Wells Fargo Pays Another $11 Million To Settle Wachovia's Lingering Problems
- Created: Tuesday, 05 April 2011 23:12
The SEC has determined that Wachovia charged the Zuni Nation and another investor "excessive markups" by forcing them to pay close to face value on $5 million in mortgage debt that it had previously marked down 47% on its own books.
The transactions violated the "shingle theory" by hiding the markups.
Wells Fargo acquired Wachovia after that bank's mortgage portfolio forced its collapse.
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