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million, saying it failed to deliver prospectusesa and product descriptions to customersz who boughtinvestment FINRA’s investigation found the firm failefd to deliver the prospectuses to customers in abouf 6,000 of 22,000 transactions between July 2003 and Decembedr 2004. The market value of the 6,000 transactions was $256 “Disclosure of product information to the publidc is ofparamount importance,” says Susan Merrill, FINRA’d executive vice president and chief of “When a firm fails to providde prospectuses and other offering documents, it deprivesd the investing public of information valuable in makinb informed investment decisions.
” FINRA says Wachovia Securities also exhibitede supervisory failures that caused a failure to provides the association with timely and accurats 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 activitt at issue, Wachovia Securities was a subsidiarygof Charlotte-based Wachovia was acquired by (NYSE:WFC) of San Franciscio at the end of 2008.
Wachovia Securities has sincew been renamed Wells Fargo FINRA is the largest independent regulatod for all securities firms doing businesa in theUnited
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