Assets under management Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total AUM
Total Accounts
10Y AUM Change
Private Funds
Private funds reported by Wells Fargo Advisors
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Employee Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total Employees
Clients per Employee
10Y Employee Change
Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.
Current profile metrics reflect a newer SEC ADV filing than the latest point shown in the historical chart. The chart will update once that filing is added to the ADV history dataset.
Ownership
Reported direct and indirect ownership ranges
Each range applies to a separate reported relationship and should not be added together.
Reported ownership ranges
Highlighted bands show the percentage range reported in Form ADV.
0%25%50%75%100%
WACHOVIA SECURITIES FINANCIAL HOLDINGS, LLCDirect owner · Schedule AInterest in WELLS FARGO ADVISORS
75%+
EVEREN CAPITAL CORPORATIONIndirect owner · Schedule BInterest in WACHOVIA SECURITIES FINANCIAL HOLDINGS, LLC
75%+
WELLS FARGO & COMPANYIndirect owner · Schedule BInterest in WFC HOLDINGS, LLC
75%+
WFC HOLDINGS, LLCIndirect owner · Schedule BInterest in EVEREN CAPITAL CORPORATION
75%+
Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Wells Fargo Advisors.
Reported ownership and control details
Form ADV · Filing date 2026-10-01 · Schedules A and B
| # | Owner / person & role | Interest in entity | Reported interest | Control person | Title / status acquired | Source |
|---|---|---|---|---|---|---|
| 1 | WACHOVIA SECURITIES FINANCIAL HOLDINGS, LLCSOLE MEMBERDomestic entity | WELLS FARGO ADVISORS | 75% or moreCode E | Yes | SOLE MEMBER12/2003 | Schedule APDF page 46 |
| 2 | ERIK ANTHONY KARANIKBOARD OF MANAGERSIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | BOARD OF MANAGERS03/2017 | Schedule APDF page 46 |
| 3 | BARRY SOMMERSCHIEF EXECUTIVE OFFICER / BOARD OF MANAGERSIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | CHIEF EXECUTIVE OFFICER / BOARD OF MANAGERS01/2021 | Schedule APDF page 46 |
| 4 | DARRELL CRONKHEAD OF INVESTMENT SOLUTIONS / WIM CHIEF INVESTMENT OFFICER / BOARD OF MANAGERS / CONTROL PRINCIPALIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | HEAD OF INVESTMENT SOLUTIONS / WIM CHIEF INVESTMENT OFFICER / BOARD OF MANAGERS / CONTROL PRINCIPAL01/2021 | Schedule APDF page 46 |
| 5 | SOL GINDIPRESIDENT / HEAD OF WIM DISTRIBUTION / BOARD OF MANAGERS / CONTROL PRINCIPALIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | PRESIDENT / HEAD OF WIM DISTRIBUTION / BOARD OF MANAGERS / CONTROL PRINCIPAL01/2021 | Schedule APDF page 46 |
| 6 | DAVID WARD SAUNDERSDESIGNATED STATE PRINCIPALIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | DESIGNATED STATE PRINCIPAL09/2022 | Schedule APDF page 46 |
| 7 | RAKESH PATELCHIEF FINANCIAL OFFICER / BOARD OF MANAGERSIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | CHIEF FINANCIAL OFFICER / BOARD OF MANAGERS12/2022 | Schedule APDF page 46 |
| 8 | PAUL LACEYPRINCIPAL OPERATIONS OFFICER / CONTROL PRINCIPALIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | PRINCIPAL OPERATIONS OFFICER / CONTROL PRINCIPAL04/2023 | Schedule APDF page 46 |
| 9 | CHRISTOS G TSAMADIASCHIEF COMPLIANCE OFFICERIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | No | CHIEF COMPLIANCE OFFICER10/2023 | Schedule APDF page 46 |
| 10 | PRASANNA SOMESHWARHEAD OF BANKING, LENDING & TRUST / CONTROL PRINCIPALIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | HEAD OF BANKING, LENDING & TRUST / CONTROL PRINCIPAL10/2023 | Schedule APDF page 46 |
| 11 | KIMBERLY CROWDER TAWEALTH CLIENT MANAGEMENT SENIOR EXECUTIVE/CONTROL PRINCIPALIndividual | WELLS FARGO ADVISORS | Less than 5%Code NA | Yes | WEALTH CLIENT MANAGEMENT SENIOR EXECUTIVE/CONTROL PRINCIPAL05/2026 | Schedule APDF page 46 |
| 12 | EVEREN CAPITAL CORPORATIONSHARE HOLDERDomestic entity | WACHOVIA SECURITIES FINANCIAL HOLDINGS, LLC | 75% or moreCode E | Yes | SHARE HOLDER08/2010 | Schedule BPDF page 47 |
| 13 | WELLS FARGO & COMPANYSHARE HOLDERDomestic entity | WFC HOLDINGS, LLC | 75% or moreCode E | Yes | SHARE HOLDER09/1998 | Schedule BPDF page 47 |
| 14 | WFC HOLDINGS, LLCSHARE HOLDERDomestic entity | EVEREN CAPITAL CORPORATION | 75% or moreCode E | Yes | SHARE HOLDER12/2017 | Schedule BPDF page 47 |
Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.
Compliance & Disclosures
Filing dated 10/1/2026 4:34:12 PM
Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.
RIA or supervised-person involvementThe RIA reported that one or more events below involve the firm or its supervised persons.RIA responseYes
AFelonies2 Yes
In the past ten years, have you or any advisory affiliate:
- A1Been convicted of or pleaded guilty or no contest to a felony?Yes
- A2Been charged with a felony?Yes
BMisdemeanors2 Yes
In the past ten years, have you or any advisory affiliate:
- B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?Yes
- B2Been charged with a misdemeanor of the kind listed above?Yes
CSEC or CFTC actions4 Yes1 No
Has the SEC or CFTC ever:
- C1Found you or an advisory affiliate made a false statement or omission?Yes
- C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?Yes
- C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- C4Entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?Yes
DOther regulatory actions5 Yes
Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:
- D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?Yes
- D2Found you or an advisory affiliate violated investment-related regulations or statutes?Yes
- D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?Yes
- D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?Yes
ESelf-regulatory organization actions3 Yes1 No
Has a self-regulatory organization or commodities exchange ever:
- E1Found you or an advisory affiliate made a false statement or omission?Yes
- E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?Yes
- E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?Yes
FProfessional authorizations1 Yes
- FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?Yes
GPending regulatory proceedings1 Yes
- GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?Yes
HCivil judicial actions and proceedings4 Yes
(1) Court actions
Has a domestic or foreign court:
- H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?Yes
- H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?Yes
- H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?Yes
(2) Pending civil proceedings
- H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?Yes
Additional DRP filings 382 source blocks
Verbatim excerpts from supporting DRP filings, which may concern the firm or advisory affiliates. Amounts retain their filed labels; no total or attribution is inferred.
