Securities News Releases
Wednesday, November 18, 2009
Contact: Laura Egerdal, (573) 526-0949
Contact: Abe Rakov, (573) 526-4734
Statement from Secretary Carnahan on Wells Fargo Auction Rate Securities Settlement
Jefferson City, MO - Secretary of State Robin Carnahan today released the following statement regarding the national settlement with Wells Fargo Investments in auction rate securities investigations:
I am pleased that $1.3 billion is being returned to investors nationwide, and I applaud Wells Fargo for finally agreeing to this important relief.†During these tough economic times, I am glad we can stand up for Missourians and others who need our help.
This settlement is just one of many examples that show state securities regulators are best able to respond to the concerns of main street investors. I appreciate the work and determination of the state regulators that worked with Wells Fargo to reach this settlement, including the Missouri Securities Division, which helped lead this investigation.
More information on the national settlement is available from the North American Securities Administrators Association, online here.
In the past year, major investment banks across the country worked with state regulators and bought back auction rate securities from their clients. Carnahanís office has reached agreements with over 11 firms, including Wachovia Securities and Commerce Bank, which helped tens of thousands investors get access to the money they desperately needed. Nationwide, agreements reached by Carnahanís Securities Division have returned over $10 billion to auction rate securities investors.
For more information regarding investments and fraud protection, visit the Secretary of State's online Missouri Investor Protection Center at www.MissouriSafeSavings.com or call the toll free Investor Protection Hotline at 1-800-721-7996.
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To find out more about the Missouri Secretary of Stateís Office, visit www.sos.mo.gov