Wachovia Corp. has started to reimburse victims of a telemarketing fraud as part of its April settlement with U.S. banking regulators, mailing nearly 750,000 checks totaling more than $150 million to the victims.

The case involves relationships the bank had with several telemarketers and payment processors that obtained bank-account information over the phone from thousands of elderly and poor consumers by offering to sell them identify-theft certificates, discount travel vouchers, and other questionable products or services, according to the Office of the Comptroller of the Currency.

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