FINRA Docks BofA, Wells Fargo Units $5M Over Fund Sales

Law360, New York (June 4, 2013, 1:30 PM EDT) -- The Financial Industry Regulatory Authority has ordered broker-dealer subsidiaries of Bank of America Corp. and Wells Fargo & Co. to pay a total of $5.25 million over sales of risky mutual funds to unfit customers, the regulator said Tuesday.

FINRA ordered Wells Fargo Advisors LLC, the successor to a brokerage unit called Wells Fargo Investments LLC, to pay a fine of $1.25 million and to reimburse $2 million in losses to 239 customers. FINRA also ordered Merrill Lynch Pierce Fenner & Smith Inc., the successor to...
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