criminal · block 1PDF pages 48–49
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 6021084 This advisory affiliate is a Firm an Individual Registered: Yes No Name: ESPINOZA, MAURICIO (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 2PDF pages 49–50
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5222777 This advisory affiliate is a Firm an Individual Registered: Yes No Name: AMBROSE, NANCY, R (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 3PDF pages 50–51
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4003165 This advisory affiliate is a Firm an Individual Registered: Yes No Name: HOLTZ, MARIA, LOUISE (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 4PDF pages 51–52
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5525881 This advisory affiliate is a Firm an Individual Registered: Yes No Name: HOPPER, MICHAEL, HAMILTON (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): 02/14/2020 Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). A) PRETRIAL, C)DUI AND CHILD ENDANGERMENT 1 COUNT, D) PLEAD NOT GUILTY FUTURE COURT DATE C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.) COUNTY ALLEGES I WAS DRIVING UNDER THE INFLUENCE OF ALCOHOL WITH MY 13 YEAR OLD DAUGHTER AND 12 YEAR OLD SON IN VEHICLE. I WILL BE PLEADING NOT GUILTY TO THIS CHARGE WHEN I ATTEND COURT. DUE TO CORONA VIRUS ALL COURT DATES HAVE BEEN POSTPONED UNTIL FURTHER NOTICE. PRESENTLY, I HAVE NOT BEEN TO MY FIRST COURT APPEARANCE. WAITING TO HEAR FROM COUNTY ON WHAT DATE COURT WILL BE RESET TO.
criminal · block 5PDF pages 52–53
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5614916 This advisory affiliate is a Firm an Individual Registered: Yes No Name: MOORE, WAYNETTE, MARIE (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 6PDF pages 53–55
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7552243 This advisory affiliate is a Firm an Individual Registered: Yes No Name: FICKLEN, RUBY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
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criminal · block 7PDF pages 55–56
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 6125775 This advisory affiliate is a Firm an Individual Registered: Yes No Name: MILLER, MATHEW (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation p If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 8PDF pages 56–57
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4467954 This advisory affiliate is a Firm an Individual Registered: Yes No Name: KOCH, FRANZ, ALBERT (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 9PDF pages 57–58
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 6973414 This advisory affiliate is a Firm an Individual Registered: Yes No Name: KENYON, AVERY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 10PDF pages 58–59
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7250149 This advisory affiliate is a Firm an Individual Registered: Yes No Name: HESCH, DANIEL, R (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 11PDF pages 59–60
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7753298 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PATEL, PRESTON (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 12PDF pages 60–62
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4948099 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PITZER, MATTHEW (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 13PDF pages 62–63
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5482939 This advisory affiliate is a Firm an Individual Registered: Yes No Name: SCHUURMAN, MARK, EDWARD (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 14PDF pages 63–64
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 6736226 This advisory affiliate is a Firm an Individual Registered: Yes No Name: Allan, Jordan (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 15PDF pages 64–65
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7433767 This advisory affiliate is a Firm an Individual Registered: Yes No Name: CYCON, JULIA, MARY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 16PDF pages 65–66
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5871018 This advisory affiliate is a Firm an Individual Registered: Yes No Name: Hall, Kelly, Christine (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 17PDF pages 66–67
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4520813 This advisory affiliate is a Firm an Individual Registered: Yes No Name: MADDEN, JEREMY, SHAD (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 18PDF pages 67–69
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7467427 This advisory affiliate is a Firm an Individual Registered: Yes No Name: SANA, MEHWISH (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 19PDF pages 69–70
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 6720624 This advisory affiliate is a Firm an Individual Registered: Yes No Name: NEAL, JOSEPH, DAVID (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 20PDF pages 70–71
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7472060 This advisory affiliate is a Firm an Individual Registered: Yes No Name: CLEVELAND, FREDERICK, JAMEEK (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 21PDF pages 71–72
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 3232888 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WARDEN, BRIAN, KEITH (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 22PDF pages 72–73
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7490606 This advisory affiliate is a Firm an Individual Registered: Yes No Name: KING, RODNEY, FITZGERALD (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 23PDF pages 73–74
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7583634 This advisory affiliate is a Firm an Individual Registered: Yes No Name: HERNANDEZ MONTESFLORES, KATHERINE, JOSENY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 24PDF pages 74–76
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5777864 This advisory affiliate is a Firm an Individual Registered: Yes No Name: FLANIGAN, TYLER (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 25PDF pages 76–77
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 8093491 This advisory affiliate is a Firm an Individual Registered: Yes No Name: SUN, CANZHENG (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 26PDF pages 77–78
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 6304926 This advisory affiliate is a Firm an Individual Registered: Yes No Name: SARPY, MARINA, VASCHEKINA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.)
criminal · block 27PDF pages 78–80
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.A. or
11.B. of Form ADV.
Criminal
Check item(s) being responded to:
11.A(1)
11.A(2)
11.B(1)
11.B(2)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate
cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may
result in more than one affirmative answer to the items listed above.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WACHOVIA BANK, N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not
the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship.
WACHOVIA BANK, N.A. ("WACHOVIA BANK"), WHICH MERGED WITH AND INTO WELLS FARGO BANK, N.A. ON MARCH 20, 2010 (HEREAFTER, "WELLS
FARGO BANK" REFERS TO THE MERGED ENTITY). WACHOVIA BANK WAS ENGAGED IN THE INVESTMENT-RELATED BUSINESS OF BANKING. WELLS FARGO
& COMPANY DIRECTLY AND INDIRECTLY OWNED ALL OUTSTANDING SHARES OF WACHOVIA BANK AT THE TIME THE CHARGE WAS BROUGHT AND
DIRECTLY AND INDIRECTLY OWNS ALL OUTSTANDING SHARES OF WELLS FARGO BANK. WELLS FARGO BANK IS OUR INDIRECT PARENT.
2.
Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country,
Docket/Case number).
U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF FLORDIA; CASE NO.10-20165
3.
Event Disclosure Detail (Use this for both organizational and individual charges.)
