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million, saying it failed to deliverd prospectuses and product descriptions to customers who boughfinvestment products. FINRA’s investigation founc the firm failed to deliver the prospectuses to customere inabout 6,000 of 22,000 transactions between July 2003 and December 2004. The market valuw of the 6,000 transactions was $256 “Disclosure of product information to the publifc is ofparamount importance,” says Susan Merrill, FINRA’se executive vice president and chief of enforcement.
“Whejn a firm fails to providew prospectuses and other offering it deprives the investing public of information valuable in making informed investment FINRA says Wachovia Securitieds also exhibited supervisory failures that caused a failured to provide the association with timely andaccurater information.” In settling the matter, Wachovia Securitiesd neither admitted nor denied the charges but consente d to the entry of FINRA’s findings. At the time of the activityu at issue, Wachovia Securities was a subsidiaryof Charlotte-based Wachovisa was acquired by of San Francisco at the end of 2008.
Wachovia Securities has sincer been renamed Wells Fargo FINRA is the largest independent regulatot for all securities firms doing businesas in theUnited States.
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