LAWSUITS NEWS & LEGAL INFORMATION
Wachovia Capital Markets, LLC
Baltimore, MD: (Jul-12-07) Maryland Attorney General Douglas Gansler's Office filed charges against Wachovia Capital Markets, LLC of Charlotte, North Carolina, alleging that the company failed to supervise its employees in connection with potential conflicts of interest between Wachovia Capital Markets' research analysts and investment bankers. Wachovia Capital Markets operates Wachovia Corporation's institutional brokerage and capital markets businesses. The investigation of Wachovia Capital Markets was part of a comprehensive regulatory effort to reform the relationship between investment banking and research and to manage appropriately conflicts of interest.
In a settlement reached, Wachovia agreed to pay Maryland $326,480 in civil monetary penalties for failing to supervise its employees in connection with potential conflicts of interest, and $26,934 in penalties for failing to preserve books, records, and e-mail. An additional $48,972 will be available for investor education projects designated by the Maryland Securities Commissioner. [SOUTHERN MARYLAND ONLINE: EMPLOYEE CONFLICT]
Published on Jul-16-07
In a settlement reached, Wachovia agreed to pay Maryland $326,480 in civil monetary penalties for failing to supervise its employees in connection with potential conflicts of interest, and $26,934 in penalties for failing to preserve books, records, and e-mail. An additional $48,972 will be available for investor education projects designated by the Maryland Securities Commissioner. [SOUTHERN MARYLAND ONLINE: EMPLOYEE CONFLICT]
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