A. Date First Charged (MM/DD/YYYY):
03/12/2010
Exact
Explanation
If not exact, provide explanation:
B.
Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor,
(3) plea for each charge, and (4) product type if charge is investment-related).
WACHOVIA BANK WAS CHARGED WITH ONE FELONY COUNT FOR FAILING TO ESTABLISH AND MAINTAIN AN EFFECTIVE ANTI-MONEY LAUNDERING
PROGRAM, IN VIOLATION OF TITLE 31, UNITED STATES CODE, SECTIONS 5318(H)(1) AND 5322(A). WACHOVIA BANK ENTERED INTO A DEFERRED
PROSECUTION AGREEMENT RELATING TO THE CHARGE IN LIEU OF ENTERING A PLEA. THE CHARGE RELATED TO FOREIGN CORRESPONDENT
BANKING SERVICES.
C.
Did any of the Charge(s) within the Event involve a felony?
Yes
No
D.
Current status of the Event?
Pending
On Appeal
Final
E.
Event Status Date (complete unless status is Pending) (MM/DD/YYYY):
04/06/2011
Exact
Explanation
If not exact, provide explanation:
4.
Disposition Disclosure Detail:
Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if
sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid.
WACHOVIA BANK ENTERED INTO A DEFERRED PROSECUTION AGREEMENT ("AGREEMENT") WITH THE U.S. ATTORNEY'S OFFICE AND THE U.S.
DEPARTMENT OF JUSTICE (COLLECTIVELY, THE "UNITED STATES") ON MARCH 16, 2010. PURSUANT TO THE AGREEMENT, WACHOVIA BANK SETTLED
CIVIL AND CRIMINAL FORFEITURE CLAIMS FOR THE AMOUNT OF $110 MILLION. WACHOVIA BANK ALSO AGREED TO PAY A FINE OF $50 MILLION TO THE
OFFICE OF THE COMPTROLLER OF THE CURRENCY ("OCC"). THE FORFEITURE AND FINE WERE PAID ON OR BEFORE MARCH 21, 2010. WACHOVIA BANK
ALSO AGREED TO IMPLEMENT CERTAIN REMEDIAL ACTIONS AND TO ABIDE BY ANY ORDERS AND REGULATIONS OF THE OCC AND THE DEPARTMENT OF
THE TREASURY, FINANCIAL CRIMES ENFORCEMENT NETWORK. WELLS FARGO BANK AGREED TO BE BOUND BY THE TERMS AND CONDITIONS OF THE
AGREEMENT FOLLOWING THE MERGER. THE UNITED STATES AGREED THAT PROSECUTION OF WACHOVIA BANK BE DEFERRED FOR A PERIOD OF TWELVE
MONTHS AND THAT, IF WELLS FARGO BANK IS IN COMPLIANCE IN ALL MATERIAL ASPECTS WITH ALL OF ITS OBLIGATIONS UNDER THE AGREEMENT, THE
UNITED STATES, WITHIN THIRTY DAYS OF THE EXPIRATION OF THAT PERIOD, WOULD SEEK DISMISSAL WITH PREJUDICE OF THE CHARGE. ON APRIL 6,
2011, THE UNITED STATES DISMISSED THE FELONY CHARGE FOR FAILING TO ESTABLISH AND MAINTAIN AN EFFECTIVE ANTI-MONEY LAUNDERING
PROGRAM, IN VIOLATION OF TITLE 31, UNITED STATES CODE, SECTIONS 5318(H)(1) AND 5322(A). THE UNITED STATES FOUND THAT WELLS FARGO
BANK WAS IN COMPLIANCE IN ALL MATERIAL ASPECTS WITH ALL OF ITS OBLIGATIONS UNDER THE DEFERRED PROSECUTION AGREEMENT.
5.
Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was
the subject of the charge(s) occurred. (Your response must fit within the space provided.)
WACHOVIA BANK ENTERED INTO THE DEFERRED PROSECUTION AGREEMENT DESCRIBED IN 4, ABOVE, AS THE RESULT OF AN INVESTIGATION INTO
WACHOVIA'S TRANSACTIONS WITH MEXICAN CURRENCY EXCHANGE HOUSES, COMMONLY KNOWN AS "CASAS DE CAMBIO," FROM MAY 2003 THROUGH
JUNE 2008. WACHOVIA BANK WAS CHARGED WITH FAILING TO ESTABLISH AND MAINTAIN AN EFFECTIVE ANTI-MONEY LAUNDERING PROGRAM. ON
APRIL 6, 2011, THE UNITED STATES DISMISSED THE FELONY CHARGE FOR FAILING TO ESTABLISH AND MAINTAIN AN EFFECTIVE ANTI-MONEY
LAUNDERING PROGRAM, IN VIOLATION OF TITLE 31, UNITED STATES CODE, SECTIONS 5318(H)(1) AND 5322(A). THE UNITED STATES FOUND THAT
WELLS FARGO BANK WAS IN COMPLIANCE IN ALL MATERIAL ASPECTS WITH ALL OF ITS OBLIGATIONS UNDER THE DEFERRED PROSECUTION
AGREEMENT.
DRP Pagesregulatory · block 1WELLS FARGO INVESTMENTS, LLC (CRD-10582)PDF pages 80–81
- Advisory affiliate name — filed text
- WELLS FARGO INVESTMENTS, LLC (CRD-10582)
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 25,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
### PLEASE REMOVE THIS FILING WAS MADE IN ERROR. PERIOD OF TIME IN QUESTION (AUGUST 2009 TO AUGUST 2010) WAS PRIOR TO THE SUCCESSION OF WFI TO WFA (12-13-2010). ###
Other filed details
Description of allegations — filed text
WELLS FARGO ADVISORS, LLC ("WFA") IS THE SUCCESSOR TO WELLS FARGO INVESTMENTS, LLC ("WFI") (CRD-10582). THE ALLEGATIONS SOLELY INVOLVE WFI'S DISSEMINATION OF SALES LITERATURE THAT FAILED TO CONFORM TO THE CONTENT STANDARDS OF NASD RULE 2210 AND FINRA RULE 2010.
