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...
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