Violation Tracker Individual Record

Company: 
Wachovia Securities, LLC.
Current Parent Company: 
Wells Fargo
Penalty: 
$39,486
Year: 
2004
Date: 
June 29, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

NASD ordered eight firms to pay fines totaling $310,000 and restitution to customers of $300,000 in connection with certain municipal bond trades where customers did not receive a fair price for their bonds, in violation of Municipal Securities Rulemaking Board (MSRB) rules.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
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: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.