FINRA Fines Wachovia Units $4.5M Over Sales

Law360, New York (February 12, 2009, 12:00 AM EST) -- The Financial Industry Regulatory Authority Inc. said Thursday that it had fined two units of Wachovia Bank NA more than $4.5 million for violations related to the sales of trusts and mutual funds.

Wachovia has already returned more than $5.4 million in remediation to affected customers in connection with the violations, FINRA said.

The bulk of the fine comes as a result of Wachovia Securities failing to provide investors with sales charge discounts in eligible unit investment trusts or UIT transactions, failing to ensure that investors...
To view the full article, register now.