Tuesday, March 31, 2009
FINRA fines Wachovia Securities and First Clearing
For the firms' failure to provide more than 800,000 required notifications to customers
US-based Financial Industry Regulatory Authority has fined Wachovia Securities and First Clearing $1.1m for the firms' failure to provide more than 800,000 required notifications to customers over a five-year period ending in 2008...
...FINRA found that the failures by Wachovia Securities and First Clearing were the result of various computer programming and operational problems that went undetected by the firms' internal controls procedures and supervisors. Those failures included over 300,000 notifications of changes in investment objectives and approximately 340,000 notifications of changes of address...
BBR: FINRA fines Wachovia Securities and First Clearing
US-based Financial Industry Regulatory Authority has fined Wachovia Securities and First Clearing $1.1m for the firms' failure to provide more than 800,000 required notifications to customers over a five-year period ending in 2008...
...FINRA found that the failures by Wachovia Securities and First Clearing were the result of various computer programming and operational problems that went undetected by the firms' internal controls procedures and supervisors. Those failures included over 300,000 notifications of changes in investment objectives and approximately 340,000 notifications of changes of address...
BBR: FINRA fines Wachovia Securities and First Clearing
Permalink posted by markw @ 5:05 AM 
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