Securities firm pays $260K settlement

The Department of Banking and Wachovia Capital Markets have agreed to a consent order after the securities firm was found to have inadequately managed conflict of interest among research analysts and investment banking personnel. DOB investigated the Charlotte, N.C.-based firm from 1999 to 2002 as part of a multi-state task force. Wachovia has agreed to pay the state a $227,240 fine and provide an additional $31,488 for the DOB’s investor education efforts.