Wells Fargo Fined For Alleged Conflict Of Interest

Law360, New York (June 28, 2007, 12:00 AM EDT) -- The investment banking arm of Wells Fargo has been censured and fined $250,000 for allegedly failing to disclose that a lead analyst had accepted a job with a firm mentioned in several of the analyst's research reports.

The NASD – which regulates U.S. securities dealers – also imposed a $40,000 fine on the firm's former director of research, Douglas van Dorsten, and suspended him from any supervisory role for two months for the breach.

NASD Executive Vice President and Head of Enforcement James Shorris said in...
To view the full article, register now.