States Raid Wachovia Securities Regarding Auction Rate Securities Abuses
A team of state regulators raided Wachovia Securities’ St. Louis headquarters today as part of a broad investigation into sales of auction rate securities to investors. The investigation is apparently focusing on Wachovia Securities’ sales practices in selling auction rate securities as well as Wachovia Securities’ internal activities regarding the auction rate securities market. The raid was apparently necessitated by Wachovia Securities’ refusal to comply with requests for information issued by the state of Missouri.
In addition, Missouri has reportedly served subpoenas on more than twelve Wachovia Securities’ executives and employees as part of the investigation.
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