April 21, 2009
Securities settlement destined for state coffers
By Mainebiz News Staff
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, according to the Associated Press. 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.
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