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Waddell & Reed, Inc.

Waddell & Reed, Inc. (CRD #866, Shawnee Mission, Kansas) received a censure and fine of $75,000. According to the regulators, the firm failed to establish, enforce and maintain supervisory procedures adequately designed to achieve compliance with applicable laws, regulations, and NASD rules relating to forgery, unauthorized transactions and misappropriation. Apparently, the findings also stated that when the firm was confronted with evidence of problems in these areas, the firm failed to respond properly. In addition, the firm failed to take the appropriate action to prevent violations by its registered representatives. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C11000007)

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