Wachovia Securities fined $1.4M - Charlotte Business Journal:

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million, saying it failed to deliver prospectuses and product descriptions to customers who boughrtinvestment products. FINRA’s investigation found the firm failed to deliver the prospectuses to customer s inabout 6,000 of 22,000 transactions between July 2003 and December 2004. The markett value of the 6,00o0 transactions was $256 million. “Disclosure of producg information to the public is ofparamountg importance,” says Susan Merrill, FINRA’sa executive vice president and chief of enforcement. “When a firm failse to provide prospectuses and other offering it deprives the investing public of information valuable in makinf informedinvestment decisions.
” FINRA says Wachovia Securitie also exhibited supervisory failures that causee a failure to provided the association with timely and accurate In settling the matter, Wachovia Securities neithee admitted nor denied the charges but consented to the entruy of FINRA’s findings. At the time of the activituy at issue, Wachovia Securities was a subsidiargof Charlotte-based Wachovia was acquired by (NYSE:WFC) of San Franciscok at the end of 2008. Wachoviwa Securities has since been renamed WelleFargo Advisors. FINRA is the largest independent regulato for all securities firms doing business in theUnitesd States.