Jerry A. Isenberg said his only comment is that “the investigation is continuing.”