Wall Street Fraud
Wachovia to pay $25 mln over research conflicts
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Editor: Debra G. Speyer, Esq.
Profession: Attorney
Category: Interesting News
After a 28 month probe involving biased research of their stock analysts in order to help win investment banking business, Wachovia agreed to a $25 million fine by the North American Securities Administrators Association.
This is the latest and possible the last brokerage to pay a fine for biased research. Other brokerage firms that previously paid large fines for biased research included Bear Stearns, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Chase & Co., Lehman Brothers, Merrill Lynch, Morgan Stanley, Piper Jaffray and Thomas Weisel. Citigroup paid out the largest fine of $400 million.
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