Wells Fargo Investments LLC has been fined $2 million for failure to supervise the conduct of one of its brokers who sold unsuitable reverse convertible securities to elderly customers, the Financial Industry Regulatory Authority, or FINRA, announced on Dec. 15. The firm was also censured.
The fine also covered Wells Fargo’s also failure to provide sales charge discounts to eligible customers on unit investment trust transactions, or UITs, FINRA said.
A subsidiary of Wells Fargo Bank, Wells Fargo Investments LLC changed its n...
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