(PRWEB) August 13, 2009 -- The Wall Street Fraud Watchdog has continued to attempt to assist stranded victims in the auction rate securities debacle, since February of 2008. While many of the top tier sellers of auction rate securities have settled with their retail clients, for some bizarre reason, Wells Fargo continues to leave thousands of its auction rate securities clients sitting on the curb, waiting, and wondering if they will ever see their money again. The group says, "Wells Fargo has a slight problem. In November of 2007 an e-mail was circulated among Wells Fargo staff members that said, there is risk involved in auction rate securities. What a surprise Wells Fargo continued to sell auction rate securities to completely innocent victims, saying they were just like cash, until the collapse of the auction rate securities market in February 2008." The Wall Street Fraud Watchdog is now saying, "if the hapless investigations, or lawsuits from Washington State & or California are not producing results for thousands of auction rate securities innocent victims, who were told by Wells Fargo that an auction rate security was safe & liquid, then lets get the US Justice Department involved and see people go to jail." Victims of the auction rate securities con job are welcome to call the Wall Street Fraud Watchdog anytime at 866-714-6466, or contact the group at their 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
If a victim of Wells Fargo selling auction rate securities being sold as just like cash & with no risk, the Wall Street Fraud Watchdog would like to hear from them anytime at 866-714-6466, or contact the group via its web site at http://WallStreetFraudWatchdog.Com
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