SEC takes Wells Fargo to court to enforce subpoenas

[Eugene]

Source: Reuters

By Sarah N. Lynch and Rick Rothacker

Fri Mar 23, 2012 7:04pm EDT

(Reuters) - U.S. securities regulators accused Wells Fargo & Co on Friday of repeatedly ignoring its subpoenas for documents in connection with a probe into the bank's $60 billion sale of mortgage-backed securities.

The Securities and Exchange Commission's filing in a San Francisco federal court seeks to compel the fourth largest U.S. bank to hand over documents. The SEC said it has issued several subpoenas since September.

A Wells Fargo spokeswoman called the SEC's action "inappropriate" and pledged the bank would "vigorously defend itself in court" against the SEC action.

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The SEC said on Friday it is looking into whether Wells Fargo made "material misrepresentations or omitted material facts" in offerings it made to investors from September 2006 through early 2008, a period that included the beginnings of the financial crisis.

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Read more: http://www.reuters.com/article/2012/03/23/us-wellsfargo-sec-idUSBRE82M13H20120323

[Lint Head]

1. So lying financial institutions like Wells Fargo & Co can now ignore subpoenas?

This country is up shit creek if this is true.

[glinda]

4. I felt this was coming.....

[indepat]

2. Wells Fargo seems to be sneering as to who the hell the

SEC thinks it is to be poking its nose into our securities business.

[They_Live]

3. Won't they have to subpoena them

to get them into court to force them to pay attention to the previous subpoenas?

Throw some suits into the slammer, that might make them pay attention. Maybe?

[lonestarnot]

6. What a civil arrest warrant?

[Tx4obama]

5. Kick n/t