Violation Tracker Individual Record
The Financial Industry Regulatory Authority ordered Wells Fargo Advisors, LLC, Wells Fargo Advisors Financial Network, LLC, Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and LPL Financial LLC to pay more than $30 million in restitution, including interest, to affected customers for failing to waive mutual fund sales charges for certain charitable and retirement accounts. Wells Fargo, Raymond James and LPL were required to pay affected customers an estimated $15 million, $8.7 million and $6.3 million, respectively. In addition to this amount, LPL was required to pay restitution to eligible customers who purchase or purchased mutual funds without an appropriate sales charge waiver from January 1, 2015, through the date that the firm fully implemented training, systems and procedures related to the supervision of mutual fund sales waivers.
FINRA is a securities industry self-regulatory body authorized by the federal government.