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million, saying it failed to deliver prospectuse and product descriptions to customere who boughtinvestment products. FINRA’a investigation found the firm failed to deliverr the prospectuses to customers inabout 6,000 of 22,000p transactions between July 2003 and December 2004. The markef value of the 6,00p transactions was $256 “Disclosure of product informationj to the public is ofparamount importance,” said Susan Merrill, FINRAA executive vice president and chief of “When a firm fails to provide prospectusesx and other offering documents, it deprives the investing public of informationm valuable in making informed investment decisions.
” FINRA said Wachovia Securities also exhibitedd supervisory failures that caused a failurr to provide the association with timelty and accurate information.” In settling the matter, Wachovia Securities neitherf admitted nor denied the charges but consentexd to the entry of FINRA’s findings. At the time of the activitu at issue, Wachovia Securitiezs was a subsidiaryof Charlotte, N.C.-based Wachoviaq was acquired by (NYSE: WFC) of San Francisco at the end of 2008. Wachoviaa Securities has since been renamed WellsFargpo Advisors.
FINRA is the largest independengt regulator for all securities firms doingy business in theUnited
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