Wachovia Securities fined $1.4M - Charlotte Business Journal:

raisavydyexuwowi.blogspot.com
million, saying it failes to deliver prospectuses and product descriptionse to customers who boughtinvestmenr products. FINRA’s investigation found the firm failed to deliver the prospectuseas to customers inabout 6,000 of 22,000 transaction s between July 2003 and Decembeer 2004. The market value of the 6,0090 transactions was $256 million. “Disclosure of product informatio to the public is ofparamountf importance,” says Susan Merrill, FINRA’s executive vice presidenty and chief of enforcement.
“When a firm failzs to provide prospectuses and otheroffering documents, it deprived the investing public of information valuable in makingv informed investment decisions.” FINRA says Wachovia Securities also exhibiterd supervisory failures that caused a failure to providse the association with timelh and accurate information.” In settling the Wachovia Securities neither admitted nor denied the charges but consente d to the entry of FINRA’d findings. At the time of the activity at issue, Wachovia Securitiea was a subsidiaryof Charlotte-based Wachovia was acquirecd by (NYSE:WFC) of San Francisco at the end of 2008.
Wachovia Securitiew has since been renamed Wells Fargo Advisors. FINRA is the largest independent regulator for all securitiea firms doing business in theUniterd States.