The Wall Street Watchdog Blasts California Attorney General Brown for his Failure to Settle with Wells Fargo's Auction Rate Securities

Share Article

The Wall Street Fraud Watchdog is blasting California's Attorney General Jerry Brown for being useless when it comes to a settlement over auction rate securities with Wells Fargo bank. According to the group, "thousands of US citizens are stuck with frozen Wells Fargo auction rate securities, Wells Fargo Bank sold auction rate securities, as risk free, just like cash, & worthless California AG Jerry Brown has an internal Wells Fargo e-mail that sites risk, that dates back to November 2007, and there is still no settlement for these victims?" The Wall Street Fraud Watchdog is saying, "why do we keep on electing dead wood, do nothing politicians such as California Attorney General Jerry Brown. More astonishing this guy is now running for Governor of Taxifornia (California)?" Wells Fargo auction rate securities victims are welcome to call the Wall Street Fraud Watchdog at 866-714-6466, or contact the group at Http://WallStreetFraudwatchdog.Com

News Image
Wells Fargo Bank sold completely innocent customers these exotic investments as just like cash, no risk, etc. California Attorney General Jerry Brown has in his possession internal Wells Fargo e-mailed that site risk, since early in 2009 & there has yet to be a settlement for their customers, who are now hoping, and praying they will get their money back.

The Wall Street Fraud Watchdog is expressing disbelief that California's Attorney General Jerry Brown has been unable to settle with Wells Fargo Bank, over its selling completely innocent customers, an extremely exotic investment called auction rate securities (ARS). The group is saying, "Wells Fargo Bank sold completely innocent customers these exotic investments as just like cash, no risk, etc. California Attorney General Jerry Brown has in his possession internal Wells Fargo e-mailed that site risk, since early in 2009 & there has yet to be a settlement for their customers, who are now hoping, and praying they will get their money back." The Wall Street Fraud Watchdog is now saying, "why do all of these big financial institutions get away with this $330 billion dollar auction rate securities con job, why has no one gone to jail, where is the new Obama Securities & Exchange Commission, where is the US Department of Justice." The group is saying, "does too big to fail also mean criminal laws do no apply to a big financial institution, provided they give lots of money to their favorite Congressman, or a US Senator?" Wells Fargo auction rate securities victims are welcome to contact the Wall Street Fraud Watchdog anytime at 866-714-6466, or contact the group via their web site at Http://WallStreetFraudWatchdog.Com

So what exactly does the Wells Fargo email exposed by the California Attorney Generals law suit say? (California VS Wells Fargo-Case #09-487641)

"An employee of Wells Fargo Bank's Trust Department prepared a document for trust officers entitled 'Fixed Income Update: Failed Auction Risk in the Auction Rate Preferred Market,' in November 2007. The document recommended against the purchase of auction-rate securities because of the risk of auction failures. The document was transmitted to defendants, and was also provided to a few of defendants' sales agents. Defendants' sales agents discussed the document with their counterparts at Wells Fargo Banks' Trust Department. Despite this recommendation, defendants continued to sell auction-rate securities to its investors." If you are an investor with auction rate securities sold by Wells Fargo, please call the Wall Street Fraud Watchdog at 866-714-6466, or contact the group at Http://WallStreetFraudWatchdog.Com

The Wall Street Fraud Watchdog is demanding all retail victims of auction rate securities get full recoveries of their money, they innocently were told to invest in auction rate securities. Is Wells Fargo the only bank, or major investment advisor that sold auction rate securities, and has yet to get settle? The group is saying, "Wells Fargo is not alone. Other major players that have yet to settle with their retail customers include E-Trade, Oppenheimer, and Raymond James. Why are these firms all getting a free pass?" The group is saying, when does the new changed Obama SEC start doing something? We will not accept business as usual anymore, and we are going to keep on fighting for these innocent victims, who were conned into a auction rate securities investment, that was not safe,that was not liquid, and as it turns out was not just like cash."

For more information on auction rate securities can contact the Wall Street Fraud Watchdog at 866-714-6466, or contact the group via its web site at Http://WallStreetFraudWatchdog.Com.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

THOMAS MARTIN
Visit website