Agency fines Wachovia over securities sales
The News Journal
April 10, 2009
The Delaware Department of Justice is fining Wachovia Securities LLC and Wachovia Capital Markets LLC and Citigroup Global Markets Inc. more than $309,000 each for their marketing and sale of auction rate securities after the markets collapsed. Fines collected from these investment firms will be paid to the Delaware Investor Protection Fund. The fines follow settlement in principal with 11 firms in November after a multistate investigation. The firms agreed to repurchase more than $60 billion of auction rate securities from investors nationwide. In Delaware alone, Wachovia sold more than $60 million in auction rate securities and Citigroup sold more than $92 million in auction rate securities.
Story posted online at: http://www.delawareonline.com/article/20090410/BUSINESS/904100312/1003