By Aaron Nicodemus2024-09-17T14:27:00
A Wells Fargo subsidiary will pay nearly $3 million to settle allegations that it failed to properly supervise an employee attempting to sell unsuitable investment products to retail investors–the fifth time it has been penalized for similar supervisory failings since 2020.
The Financial Industry Regulatory Authority (FINRA) said in a disciplinary action Thursday that Wells Fargo Clearing Services (WFCS) will pay a $400,000 fine, $600,000 in restitution, and $2 million in disgorgement for failing to prevent an employee from engaging in unsuitable, short-term trading in several investment products for retail investors in 2017 and 2018.
The firm also failed to properly follow up on red flags of the employee’s trading in these products, like by restricting his ability to make new sales in those products.
2025-01-03T14:44:00Z By Jeff Dale
The Financial Industry Regulatory Authority issued fines against four large banks to end 2024, all for different alleged misconduct, but all related to the firms’ failures to implement a supervisory system reasonably designed to achieve compliance with FINRA rules.
2024-11-19T21:05:00Z By Aaron Nicodemus
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
2024-09-13T15:37:00Z By Aaron Nicodemus
The Treasury Department’s Office of the Comptroller of the Currency ordered Wells Fargo to make “comprehensive corrective actions” to its Bank Secrecy Act/anti-money laundering and U.S. sanctions programs, along with receive permission from the OCC to offer new products and services or enter new geographic markets with “medium or high” ...
2025-09-17T17:20:00Z By Adrianne Appel
A Florida seafood company executive has pleaded guilty to conspiring with competitors to fix the prices he paid to local fishers, an effort that impacted more than $8 million in wholesale fish and cut the pay of hundreds of fishers, the Department of Justice said.
2025-09-16T20:11:00Z By Adrianne Appel
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
2025-09-12T19:40:00Z By Oscar Gonzalez
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
Site powered by Webvision Cloud