05/25/2009 05:12 am ET Updated May 25, 2011

California AG: Wells Fargo Committed Securities Fraud

The state of California accused Wells Fargo & Co. of fraud Thursday for the company's role in an investment meltdown that has been compared to the Bernard Madoff scandal in magnitude.

Atty. Gen. Jerry Brown sued three Wells Fargo investment subsidiaries, alleging they committed securities fraud by telling California investors that $1.5 billion of risky securities sold to them were as safe as cash.

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