A group of limited liability companies affiliated with Wells Fargo have agreed to pay a fine of $2.1 million to settle a disciplinary action brought by the Financial Industry Regulatory Authority (FINRA) for the companies' failure to supervise the sale of complex financial products known as non-traditional exchange-traded funds, as well as for making unsuitable recommendations of these funds.

The group of companies comprises Wells Fargo Advisors LLC, Wells Fargo Advisors Financial Network LLC and Wells Fargo Investments LLC, or collective...

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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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FINRA finally acts on what we knew all along.

On September 27, 2011, the Financial Industry Regulatory Authority ("FINRA") obtained by Acceptance Waiver & Consent ("AWC"), a permanent bar against former Wachovia Securities, L.L.C. and Wells Fargo Securities, L.L.C. stockbroker, Tom D. Hamsher.

Hamsher was accused of making false statements in connection with the sale of the Federal National Mortgage Association or "Fannie Mae" ("FNMA") and...

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