According to FINRA’s Disciplinary and Other FINRA Actions publication, Wells Fargo Advisors, LLC (CRD #19616) of St. Louis, Missouri, was censured, fined $35,000, and required to revise its Written Supervisory Procedures (WSPs). The Firm allegedly accepted and held customer market orders, traded for its own account at prices that would have satisfied the customer market orders, and failed to immediately thereafter execute the customer market orders.
FINRA alleged that the firm failed to show the correct time of execution on the memorandum of numerous different brokerage orders, which was a direct violation of FINRA rules. FINRA’s findings also allege that the firm’s Written Supervisory Procedures did not provide for reasonable supervision designed to achieve compliance with respect to the applicable securities laws and regulations, and FINRA rules. (See FINRA AWC. No. 20120352228-01)
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