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The Boston Globe


Galvin subpoenas banks for details

Massachusetts Secretary of State William Galvin sent subpoenas Wednesday to 15 banks and investment brokerage firms to investigate business practices related to sales of higher-risk alternative investments to older customers.

Among others, Galvin sent subpoenas to Bank of America’s Merrill Lynch, Boston-based Fidelity Brokerage Services, Charles Schwab & Co., Morgan Stanley & Co., Wells Fargo Advisors, UBS Securities, TD Ameritrade, and LPL Financial of Boston.

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