Sanction detail — filed text
WELLS FARGO ADVISORS, LLC ("WFA") IS THE SUCCESSOR TO WELLS FARGO INVESTMENTS, LLC ("WFI") (CRD-10582). THE ALLEGATIONS SOLEY INVOLVE WFI'S DISSEMINATION OF SALES LITERATURE THAT FAILED TO CONFORM TO THE CONTENT STANDARDS OF NASD RULE 2210 AND FINRA 2010. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM THROUGH ITS SUCCESSOR CONSENTED TO A CENSURE AND $25,000 MONETARY FINE. THE FIRM SENT PAYMENT TO FINRA ON OR ABOUT JUNE 11, 2014.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO INVESTMENTS,
LLC (CRD-10582)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINRA
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
06/02/2014
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2010023976502
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO INVESTMENTS, LLC (CRD-10582)
6.
Principal Product Type:
Other
Other Product Types:
ETF
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WELLS FARGO ADVISORS, LLC ("WFA") IS THE SUCCESSOR TO WELLS FARGO INVESTMENTS, LLC ("WFI") (CRD-10582). THE ALLEGATIONS SOLELY
INVOLVE WFI'S DISSEMINATION OF SALES LITERATURE THAT FAILED TO CONFORM TO THE CONTENT STANDARDS OF NASD RULE 2210 AND FINRA RULE
2010.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
06/02/2014
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 25,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WELLS FARGO ADVISORS, LLC ("WFA") IS THE SUCCESSOR TO WELLS FARGO INVESTMENTS, LLC ("WFI") (CRD-10582). THE ALLEGATIONS SOLEY
INVOLVE WFI'S DISSEMINATION OF SALES LITERATURE THAT FAILED TO CONFORM TO THE CONTENT STANDARDS OF NASD RULE 2210 AND FINRA
2010. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM THROUGH ITS SUCCESSOR CONSENTED TO A CENSURE AND $25,000
MONETARY FINE. THE FIRM SENT PAYMENT TO FINRA ON OR ABOUT JUNE 11, 2014.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
### PLEASE REMOVE THIS FILING WAS MADE IN ERROR. PERIOD OF TIME IN QUESTION (AUGUST 2009 TO AUGUST 2010) WAS PRIOR TO THE
SUCCESSION OF WFI TO WFA (12-13-2010). ###regulatory · block 2WACHOVIA SECURITIES (ARGENTINA), LLCPDF pages 81–83
- Advisory affiliate name — filed text
- WACHOVIA SECURITIES (ARGENTINA), LLC
- Regulator name — filed text
- COMISIÓN NACIONAL DE VALORES
- Monetary/Fine Amount — filed text
- $ 27,500.00
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
IT WAS ASSERTED THAT WACHOVIA SECURITIES (ARGENTINA), LLC, HAD ENGAGED IN UNAUTHORIZED OFFERING OF REGULATED SECURITIES/INVESTMENT SERVICES TO THE PUBLIC OF ARGENTINA BY LISTING THE ADDRESS AND PHONE NUMBER OF ITS ARGENTINE BRANCH OFFICE LOCATION ON THE "GLOBAL OFFICE LOCATOR PAGE" OF THE PUBLIC WEBSITE OF ITS PARENT, WACHOVIA SECURITIES, LLC.CIVIL AND ADMINISTRATIVE PENALTIES AND FINES. PAID AUGUST 2012.
Other filed details
Description of allegations — filed text
IT WAS ASSERTED THAT WACHOVIA SECURITIES (ARGENTINA), LLC, HAD ENGAGED IN UNAUTHORIZED OFFERING OF REGULATED SECURITIES/INVESTMENT SERVICES TO THE PUBLIC OF ARGENTINA BY LISTING THE ADDRESS AND PHONE NUMBER OF ITS ARGENTINE BRANCH OFFICE LOCATION ON THE "GLOBAL OFFICE LOCATOR PAGE" OF THE PUBLIC WEBSITE OF ITS PARENT, WACHOVIA SECURITIES, LLC.
Sanction detail — filed text
CIVIL AND ADMINISTRATIVE PENALTIES AND FINES. PAID AUGUST 2012.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WACHOVIA SECURITIES (ARGENTINA), LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMISIÓN NACIONAL DE VALORES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/24/2012 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IT WAS ASSERTED THAT WACHOVIA SECURITIES (ARGENTINA), LLC, HAD ENGAGED IN UNAUTHORIZED OFFERING OF REGULATED SECURITIES/INVESTMENT SERVICES TO THE PUBLIC OF ARGENTINA BY LISTING THE ADDRESS AND PHONE NUMBER OF ITS ARGENTINE BRANCH OFFICE LOCATION ON THE "GLOBAL OFFICE LOCATOR PAGE" OF THE PUBLIC WEBSITE OF ITS PARENT, WACHOVIA SECURITIES, LLC. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 05/24/2012 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 27,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CIVIL AND ADMINISTRATIVE PENALTIES AND FINES. PAID AUGUST 2012. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). IT WAS ASSERTED THAT WACHOVIA SECURITIES (ARGENTINA), LLC, HAD ENGAGED IN UNAUTHORIZED OFFERING OF REGULATED SECURITIES/INVESTMENT SERVICES TO THE PUBLIC OF ARGENTINA BY LISTING THE ADDRESS AND PHONE NUMBER OF ITS ARGENTINE BRANCH OFFICE LOCATION ON THE "GLOBAL OFFICE LOCATOR PAGE" OF THE PUBLIC WEBSITE OF ITS PARENT, WACHOVIA SECURITIES, LLC.CIVIL AND ADMINISTRATIVE PENALTIES AND FINES. PAID AUGUST 2012.
