Firms, FINRA Settle Over Improper Fund Sales

Law360, New York (February 28, 2008, 12:00 AM EST) -- The U.S. Financial Industry Regulatory Authority has reached settlements with five investment firms for the allegedly improper sale of mutual funds, ordering them to pay more than $20 million to reimburse customers, along with $2.4 million in fines.

The firms — Wells Fargo Investments LLC, Merrill Lynch, Prudential Securities Inc. and its affiliate Pruco LLC, and UBS Financial Services Inc. — have not admitted to any wrongdoing but agreed to the entry of FINRA's findings in the organization's records.

FINRA fined Prudential $800,000 and UBS $750,000...
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