Wells Fargo & Co. (WFC) will pay $1 million to resolve Financial Industry Regulatory Authority claims that its St. Louis-based brokerage didn't give investment information in a timely manner to clients who bought mutual funds in 2009.
Wells Fargo Advisers violated securities laws by failing to deliver prospectuses within three days of the purchases, Finra said today in a statement. The firm took as long as 153 days to provide prospectuses and also failed to report information including arbitrations and complaints involving some of its representatives, Finra said.
Read the full Bloomberg story, "Wells Fargo to Pay $1 Million Over Late Prospectuses, Finra Says."
