Wells Fargo to Pay $1 Million Over Late Prospectuses, Finra Says
Bloomberg, May 5, 2011
May 04, 2011 at 08:00 PM
1 minute read
The original version of this story was published on Law.com
Wells Fargo & Co. (WFC) will pay $1 million to resolve Financial Industry Regulatory Authority claims that its St. Louis-based brokerage didn't give investment information in a timely manner to clients who bought mutual funds in 2009.
Wells Fargo Advisers violated securities laws by failing to deliver prospectuses within three days of the purchases, Finra said today in a statement. The firm took as long as 153 days to provide prospectuses and also failed to report information including arbitrations and complaints involving some of its representatives, Finra said.
Read the full Bloomberg story, “Wells Fargo to Pay $1 Million Over Late Prospectuses, Finra Says.”
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