In March 2014, the Financial Industry Regulatory Authority (FINRA) fined Wadsworth Investment Co. $50,000. William Frederick Wadsworth (CRD 456251), President and Chief Compliance Officer, was fined $20,000 and suspended for three months.
These sanctions were imposed by FINRA upon findings that Wadsworth failed to establish adequate written supervisory procedures related to firm email procedures and compliance with securities laws and regulations. Despite the firm being disciplined by FINRA for failing to conduct annual reviews of its business, Wadsworth did not conduct an annual review of the firm’s business in 2009. The firm, acting through Wadsworth, conducted inadequate periodic reviews of the firm’s business and failed to draft written reports of review findings.
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