Wachovia slapped with $2M fine By Aaron Siegel June 21, 2007
NASD has fined Wachovia Securities LLC $2 million for failing to adequately supervise its fee-based brokerage business between 2001 and 2004.
The self-regulatory organization also ordered Charlotte, N.C.-based Wachovia to pay restitution to about 1,300 customers who were inappropriately allowed to continue maintaining fee-based accounts, or who were inappropriately charged account fees on Class "A" mutual fund share holdings for which they had already paid a sales charge.
NASD accused Wachovia of failing to put a system in place that would determine whether its fee-based Pilot Plus brokerage accounts were appropriate for its customers.
A NASD investigation found that 594 Wachovia customers, who conducted no trades in their Pilot Plus accounts for at least two consecutive years, paid the company approximately $1.9 million in fees.
Also, 620 Pilot Plus customers held assets of less than $25,000 for at least one full year and paid at least the minimum annual fee of $1,000.
In settling this matter, Wachovia neither admitted nor denied the charges, but agreed to NASD's findings.
Wachovia had about $13 billion in its fee-based brokerage accounts as of the end of the first quarter, according to estimate from Cerulli Associates of Boston.
Wachovia announced last month that it will pay a 16% premium for St. Louis-based brokerage A.G. Edwards Inc. in a,,,,,,,(more)
johmond: So proboards wants a contribution now, how about they put back 1MM's......
Feb 24, 2021 18:00:23 GMT -4
mayz: Still here and keeping the faith.
Feb 24, 2021 18:35:01 GMT -4
Jed: Did you ALL know that Proboards was collecting and selling our personal information all these years??? Scroll to the very bottom of the donation page www.proboards.com/contribute See where it says “Do Not Sell My Personal Information"
Feb 24, 2021 20:16:41 GMT -4
narvo: Wondering if anyone here ever knew the shareholder last name Ehmann from the desert area of California? He was a good man and he liked fell off the face of the Earth. I am sensing a bad feeling. He held many shares. Thx, Narvo
Feb 25, 2021 0:20:13 GMT -4
bbildman: 2 Covid Moderna vaccine shot done, nd I am still alive
Feb 25, 2021 16:14:52 GMT -4
narvo: Another link with CMKX in it.QFS Schedule: According to Military Intel Contact Tier 4B should be notified to set redemption/ exchange appointments on Mon. 1 March or Tues. 2 March,though it may happen sooner.QuantumFinancialSystem anonup.com/thread
Feb 28, 2021 0:02:28 GMT -4