Wells Fargo settles charges acquired from Wachovia
Wells Fargo settles charges acquired from Wachovia
Wells Fargo & Co. agreed to pay $148 million to settle criminal charges and civil claims for conspiring to overcharge state and local governments on investments, Bloomberg reported. The Securities and Exchange Commission (SEC) said in a statement that Wachovia Bank, which has since been acquired by Wells Fargo, fraudulently rigged the bidding for investment deals with local governments on at least 58 transactions from 1997 through 2005. JPMorgan Chase & Co, UBS AG and Bank of America Corp. have previously settled similar cases since the SEC launched what has turned into a five-year investigation.
Wells Fargo & Co. agreed to pay $148 million to settle criminal charges and civil claims for conspiring to overcharge state and local governments on investments, Bloomberg reported.
The Securities and Exchange Commission (SEC) said in a statement that Wachovia Bank, which has since been acquired by Wells Fargo, fraudulently rigged the bidding for investment deals with local governments on at least 58 transactions from 1997 through 2005. JPMorgan Chase & Co, UBS AG and Bank of America Corp. have previously settled similar cases since the SEC launched what has turned into a five-year investigation.
Trending News
