FINRA Fines Wachovia Securities $1.4 Million for Prospectus Delivery Failures and Related Supervisory Violations
The fine relates to Wachovia's failures to deliver prospectuses and product descriptions with respect to purchases occurring from July, 2004 through December, 2004. Products included ETFs, CMOs, and auction market preferred securities.
Wachovia failed to deliver required disclosure documents, FINRA found, in 6,000 of 22,000 transactions, with a market value of those 6,000 transactions totaling $256 million.
Source: FINRA
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