Supervisory Failures Allegedly Resulted in Unsuitable Trades and Rollovers
Wells Fargo Clearing Services and Wells Fargo Advisors have arrived at a settlement with the Financial Industry Regulatory Authority (FINRA).
The two broker-dealers will pay $3.1M for purportedly not setting up and maintaining a supervisory system that complied with the self-regulatory organization’s (SRO’s) rules involving early unit investment trust (UIT) rollover trading. FINRA’s action is its final one in its targeted probe into the sale of UITs.
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