WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wells Fargo Investments, LLC, $2 million for unsuitable sales of reverse convertible securities through one broker to 21 customers, and for failing to provide sales charge discounts on Unit Investment Trust (UIT) transactions to eligible customers.
News Releases & Statements
FINRA Foundation and USA Track & Field Foundation Team Up to Help Athletes Sidestep Investment Fraud
WASHINGTON — The FINRA Investor Education Foundation and the USA Track & Field Foundation (USATF Foundation) announced today that they are working together to help track and field athletes spot and avoid investment fraud and make informed financial decisions.
Washington, DC, November 30, 2011 The Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) and the Financial Industry Regulatory Authority (FINRA) today issued a Risk Alert and a Regulatory Notice on broker-dealer branch inspections, and offered suggestions to help securities industry firms better perform this key supervisory function.
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has sanctioned an additional eight firms and 10 individuals, and ordered restitution totaling more than $3.2 million, for selling interests in private placement offerings without having a reasonable basis for recommending the securities.
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wells Investment Securities, Inc. $300,000 for using misleading marketing materials in the sale of Wells Timberland REIT, Inc., a non-traded Real Estate Investment Trust (REIT).
WASHINGTON and TORONTO - The Financial Industry Regulatory Authority (FINRA) and the Ontario Securities Commission (OSC) today announced they have entered into a Memorandum of Understanding (MOU) that will facilitate the exchange of information with respect to regulated entities that operate across the U.S.-Canadian border.
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Chase Investment Services Corporation to reimburse customers more than $1.9 million for losses incurred from recommending unsuitable sales of unit investment trusts (UITs) and floating rate loan funds. FINRA also fined Chase $1.7 million.
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Morgan Stanley & Co. Inc. and Morgan Stanley Smith Barney LLC $1 million and ordered $371,000 in restitution and interest to customers for excessive markups and markdowns charged to customers on corporate and municipal bond transactions, and related supervision violations.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today issued the following statement from Richard Ketchum, FINRA Chairman and Chief Executive Officer, regarding a settlement between FINRA and the Securities and Exchange Commission (SEC) arising from documents produced during a 2008 SEC oversight examination of the Kansas City District Office.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined UBS Securities LLC $12 million for violating Regulation SHO (Reg SHO) and failing to properly supervise short sales of securities.