PORTLAND (AP) – Two securities firms have agreed to pay the state of Maine nearly $500,000 in fines.
Money from the settlement reached with Wachovia Capital Markets and Citigroup Global Markets will go into the state’s general fund. In addition to the fines, the companies will offer to buy back securities from Maine residents who lost money when the investments declined in value.
Maine and other states have accused the companies of misleading investors by marketing complex, long-term auction rate securities as safe, liquid and cash-like investments.The Portland Press-Herald reports that the firms have been fined a total of $100 million nationally.
Send questions/comments to the editors.
Related Stories
Latest Articles
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.