The Financial Industry Regulatory Authority fined Wachovia Securities LLC and First Clearing LLC $1.1 million for failing to provide more than 800,000 required notifications to customers during a five-year period.Separately, the market regulator awarded hurts of $8.9 million against Associated Securities and a broker for investing 16 households in a hedge fund that was allegedly misidentified to the investors.Finra said the troubles at Wachovia Securities and First Clearing were the result of computer programming and operational problems undetected by the firms’ internal controls procedures and supervisors.
Posts Tagged ‘Operational Problems’
WSJ FINRA Update – March 24, 2009
March 24th, 2009 
Before You Invest 
Posted in Finance Fraud 
Tags: Arbitration Panel, California Law, Changes Of Address, Claimants, Computer Programming, Deceit, Financial Industry Regulatory Authority, Finra, Hedge Fund, Investment Objectives, Investor Protection, Market Regulator, Operational Problems, Options Trading, Securities Broker, Wachovia, Wachovia Securities, Wells Fargo, Wells Fargo Co, Wsj 
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