Column: Business relationships gone bad in Indian Country

Monday, May 2, 2011  

"Today's theme: Business relationships gone bad in Indian Country.

Two Wells Fargo companies have agreed to pay the Zuni Tribe more than $6 million to settle allegations of wrongdoing related to investment of the tribe's money.

And in other news, a pueblos corporation has reached a settlement with its private partners in a dispute over development of the old Albuquerque Indian School property.

The settlements involving the Zuni Tribe were disclosed by the Financial Industry Regulatory Authority and the U.S. Securities and Exchange Commission.

The biggest settlement came as a result of a complaint that the tribe filed in June 2009 against Wachovia Securities, which has since been renamed Wells Fargo Advisors as a result of the Wells Fargo/Wachovia merger.

The tribe alleged Wachovia Securities made unsuitable investments with money from the pension plan and trust for tribal employees. A Wachovia broker denied investments were improper."

Get the Story:
Thomas J. Cole: Wells Fargo To Pay $6M To Zunis (The Albuquerque Journal 4/30)

Related Stories:
Zuni Pueblo benefits from $11M settlement announced by SEC (4/6)