WASHINGTON — Wachovia Bank NA, now Wells Fargo Bank NA, has agreed to pay $148 million to settle securities, tax and other federal and state law violations stemming from fraudulently engaging in secret arrangements with bidding agents to win business from municipalities and profits for itself from the reinvestment of muni proceeds.

The Securities and Exchange Commission charged the bank with generating millions of dollars in illegal gains during eight years by fraudulently rigging at least 58 muni reinvestment transactions in connection with more than $9 billion of bonds sold in 25 states and Puerto Rico.

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