Banking
Apr. 25, 2009
State AG Brown Goes After Wells Fargo & Co.
Attorney General Jerry Brown accused Wells Fargo Thursday of bilking California investors out of $1.5 billion by falsely assuring them that their investments in auction-rate securities were safe.
Daily Journal Staff Writer SAN FRANCISCO - State Attorney General Jerry Brown accused banking giant Wells Fargo & Co. Thursday of bilking California investors out of $1.5 billion by falsely assuring them that their investments in auction-rate securities were safe. When auctions froze up around the country in February 2008, more than 2,000 investors were prevented from redeeming their securities for cash as they were promised, B...
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