regulatory · block 3KATZ, SANFORD, MICHAELPDF pages 83–85
- Advisory affiliate name — filed text
- KATZ, SANFORD, MICHAEL
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 1558898 This advisory affiliate is a Firm an Individual Registered: Yes No Name: KATZ, SANFORD, MICHAEL (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 4AMUNDSON, MICHAELPDF pages 85–87
- Advisory affiliate name — filed text
- AMUNDSON, MICHAEL
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4360505 This advisory affiliate is a Firm an Individual Registered: Yes No Name: AMUNDSON, MICHAEL (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 5GRAHAM, JONATHANPDF pages 87–88
- Advisory affiliate name — filed text
- GRAHAM, JONATHAN
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 2766840 This advisory affiliate is a Firm an Individual Registered: Yes No Name: GRAHAM, JONATHAN (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 6LAPORTE, TED, BPDF pages 88–90
- Advisory affiliate name — filed text
- LAPORTE, TED, B
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 2920468 This advisory affiliate is a Firm an Individual Registered: Yes No Name: LAPORTE, TED, B (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 7AGARD, LAURAPDF pages 90–92
- Advisory affiliate name — filed text
- AGARD, LAURA
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5416194 This advisory affiliate is a Firm an Individual Registered: Yes No Name: AGARD, LAURA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: p p 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 8BLUITT, JARRIET, BURNELLPDF pages 92–93
- Advisory affiliate name — filed text
- BLUITT, JARRIET, BURNELL
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 6150320 This advisory affiliate is a Firm an Individual Registered: Yes No Name: BLUITT, JARRIET, BURNELL (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 9MARVIN, JOHN, JAYPDF pages 94–95
- Advisory affiliate name — filed text
- MARVIN, JOHN, JAY
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 1313737 This advisory affiliate is a Firm an Individual Registered: Yes No Name: MARVIN, JOHN, JAY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 10VEGA, JONATHANPDF pages 95–97
- Advisory affiliate name — filed text
- VEGA, JONATHAN
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7655065 This advisory affiliate is a Firm an Individual Registered: Yes No Name: VEGA, JONATHAN (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 11Sciuto, AdamPDF pages 97–99
- Advisory affiliate name — filed text
- Sciuto, Adam
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5613899 This advisory affiliate is a Firm an Individual Registered: Yes No Name: Sciuto, Adam (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 12Sciuto, AdamPDF pages 99–100
- Advisory affiliate name — filed text
- Sciuto, Adam
- Regulator name — filed text
- ( g g g y y )
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5613899 This advisory affiliate is a Firm an Individual Registered: Yes No Name: Sciuto, Adam (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) ( g g g y y ) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 13BOMBERRY, RYANPDF pages 100–102
- Advisory affiliate name — filed text
- BOMBERRY, RYAN
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 6753400 This advisory affiliate is a Firm an Individual Registered: Yes No Name: BOMBERRY, RYAN (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 14PDF pages 102–104
- Regulator name — filed text
- STATE OF NEW MEXICO
- Monetary/Fine Amount — filed text
- $ 1,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT)ALLEGED TO HAVE FAILED TO TIMELY DISCLOSE A STATE ACTION BY VIRGINIA ON THE FORM ADV. THE AMOUNT OF THE FINE WAS NOT SHOWN.
Sanction detail — filed text
SAME DESCRIPTION AS 12B
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEW MEXICO 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/11/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 96-96-998 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: NO PRODUCT 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT)ALLEGED TO HAVE FAILED TO TIMELY DISCLOSE A STATE ACTION BY VIRGINIA ON THE FORM ADV. THE AMOUNT OF THE FINE WAS NOT SHOWN. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/22/1996 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: SIGNET AGREED TO AND SIGNED A CONSENT AGREEMENT AND FINAL ORDER OF CENSURE FOR FAILURE TO TIMELY FILE AMENDMENT TO THE ADV. SIGNET FINED $1,000 AND ORDERED TO PROPERLY AMEND ADV TO DISCLOSE THE AMOUNT OF THE VIRGINIA FINE. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SAME DESCRIPTION AS 12B 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
regulatory · block 15PDF pages 104–106
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 8,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO WHEAT FIRST SECURITIES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
WHEAT FIRST SECURITIES, INC. (PREDECESSOR TO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO THE APPLICANT) WAS ALLEGED TO HAVE VIOLATED NASD CONDUCT RULES 2110, 2320 IN THAT THE FIRM FAILED TO USE REASONABLE DILIGENCE IN GETTING A FAVORABLE PRICE TO PURCHASE A SECURITY FOR A SINGLE CLIENT AND VIOLATION OF NASD CONDUCT RULES 2110 AND 3110 IN THAT THE FIRM FAILED TO CREATE AND MAINTAIN A RECORD OF THE ROUTED ORDER IN QUESTION.
Sanction detail — filed text
WHEAT AGREED TO THE ACCEPTANCE OF A LETTER OF AWC INCLUDING THE SANCTION OF A CENSURE AND FINE OF $8,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Censure Other Sanctions: FINE 3. Date Initiated (MM/DD/YYYY): 03/01/1997 Exact Explanation If not exact, provide explanation: EXACT DATE UNKNOWN 4. Docket/Case Number: AWC NO. CMS970024 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WHEAT FIRST SECURITIES, INC. (PREDECESSOR TO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO THE APPLICANT) WAS ALLEGED TO HAVE VIOLATED NASD CONDUCT RULES 2110, 2320 IN THAT THE FIRM FAILED TO USE REASONABLE DILIGENCE IN GETTING A FAVORABLE PRICE TO PURCHASE A SECURITY FOR A SINGLE CLIENT AND VIOLATION OF NASD CONDUCT RULES 2110 AND 3110 IN THAT THE FIRM FAILED TO CREATE AND MAINTAIN A RECORD OF THE ROUTED ORDER IN QUESTION. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 07/02/1997 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 8,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WHEAT AGREED TO THE ACCEPTANCE OF A LETTER OF AWC INCLUDING THE SANCTION OF A CENSURE AND FINE OF $8,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO WHEAT FIRST SECURITIES, INC.'S LICENSE.
regulatory · block 16PDF pages 106–107
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 1,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO WHEAT FIRST SECURITIES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
WHEAT FIRST SECURITIES, INC. (PREDECESSOR TO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO THE APPLICANT) WAS ALLEGED TO HAVE VIOLATED NASD CONDUCT RULES 2110 AND IM-2110-2 BY PLACING TERMS AND CONDITIONS ON A CLIENT ORDER NOT IMPOSED BY THE CLIENT WHEN ROUTING THE ORDER THROUGH ITS COMPUTER SYSTEM.
Sanction detail — filed text
WHEAT AGREED TO THE ACCEPTANCE OF A LETTER OF AWC INCLUDING A FINE OF $1,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/12/1996 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AWC NO. CMS960220 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WHEAT FIRST SECURITIES, INC. (PREDECESSOR TO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO THE APPLICANT) WAS ALLEGED TO HAVE VIOLATED NASD CONDUCT RULES 2110 AND IM-2110-2 BY PLACING TERMS AND CONDITIONS ON A CLIENT ORDER NOT IMPOSED BY THE CLIENT WHEN ROUTING THE ORDER THROUGH ITS COMPUTER SYSTEM. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 04/23/1997 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WHEAT AGREED TO THE ACCEPTANCE OF A LETTER OF AWC INCLUDING A FINE OF $1,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO WHEAT FIRST SECURITIES, INC.'S LICENSE.
regulatory · block 17PDF pages 107–109
- Regulator name — filed text
- IDAHO DEPARTMENT OF FINANCE
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION BROKERAGE SERVICES, INC. WAS ALLEGED TO HAVE ENGAGED IN THE OFFER AND/OR SALE OF SECURITIES TO IDAHO RESIDENTS.
