Wells Fargo Pays Another $11 Million To Settle Wachovia's Lingering Problems


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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