The Investment News reported this week that Wells Fargo Advisors has received a Wells Notice from the Financial Industry Regulatory Authority (FINRA) which indicates the securities regulator intends to recommend disciplinary action, alleging that Wells Fargo failed to implement policies and procedures reasonably designed to achieve compliance with the Bank Secrecy Act and failure to implement regulations to detect and cause reporting of suspicious activity.
FINRA is alleging potential violation of FINRA Rules 3310 and 2010 as well as NASD Rule 2110.
Wells Fargo has over 15,000 brokers. In 2010, Wachovia Corp. , a company acquired by Wells Fargo paid a $160 million settlement to resolve charges that it had laundered Mexican drug money.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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