Sanction detail — filed text
ADMINISTRATIVE PENALTY OF $5,000 AND OFFER OF RECISSION TO IDAHO RESIDENTS TO WHOM SECURITIES WERE SOLD.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) IDAHO DEPARTMENT OF FINANCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/17/1996 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 1996-7-74 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION BROKERAGE SERVICES, INC. WAS ALLEGED TO HAVE ENGAGED IN THE OFFER AND/OR SALE OF SECURITIES TO IDAHO RESIDENTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: pp g y pp ( ) pp If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/27/1996 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: ADMINISTRATIVE PENALTY OF $5,000 AND OFFER OF RECISSION TO IDAHO RESIDENTS TO WHOM SECURITIES WERE SOLD. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
regulatory · block 18PDF pages 109–111
- Regulator name — filed text
- VERMONT SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 1,350.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION BROKERAGE SERVICES, INC. WAS ALLEGED TO HAVE TRANSACTED BUSINESS AS AN UNREGISTERED BROKER/DEALER IN THE STATE.
Sanction detail — filed text
FIRST UNION BROKERAGE SERVICES, INC. ENTERED INTO A CONSENT ORDER WHEREIN IT NEITHER ADMITTED OR DENIED THE ALLEGATIONS. RESPONDENT AGREED TO PAY A $1,000 ADMINISTRATIVE PENALTY AND $350 IN ADMINISTRATIVE COSTS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) VERMONT SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/23/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 95-001-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION BROKERAGE SERVICES, INC. WAS ALLEGED TO HAVE TRANSACTED BUSINESS AS AN UNREGISTERED BROKER/DEALER IN THE STATE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 02/23/1995 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,350.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRST UNION BROKERAGE SERVICES, INC. ENTERED INTO A CONSENT ORDER WHEREIN IT NEITHER ADMITTED OR DENIED THE ALLEGATIONS. RESPONDENT AGREED TO PAY A $1,000 ADMINISTRATIVE PENALTY AND $350 IN ADMINISTRATIVE COSTS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
regulatory · block 19PDF pages 111–112
- Regulator name — filed text
- STATE OF NEW MEXICO
- Monetary/Fine Amount — filed text
- $ 835.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION BROKERAGE SERVICES, INC. WAS ALLEGED TO HAVE ENGAGED IN THE UNSOLICITED OFFER AND/OR SALE OF SECURITIES TO NEW MEXICO RESIDENTS.
Sanction detail — filed text
CIVIL PENALTY OF $500 AND ADMINISTRATIVE PENALTY OF $335.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEW MEXICO 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/03/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 95-95-998-158(UN) 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION BROKERAGE SERVICES, INC. WAS ALLEGED TO HAVE ENGAGED IN THE UNSOLICITED OFFER AND/OR SALE OF SECURITIES TO NEW MEXICO RESIDENTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 05/09/1995 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 835.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CIVIL PENALTY OF $500 AND ADMINISTRATIVE PENALTY OF $335. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
regulatory · block 20PDF pages 112–114
- Regulator name — filed text
- COMMONWEALTH OF MASSACHUSETTS
- Monetary/Fine Amount — filed text
- $ 15,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION BROKERAGE SERVICES, INC. WAS ALLEGED TO HAVE ENGAGED IN THE UNSOLICITED OFFER AND/OR SALE OF SECURITIES TO MASSACHUSETTS RESIDENTS.
Sanction detail — filed text
FIRST UNION BROKERAGE SERVICES, INC. NOTIFIED THE CUSTOMERS INVOLVED THAT THE FIRM WAS NOT REGISTERED AS A BROKER/DEALER IN MASSACHUSETTS. ADMINISTRATIVE FINE OF $15,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMONWEALTH OF MASSACHUSETTS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/01/1996 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: R-95-269 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): y p y g y g y ( pp ) 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION BROKERAGE SERVICES, INC. WAS ALLEGED TO HAVE ENGAGED IN THE UNSOLICITED OFFER AND/OR SALE OF SECURITIES TO MASSACHUSETTS RESIDENTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 02/14/1996 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 15,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRST UNION BROKERAGE SERVICES, INC. NOTIFIED THE CUSTOMERS INVOLVED THAT THE FIRM WAS NOT REGISTERED AS A BROKER/DEALER IN MASSACHUSETTS. ADMINISTRATIVE FINE OF $15,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
regulatory · block 21PDF pages 114–116
- Regulator name — filed text
- STATE OF KANSAS
- Monetary/Fine Amount — filed text
- $ 1,500.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION BROKERAGE SERVICES,INC. WAS ALLEGED TO HAVE ENGAGED IN THE OFFER AND SALE OF SECURITIES TO KANSAS RESIDENTS PRIOR TO REGISTRATION AS A BROKER/DEALER IN THE STATE OF KANSAS.
Sanction detail — filed text
FINE OF $1500.00
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF KANSAS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/20/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 96E055 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION BROKERAGE SERVICES,INC. WAS ALLEGED TO HAVE ENGAGED IN THE OFFER AND SALE OF SECURITIES TO KANSAS RESIDENTS PRIOR TO REGISTRATION AS A BROKER/DEALER IN THE STATE OF KANSAS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/15/1995 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FINE OF $1500.00 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
regulatory · block 22PDF pages 116–118
- Regulator name — filed text
- VERMONT SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 5,500.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION CAPITAL MARKETS CORP'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION CAPITAL MARKEST CORP. (MERGED INTO WHEAT FIRST SECURITIES, INC., WHICH CHANGED ITS NAME TO FIRST UNION CAPITAL MARKETS CORP.-BD6124)ALLEGED TO HAVE TRANSACTED BUSINESS AS AN UNREGISTERED BROKER/DEALER IN THE STATE UNDER THE MISTAKEN BELIEF THAT THE SECURITIES ACT PROVIDED AN EXEMPTION FROM BROKER/DEALER REGISTRATION FOR FINANCIAL AND INSTITUTIONAL INVESTOR ACCOUNTS.
