Violation Tracker Individual Record
: Wells Fargo Investments
Current Parent Company
: Wells Fargo
Parent at the Time of the Penalty AnnouncementPenalty
to see this data field
: December 19, 2005
: financial offenses
: investor protection violation
: financial institution supervision failures
: NASD fined Merrill Lynch, Pierce, Fenner & Smith, Wells Fargo Investments and Linsco/Private Ledger Corporation a total of $19.4 million for suitability and supervisory violations relating primarily to sales of Class B mutual fund shares as well as some Class C mutual fund shares.
Level of Government
: agency action
: Financial Industry Regulatory Authority
Civil or Criminal Case
HQ Country of Current Parent
HQ State of Current Parent
Ownership Structure of Current Parent
: publicly traded
Major Industry of Current Parent
: financial services
Specific Industry of Current Parent
Source of Data
: NASD Fines Merrill Lynch, Wells Fargo and Linsco $19.4 Million For Improper Sales of Class B and C Mutual Fund Shares, PR Newswire, December 19, 2005 (via Nexis).
: 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).
: 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