Wachovia Securities Raided in Auction Rate Probe
July 17th, 2008Via: Reuters:
Securities regulators from several U.S. states raided the St. Louis headquarters of Wachovia Securities on Thursday as part of a broad investigation into questionable practices involving auction rate securities, Missouri officials said.
Missouri Secretary of State Robin Carnahan’s office said the “special inspection” at the Wachovia Corp (WB.N: Quote, Profile, Research, Stock Buzz) affiliate, the former A.G. Edwards, concerned the $330 billion auction rate securities meltdown.
It said regulators were looking for information about Wachovia Securities’ sales practices, internal evaluations of the auction rate securities market, and marketing strategies.
A spokeswoman for Wachovia was not immediately able to comment.
Posted in Economy | Top Of Page