Sanction detail — filed text
FIRST UNION CAPITAL MARKETS CORP. ENTERED INTO A CONSENT ORDER WHEREIN IT NEITHER ADMITTED OR DENIED THE ALLEGATIONS. RESPONDENT AGREED TO PAY A $5,000 ADMINISTRATIVE PENALTY AND $500 IN ADMINISTRATIVE COSTS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) VERMONT SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/21/1996 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 96-026-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION CAPITAL MARKEST CORP. (MERGED INTO WHEAT FIRST SECURITIES, INC., WHICH CHANGED ITS NAME TO FIRST UNION CAPITAL MARKETS CORP.-BD6124)ALLEGED TO HAVE TRANSACTED BUSINESS AS AN UNREGISTERED BROKER/DEALER IN THE STATE UNDER THE MISTAKEN BELIEF THAT THE SECURITIES ACT PROVIDED AN EXEMPTION FROM BROKER/DEALER REGISTRATION FOR FINANCIAL AND INSTITUTIONAL INVESTOR ACCOUNTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/08/1996 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRST UNION CAPITAL MARKETS CORP. ENTERED INTO A CONSENT ORDER WHEREIN IT NEITHER ADMITTED OR DENIED THE ALLEGATIONS. RESPONDENT AGREED TO PAY A $5,000 ADMINISTRATIVE PENALTY AND $500 IN ADMINISTRATIVE COSTS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION CAPITAL MARKETS CORP'S LICENSE.
regulatory · block 23PDF pages 118–119
- Regulator name — filed text
- NASD REGULATION, INC.
- Monetary/Fine Amount — filed text
- $ 10,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION CAPITAL MARKETS CORP'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION CAPITAL MARKETS CORP. (MERGED INTO WHEAT FIRST SECURITIES, INC., WHICH CHANGED ITS NAME TO FIRST UNION CAPITAL MARKETS CORP.-BD6124, WHICH MERGED INTO APPLICANT)ALLEGED TO HAVE VIOLATED MSRB RULE G-36 BY FAILING TO SUBMIT ADVANCE REFUNDING DOCUMENTS TO THE MSRB AND BY FAILING TO TIMELY SUBMIT OFFICIAL STATEMENTS AND/OR OTHER DOCUMENTS TO THE MSRB.
Sanction detail — filed text
FIRST UNION CAPITAL MARKETS CORP. AGREED TO A CENSURE AND PAYMENT OF A FINE OF $10,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD REGULATION, INC. 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/14/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CAF970003 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION CAPITAL MARKETS CORP. (MERGED INTO WHEAT FIRST SECURITIES, INC., WHICH CHANGED ITS NAME TO FIRST UNION CAPITAL MARKETS CORP.-BD6124, WHICH MERGED INTO APPLICANT)ALLEGED TO HAVE VIOLATED MSRB RULE G-36 BY FAILING TO SUBMIT ADVANCE REFUNDING DOCUMENTS TO THE MSRB AND BY FAILING TO TIMELY SUBMIT OFFICIAL STATEMENTS AND/OR OTHER DOCUMENTS TO THE MSRB. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/15/1997 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRST UNION CAPITAL MARKETS CORP. AGREED TO A CENSURE AND PAYMENT OF A FINE OF $10,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION CAPITAL MARKETS CORP'S LICENSE.
regulatory · block 24PDF pages 119–121
- Regulator name — filed text
- U S SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 20,000.00
- How was matter resolved — filed text
- Decision
Action status / disposition — filed text
THE DECISION WAS AFFIRMED BY THE COMMISSION ON AUGUST 20, 2003.
Other filed details
Description of allegations — filed text
FIRST UNION CAPITAL MARKETS CORP. (MERGED INTO WHEAT FIRST SECURITIES, INC, WHICH CHANGED ITS NAME TO FIRST UNION CAPITAL MARKETS CORP.-BD6124. FIRST UNION CAPITAL MARKETS CORP. MERGED INTO THE APPLICANT.)INITIALLY RECEIVED A WELLS CALL ALLEGING VIOLATION OF VARIOUS RULES AND REGULATIONS IN CONECTION WITH EXECUTION BY REPRESENTATIVES OF FUCM OF CERTIFICATIONS OF COMPLIANCE WITH RULE 9I-16 OF THE FLORIDA ADMINISTRATIVE CODE. NO DAMAGES ARE ALLEGED. ADMINISTRATIVE PROCEEDING ALLEGES FAILURE BY THE FIRM TO DISCLOSE A CONTINGENT FEE ARRANGEMENT WITH CONSULTANT IN VIOLATION OF FINANCIAL ADVISORY CONTRACT AND FLORIDA LAW AND MSRB RULE G-17.
Sanction detail — filed text
AN ADMINISTRATIVE LAW JUDGE RENDERED A DECISION ORDERING FIRST UNION TO CEASE AND DESIST FROM FURTHER VIOLATIONS OF SECTION 15B OF THE EXCHANGE ACT AND MSRB RULE G-17 FOR A PERIOD OF 3 YEARS, DISGORGE APPROXIMATELY $114,000 PLUS PRE- JUDGEMENT INTEREST AND PAY A FINE OF $20,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) U S SECURITIES AND EXCHANGE COMMISSION 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/10/1998 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 3-9688 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION CAPITAL MARKETS CORP. (MERGED INTO WHEAT FIRST SECURITIES, INC, WHICH CHANGED ITS NAME TO FIRST UNION CAPITAL MARKETS CORP.-BD6124. FIRST UNION CAPITAL MARKETS CORP. MERGED INTO THE APPLICANT.)INITIALLY RECEIVED A WELLS CALL ALLEGING VIOLATION OF VARIOUS RULES AND REGULATIONS IN CONECTION WITH EXECUTION BY REPRESENTATIVES OF FUCM OF CERTIFICATIONS OF COMPLIANCE WITH RULE 9I-16 OF THE FLORIDA ADMINISTRATIVE CODE. NO DAMAGES ARE ALLEGED. ADMINISTRATIVE PROCEEDING ALLEGES FAILURE BY THE FIRM TO DISCLOSE A CONTINGENT FEE ARRANGEMENT WITH CONSULTANT IN VIOLATION OF FINANCIAL ADVISORY CONTRACT AND FLORIDA LAW AND MSRB RULE G-17. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: PETITION FOR REVIEW FILED WITH THE U S SECURITIES & EXCHANGE COMMISSION ON JANUARY 21, 2000. If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Decision 11. Resolution Date (MM/DD/YYYY): 12/17/1999 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 20,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: AN ADMINISTRATIVE LAW JUDGE RENDERED A DECISION ORDERING FIRST UNION TO CEASE AND DESIST FROM FURTHER VIOLATIONS OF SECTION 15B OF THE EXCHANGE ACT AND MSRB RULE G-17 FOR A PERIOD OF 3 YEARS, DISGORGE APPROXIMATELY $114,000 PLUS PRE- JUDGEMENT INTEREST AND PAY A FINE OF $20,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE DECISION WAS AFFIRMED BY THE COMMISSION ON AUGUST 20, 2003.
regulatory · block 25PDF pages 121–123
- Regulator name — filed text
- STATE OF ALABAMA
- Monetary/Fine Amount — filed text
- $ 1,500.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED WITH APPLICANT)ALLEGED TO HAVE VIOLATED SECTION 8-6-3(A) OF THE CODE OF ALABAMA OF 1975 FOR TRANSACTING BUSINESS IN THE STATE WHILE UNREGISTERED.
