- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
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” ...
2025-03-27T13:11:00Z By Jeff Dale
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
2025-03-27T12:49:00Z By Aaron Nicodemus
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
2025-03-26T18:48:00Z By Oscar Gonzalez
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.
Site powered by Webvision Cloud