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Wells Fargo Brokerage Services, L.L.C.

Wells Fargo Brokerage Services, L.L.C. (CRD #16100, Minneapolis, Minnesota) received a censure and fine of $150,000. According to the findings, the firm issued account statements to public customers regarding certificates of deposit (CDs) that were misleading in that the language was not adequate to fully disclose the potential price differential between the par value and market value. The regulators also also found that the firm published advertisements and provided sales literature to public customers related to brokered certificates of deposit that failed to provide a sound basis for evaluation of the service offered, omitted facts or qualifications that caused the communications to be misleading, and contained misleading statement of material fact. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C05040087)

Did Wells Fargo Brokerage Services, L.L.C. manage your investments?

 

 

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