A former Wachovia securities broker who allowed clients to buy shares in an unregistered hedge fund was named in a fine-seeking complaint by the Massachusetts financial regulator Monday, Reuters reports.

"This is a particular egregious case," Secretary of the Commonwealth William Galvin said in a statement. "The broker knew that he was doing was wrong. The hedge fund was unregistered and clearly unsuitable for his clients. Then the broker tried to cover it all up."

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