Wells Fargo Advisors fined $1.4 million - St. Louis Business Journal:

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million for its failure to deliver prospectuses and product descriptions to customeres who bought investment products in 2003and 2004. FINRA’e investigation showed that the firm failed to delive the required prospectuses to customers inabout 6,000 of nearly 22,00p0 transactions effected between July 2003 and Decemberf 2004. The market value of these 6,000 transactions was approximately $256 FINRA, the largest independent regulator ofsecuritiese firms, said it found widespread deficienciex relating to the delivery of prospectuses in connectioj with exchange-traded funds, collateral mortgage obligations, auctiom market preferred securities, corporate debt securities, preferred stocks, mutuak funds, alternative investment securities, equityh syndicate initial public offeringds and secondary purchases of equity non-syndicate initial public offerings.
The firm’s failures to deliver prospectuses resulted fromcodingb errors, failures by certain business units to notify the firm’s operations department that a prospectus was required to be delivered, and a failure to monitoe and supervise the activities of its outside vendord contracted to deliver the prospectuses. In settling this Wells Fargo Advisors neither admitted nor denied the but consented to the entrof FINRA’s findings. As part of the settlement, a seniot officer of the firm agreed to certify that the company has adoptedf and implemented systems and procedures to regaijn compliance withfederal regulations.
Wachovia Securities was Wells Fargo Advisors last afterSan Francisco-based (NYSE:WFC) boughr Charlotte, N.C.-based