Hopi Tribe seeks nearly $190M from bank for bad investment

Friday, May 24, 2013  

The Hopi Tribe of Arizona is seeking nearly $190 million from Wachovia bank and two investment advisors.

"Wachovia’s investment advisors lost millions of the Hopi Tribe’s dollars and must be held accountable for their actions," Chairmran LeRoy N. Shingoitewa said in a press release.

The tribe said it authorized Wachovia to make low-risk investments. In claims filed with the Financial Industry Regulatory Authority, the tribe said it lost millions of dollars in high-risk investments that were blamed on two specific advisors.

“The tribal council and I have an obligation to protect the Tribe’s funds and we take that responsibility very seriously. The severe nature of the misconduct that has now been uncovered requires us to act on this matter. And that is exactly what we are doing," Shingoitewa said in the press release.

Wells Fargo acquired Wachovia in 2008. A spokesperson told the Associated Press that it will participate in arbitration hearings with the tribe.

Get the Story:
Arizona tribe claims bank mismanaged investments (AP 5/23)