Wachovia Securities, First Clearing fined
Written on March 26, 2009
The Financial Industry Regulatory Authority has fined Wachovia Securities and First Clearing, both of St. Louis, $1.1 million for failing to provide more than 800,000 notifications to customers over a five-year period ending in 2008. At the time, Wachovia Securities and First Clearing were both subsidiaries of Wachovia Corp. First Clearing also sent confirmations on bond transactions that didn’t accurately note the rating of the bonds paydayloans.com. FINRA, the brokerage industry’s self-regulatory arm, blamed the mistakes on computer programing and operation problems that went undetected by supervisors. (Jim Gallagher) =”clear:both”>
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