NASD Fines Wachovia $2M Over Fee-Based Accounts

Law360, New York (June 22, 2007, 12:00 AM EDT) -- Wachovia Securities LLC has received a $2 million fine from the National Association of Securities Dealers, which found that the firm had failed to supervise its fee-based brokerage arm.

In addition to the $2 million penalty, made public on Friday, the bank will identify and reimburse 1,300 customers who were charged extra fees for Class A mutual fund share holdings. Wachovia will also pay restitution to customers who were permitted to maintain their fee-based accounts when they should have been closed.

The NASD also ordered Wachovia...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.