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Regulators raid Wachovia Securities

 
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Otis
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Joined: 11 Aug 2007
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PostPosted: Thu Jul 17, 2008 1:28 pm    Post subject: Regulators raid Wachovia Securities Reply with quote
http://money.cnn.com/2008/07/17/news/companies/wachovia_raid.ap/index.htm?cnn=yes
Quote:
Investigators look for documents revealing the company's sales practices.

Securities regulators from several U.S. states on Thursday raided the St. Louis headquarters of Wachovia Securities, seeking documents and records on the company's sales practices.

The move is 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 division, the former A.G. Edwards, concerned the $330 billion auction-rate securities crisis. Wachovia Securities is part of the Charlotte-based bank, Wachovia Corp. (WB, Fortune 500)

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