Violation Tracker Individual Record
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.
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).