Violation Tracker Individual Record

Company: 
Wachovia Securities
Current Parent Company: 
Wells Fargo
Penalty: 
$60,000,000
Year: 
2008
Date: 
August 15, 2008
Primary Offense: 
investor protection violation
Violation Description: 

Wachovia Securities agreed to repurchase $10 million illiquid securities and pay $50 million in penalties as part of the resolution of multistate litigation alleging it misled customers in the marketing and sale of auction rate securities.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Multistate Attorneys General Case
Civil or Criminal Case: 
civil
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.