Wells Fargo Advisors fined $1.4 million - Business First of Columbus:

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million for its failure to deliver prospectuses and producty descriptions to customers who bought investment products in 2003and 2004. FINRA’ s investigation showed that the firm failed to delivefr the required prospectuses to customers inabout 6,000 of nearlh 22,000 transactions effected between July 2003 and Decembere 2004. The market value of these 6,000 transactionsw was approximately $256 million.
FINRA, the largest independent regulator ofsecurities firms, said it found widespreadf deficiencies relating to the delivery of prospectuses in connection with exchange-tradee funds, collateral mortgage obligations, auction market preferred corporate debt securities, preferred stocks, mutual alternative investment securities, equity syndicate initial public offeringd and secondary purchases of equity non-syndicated initial public offerings.
The firm’s failures to delivere prospectuses resulted fromcoding errors, failures by certainh business units to notify the firm’xs operations department that a prospectus was requirerd to be delivered, and a failure to monitoer and supervise the activities of its outside vendo r contracted to deliver the In settling this matter, Wellsd Fargo Advisors neither admitted nor denied the but consented to the entry of FINRA’s As part of the a senior officer of the firm agreed to certify that the companyt has adopted and implemented systems and procedures to regaimn compliance with federal regulations.
Wachovia Securities was Wellxs Fargo Advisorslast month, aftee San Francisco-based (NYSE:WFC) bought Charlotte, N.C.-based