Violation Tracker Individual Record

Company: 
A.G. Edwards & Sons, Inc.
Current Parent Company: 
Wells Fargo
Penalty: 
$765,993
Year: 
2011
Date: 
April 18, 2011
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

A.G. Edwards & Sons agreed to pay $325,000 to the Investor Education and Protection Fund, $350,449 to the Investor Restitution Fund for restitution to 30 investors, and $50,000 in costs in settlement of allegations it lacked the policies and records to prove that variable rate annuities sold were in compliance with supervisory procedures. It was also in the terms of the Order that $31,544 restitution had already been paid at the Division's direction.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Missouri Secretary of State-Securities
Civil or Criminal Case: 
civil
Facility State: 
Missouri
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
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.