An affiliate of Wells Fargo agreed to pay a $425,000 penalty as part of a settlement with the Financial Industry Regulatory Authority (FINRA) addressing allegations of disclosure lapses affecting millions of trade confirmations and related supervisory failures.
Wells Fargo Securities’ supervisory system was not reasonably designed to achieve compliance with Exchange Act Rule 10b-10 and FINRA Rule 2232, the self-regulatory organization said in its disciplinary action published Friday.
