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Wells Fargo Securities Fined $3.25M For Supervisory Deficiencies

Wells Fargo Securities Fined $3.25M For Supervisory Deficiencies

Wells Fargo Securities Fined $3.25M For Supervisory Deficiencies 150 150 Rex Securities Law

JUNE 2017

Wells Fargo Securities   entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that they failed to report, or had inaccurately reported over-the-counter options trades between 2008 and March 2017.

Although FINRA’s investigation of this issue in 2008 led to an agreement by Wells Fargo to remedy this deficiency, the firm’s reporting system was never fully developed or implemented due to deficient written supervisory procedures.

AWC 20140403261-01

Wells Fargo Securities was censured, assessed a fine of $3.25 million and agreed to an undertaking requiring the firm to review its supervisory systems and take adequate steps to remedy the deficiencies within 120 days.

If you have questions about an account with Wells Fargo Securities , call to learn about your remedies.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are 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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Rex Securities Law

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