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Violation Tracker Individual Record

Company: A.G. Edwards & Sons, Inc.
Current Parent CompanyWells Fargo
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Recap of Ownership Changes subscribe to see this data field
Penalty: $5,890,000
Year: 2000
Date: April 6, 2000
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: NASD Regulation, Inc. censured seven brokerage firms for engaging in the practice of yield burning and ordered them to pay a total of $21.4 million to the U.S. Treasury, under an agreement with the Internal Revenue Service and the United States Attorney for the Southern District of New York, and to pay disgorgement directly to 38 municipal issuers. The NASD press release did not specify how much each firm would pay. That information was obtained from an April 7, 2000 Associated Press article retrieved via Nexis.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data(click here)
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.