Comment on Wells Fargo accused of securities fraud by state lawsuit

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.

 

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