Wachovia sending $150M to settle telemarketing fraud

Wachovia Bank started mailing 742,870 checks worth $150.14 million to victims of telemarketing fraud, the U.S. Attorney in Philadelphia said today.

The checks, in varying amounts, are reimbursement for money taken from the bank accounts of mostly elderly victims by telemarketers and their payment processors, which conducted business through Wachovia.

The $150 million is part of an October settlement of lawsuits alleging that Wachovia officials knew or should have known that the withdrawals from victim's bank accounts were being made without proper authorizations.