April 11, 2007
Securities firm pays $260K settlement
The Department of Banking and Wachovia Capital Markets have agreed to a consent order after the securities firm was found to have inadequately managed conflict of interest among research analysts and investment banking personnel. DOB investigated the Charlotte, N.C.-based firm from 1999 to 2002 as part of a multi-state task force. Wachovia has agreed to pay the state a $227,240 fine and provide an additional $31,488 for the DOB's investor education efforts.
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