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State Street Global Advisors Fined Millions

By Anthony Silva, WBZ NewsRadio 1030 New England Business Editor

BOSTON (CBS) – The state has imposed a $5 million penalty on State Street Global Advisors, for failing to tell investors the true nature of a very risky investment.

Secretary of State Bill Galvin says State Street Global Advisors failed to tell investors about the involvement of a hedge fund that was actually betting the investment being sold would fail.

I spoke with Galvin and a State Street Global Advisors spokesperson.

Listen to the report

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