Wells Fargo Advisors, LLC (CRD #19616, St. Louis, Missouri)
was censured, fined $35,000 and required to revise its Written Supervisory Procedures (WSPs) for allegedly accepting and holding client market orders, traded for its own account at prices that would have satisfied the client market orders, and failed to immediately execute the client market orders.
FINRA’s findings stated that Wells Fargo Advisors failed to show the correct execution time and entry time on the brokerage orders. The findings stated that Wells Fargo Advisors failed to report to the ORF the correct execution time in last sale reports of transactions in designated securities.
FINRA’s findings also included that Wells Fargo Advisors’ supervisory system did not provide for supervision reasonably designed to achieve compliance with the securities laws and regulations, and FINRA rules, concerning OTC order protection. Wells Fargo Advisors’ WSPs failed to provide for the minimum requirements for adequate WSPs concerning OTC order protection.
(FINRA Case #2012035222801)
The summation of information which was obtained from FINRA’s Website “Disciplinary and Other Actions July 2015, ends here.”
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