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Wachovia Units Fined $1.1M For Notification Failures

Law360 (March 24, 2009, 12:00 AM EDT) -- Two subsidiaries of former Wachovia Corp. have been fined a total of $1.1 million by the Financial Industry Regulatory Authority for alleged customer notification failures stretching back five years.

Wachovia Securities LLC and First Clearing LLC — both St Louis-based affiliates of the one-time investment bank — must also retain independent consultants to review their oversight procedures, as part of a settlement announced by FINRA on Tuesday.

The two firms failed to provide more than 800,000 required notifications to customers over a five-year period ending in...
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