The Financial Industry Regulatory Authority (FINRA) fined Wells Fargo Advisors $1.5 million due to its failure to comply with anti-money laundering regulatory requirements.
According to the FINRA action, from 2003-2012 Wells Fargo failed to properly review about 220,000 new customer accounts by performing the required identity verification, which requires firms to maintain customer identification and verify information about who is opening an account. Wells Fargo discovered the problem in January 2012 and remedied it, ultimately prohibiting activity in 345 accounts where it could not complete verification of customer identity.
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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