Wells Fargo Accused Of Securities Fraud By State Lawsuit

Wells Fargo accused of securities fraud by state lawsuit

Attorney General Jerry Brown says customers were misled into believing that auction-rate securities were safe. Wells Fargo disputes that, and says it aided customers hit by the collapse of the market. California today sued investment subsidiaries of Wells Fargo & Co. for securities fraud, alleging that the San Francisco financial services company misled investors by selling $1.5 billion worth of risky securities that it peddled as being as safe as cash.

Sections:  news   business   
Topics:  banks   lawsuit   securities   securities fraud   wells fargo   
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