Violation Tracker Individual Record

Company: 
Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC
Current Parent Company: 
Wells Fargo
Penalty: 
$3,400,000
Year: 
2017
Date: 
October 16, 2017
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

The Financial Industry Regulatory Authority ordered Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC to pay more than $3.4 million in restitution to affected customers for unsuitable recommendations of volatility-linked exchange-traded products (ETPs) and related supervisory failures.

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.

Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.