Wells Fargo Settles With SEC for $11 Million

WASHINGTON (CN) – Wells Fargo Securities will pay $11 million to settle an SEC complaint that its predecessor, Wachovia Capital Markets, cheated investors – including the Zuni Tribe – in securities deals involving collateralized debt obligations.     “Wachovia caused significant losses to the Zuni Indians and other investors by violating basic investor protection rules – don’t charge secret excessive markups, and don’t use stale prices when telling buyers that assets are priced at fair market value,” SEC enforcement director Robert Khuzami said in a statement announcing the settlement.