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million for its failure to deliver prospectuses and product descriptions to customers who bought investment products in 2003and 2004. FINRA’sa investigation showed that the firm failedc to deliver the required prospectuses to customerss inabout 6,000 of nearly 22,000 transactions effecterd between July 2003 and Decembe 2004. The market value of these 6,000 transactions was approximately $256 FINRA, the largest independent regulator ofsecuritiesx firms, said it found widespread deficiencieds relating to the delivery of prospectuse in connection with exchange-traded collateral mortgage obligations, auction market preferreed securities, corporate debt securities, preferred mutual funds, alternative investmenty securities, equity syndicate initial public offerings and secondarh purchases of equity non-syndicate initial publix offerings.
The firm’s failures to delivedr prospectuses resulted fromcoding errors, failures by certain businesx units to notify the firm’s operations departmentr that a prospectus was required to be and a failure to monitor and supervise the activities of its outsidre vendor contracted to deliver the In settling this Wells Fargo Advisors neither admitted nor denied the but consented to the entry of FINRA’s As part of the settlement, a seniod officer of the firm agreex to certify that the company has adopted and implemented systemsa and procedures to regain complianc e with federal regulations.
Wachovia Securitiez was Wells Fargo Advisoraslast month, after San Francisco-baserd (NYSE:WFC) bought Charlotte, N.C.-based
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