Wells Fargo to pay $11.2 M in SEC case

Wells Fargo & Co. has agreed to pay $11.2 million to settle allegations that Wachovia’s corporate and investment bank improperly sold two complex mortgage-backed securities in late 2006 and early 2007.

In an order filed Tuesday, the Securities and Exchange Commission said Wells would pay $6.75 million in restitution, plus a $4.45 million civil penalty.

Read more: Wells Fargo to pay $11.2 M in SEC case — Charlotte Observer