Wells Fargo agrees $11 million SEC settlement over CDO sales

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Wells Fargo Securities, formerly Wachovia Capital Markets, has agreed to settlement charges of more than $11 million in disgorgement and penalties set by the US Securities and Exchange Commission (SEC).

The charges relate to two separate incidents that saw Wachovia selling collateralised debt obligations (CDO) tied to the performance of the US housing market, which was already starting to show signs of distress when the sales took place in late 2006 and early 2007. The SEC claims that on both

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