Defendant Name:
Wachovia Bank, N.A.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Wells Fargo & Co.
SIC Code:
6021
CUSIP:
94974610
Document Reference:
comp22183
Document Details
Legal Case Name
SEC v. Wachovia Bank, N.A., now known as Wells Fargo Bank, N.A., successor by merger
Document Name
Complaint for Violations of the Federal Securities Laws
Document Date
08-Dec-2011
Document Format
Civil Proceeding
Case Number
11-cv-07135
Federal District Court
New Jersey, District of New Jersey
Allegation Type
Municipal Securities & Public Pensions
Document Summary
In the Complaint, the SEC stated: "This case involves various fraudulent bidding practices by Wachovia involving the temporary investment of proceeds from the sale of tax-exempt municipal securities in certain reinvestment instruments by state and local government entities in the United States ('Municipalities').... Wachovia's fraudulent practices and misrepresentations affected the prices of the reinvestment instruments, deprived the municipalities of a conclusive presumption that their reinvestment instruments were purchased at fair market value, and/or jeopardized the tax-exempt status of the underlying securities, thereby injuring numerous Municipalities. During an eight-year period, Wachovia rigged at least 58 transactions concerning the reinvestment of proceeds from the sale of over $9 billion of underlying municipal securities, generating millions of dollars in ill-gotten gains."
