Tatiana Rodriguez | Bloomberg LawSEC Press Release No. PR-2011-257 (Dec. 8, 2011); SEC Litigation Release No. LR-22183 (Dec. 8, 2011); SEC v. Wachovia Bank, N. A., No. 11-CV-07135 (D.N.J. filed Dec. 8, 2011); DOJ Press Release No. 11-597 (Dec. 8, 2011) The fourth in a series of coordinated efforts by federal and state agencies and attorneys, Wachovia N.A. (Wachovia), now Wells Fargo N.A., settled charges with the authorities regarding alleged misconduct in connection with municipal securities proceeds. Wachovia allegedly engaged in fraudulent and anticompetitive bidding practices by providing kickbacks to bidding agents in order to win contracts for temporary municipal investment proceeds and to underwrite the municipal securities. Wachovia agreed to pay $148 million and take certain remedial measures to resolve the allegations.
Investment of Municipal Securities Proceeds
SEC Action Alleging Fraudulent Conduct
DOJ Action Alleging Anticompetitive Practices
Related Actions by Other Federal and State Authorities
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