(PRWEB) July 20, 2009 -- The Wall Street Fraud Watchdog has continued to fight for innocent victims caught up in the $330 billion dollar auction rate securities con job for nearly 17 months. According to the group, "it is an insult to the victims, and the taxpayers that the SEC, and state regulators have done such a half hearted job in getting refunds on the auction rate securities con job. People should be going to jail, for what they have done to thousands of completely innocent retail investors & institutional investors." With the revelation of the November 2007 Wells Fargo e-mail brought to light by a law suit filed by the California Attorney General (California VS Wells Fargo-Case #09-487641), the Wall Street Fraud Watchdog is saying, "Wells Fargo needs to settle with its auction rate securities clients and they need to do it now, not next week, next month, or next year, we mean now." If Wells Fargo sold a retail customer, or institutional investor auction rate securities, please contact the Wall Street Fraud Watchdog at 866-714-6466, or contact the group via its 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 suggests that, "if this Well Fargo auction rate securities fiasco continues any longer, we are just going to turn up the heat. Perhaps Andrew Cuomo, should stop running for governor of New York long enough, to actually act like an attorney general. Elliot Spitzer you are not." (this was not intended to be a compliment to Attorney General Cuomo). Individual retail clients, or institutional clients who purchased auction rate securities from Wells Fargo are encouraged to call the Wall Street Fraud Watchdog anytime at 866-714-6466, or contact the group via its web site at Http://WallStreetFraudWatchdog.Com
The Wall Street Fraud Watchdog's sole purpose is investor protection from Wall Street greed & arrogance.
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