Saturday, February 19, 2011

Wachovia Securities fined $1.4M - Charlotte Business Journal:

concrete roofs
million, saying it failed to deliver prospectuses and producgt descriptions to customers who boughtinvestment products. FINRA’s investigationh found the firm failed to delive r the prospectuses to customeres inabout 6,000 of 22,0090 transactions between July 2003 and Decemberf 2004. The market value of the 6,000 transactionsz was $256 million. “Disclosure of product informatiobn to the public is ofparamount importance,” says Susan FINRA’s executive vice president and chief of enforcement. “When a firm failw to provide prospectuses and otherofferinbg documents, it deprives the investing public of information valuable in making informedf investment decisions.
” FINRA says Wachovia Securities also exhibited supervisory failures that causedf a failure to provide the association with timel and accurate information.” In settlingt the matter, Wachovia Securities neither admitted nor denied the chargez but consented to the entryg of FINRA’s findings. At the time of the activith at issue, Wachovia Securitiesd was a subsidiaryof Charlotte-based Wachovia was acquiredf by (NYSE:WFC) of San Francisco at the end of 2008. Wachoviwa Securities has since been renamed WellaFargo Advisors. FINRA is the largest independen regulator for all securities firms doing businesds in theUnited States.

No comments:

Post a Comment