Sanction detail — filed text
SIGNET FINANCIAL SERVICES, INC. WAS FINED $1500.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF ALABAMA 2. Principal Sanction: Cease and Desist Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/18/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CD-95-0069 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED WITH APPLICANT)ALLEGED TO HAVE VIOLATED SECTION 8-6-3(A) OF THE CODE OF ALABAMA OF 1975 FOR TRANSACTING BUSINESS IN THE STATE WHILE UNREGISTERED. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 04/17/1996 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: ALABAMA RESOLVED ITS PREVIOUS CEASE AND DESIST ORDER BY SIGNET AND ENTERED INTO A CONSENT AGREEMENT. SIGNET AGREED TO ENSURE PROCEDURES TO BE IN PLACE PRECLUDING FUTURE SALES OF SECURITIES UNLESS PROPERLY REGISTERED. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SIGNET FINANCIAL SERVICES, INC. WAS FINED $1500. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
regulatory · block 26PDF pages 123–125
- Regulator name — filed text
- STATE OF MARYLAND
- Monetary/Fine Amount — filed text
- $ 5,300.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT)ALLEGED TO HAVE CONDUCTED SALES OF ASSET MANAGEMENT SERVICES PRIOR TO REGISTRATION AS AN INVESTMENT ADVISOR
Sanction detail — filed text
SIGNET FINANCIAL SERVICES, INC. WAS FINED $5,000 AND A PENALTY OF $300 WAS ASSESSED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MARYLAND 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/15/1995 Exact Explanation If not exact, provide explanation: EXACT DATE UNKNOWN 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT)ALLEGED TO HAVE CONDUCTED SALES OF ASSET MANAGEMENT SERVICES PRIOR TO REGISTRATION AS AN INVESTMENT ADVISOR 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 10/15/1995 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,300.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SIGNET FINANCIAL SERVICES, INC. WAS FINED $5,000 AND A PENALTY OF $300 WAS ASSESSED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
regulatory · block 27PDF pages 125–126
- Regulator name — filed text
- COMMONWEALTH OF VIRGINIA
- Monetary/Fine Amount — filed text
- $ 153,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH WAS MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT) ALLEGED TO HAVE CONDUCTED SALES OF ASSET MANAGEMENT SERVICES PRIOR TO REGISTRATION AS AN INVESTMENT ADVISOR
Sanction detail — filed text
SIGNET FINANCIAL SERVICES, INC. WAS FINED $150,000 AND A PENALTY OF $3,000 WAS ASSESSED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMONWEALTH OF VIRGINIA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/08/1995 Exact Explanation If not exact, provide explanation: EXACT DATE UNKNOWN 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH WAS MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT) ALLEGED TO HAVE CONDUCTED SALES OF ASSET MANAGEMENT SERVICES PRIOR TO REGISTRATION AS AN INVESTMENT ADVISOR 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 11/08/1995 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 153,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SIGNET FINANCIAL SERVICES, INC. WAS FINED $150,000 AND A PENALTY OF $3,000 WAS ASSESSED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
regulatory · block 28PDF pages 127–128
- Regulator name — filed text
- STATE OF NEW JERSEY
- Monetary/Fine Amount — filed text
- $ 10,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT)ALLEGED TO HAVE CONDUCTED SECURITIES TRANSACTIONS IN OR FROM THE STATE OF NEW JERSEY WITHOUT BEING PROPERLY REGISTERED.
Sanction detail — filed text
SIGNET FINANCIAL SERVICES, INC. AGREED TO PAY $7,000 FOR FAILURE TO REGISTER AND $3,000 FOR INVESTIGATIVE COSTS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEW JERSEY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/10/1996 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT)ALLEGED TO HAVE CONDUCTED SECURITIES TRANSACTIONS IN OR FROM THE STATE OF NEW JERSEY WITHOUT BEING PROPERLY REGISTERED. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 03/19/1996 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: SIGNET FINANCIAL SERVICES, INC. SIGNED A CONSENT ORDER AGREEING TO OPERATE IN COMPLIANCE FROM THIS TIME FORWARD. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SIGNET FINANCIAL SERVICES, INC. AGREED TO PAY $7,000 FOR FAILURE TO REGISTER AND $3,000 FOR INVESTIGATIVE COSTS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
regulatory · block 29PDF pages 128–130
- Regulator name — filed text
- STATE OF MINNESOTA
- Monetary/Fine Amount — filed text
- $ 1,500.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT)ALLEGED DEFICIENCIES IN BROKER/DEALER APPLICATION.
Sanction detail — filed text
STATE OF MINNESOTA ISSUED AN ORDER OF DENIAL FOR SIGNET'S APPLICATION AS A BROKER/DEALER IN THE STATE FOR FAILURE TO CORRECT DEFICIENCIES INTHE REGISTRATION FILING DOCUMENTS OR WITHDRAW ITS APPLICATION. ON OCTOBER 2, 1995, SUBSEQUENTLY, THE STATE OF MINNESOTA ISSUED A CONSENT CEASE AND DESIST WITHOUT FINDING OF FACT. SIGNED, PAID $1,000 AND $500 INVESTIGATIVE COSTS. SIGNET RECEIVED BROKER/DEALER REGISTRATION.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MINNESOTA 2. Principal Sanction: Denial Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/05/1995 Exact Explanation If not exact, provide explanation: EXACT DATE UNKNOWN 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SIGNET FINANCIAL SERVICES, INC. (PREDECESSOR TO BOWLES HOLLOWELL CONNOR, WHICH MERGED INTO FIRST UNION CAPITAL MARKETS CORP., WHICH MERGED INTO APPLICANT)ALLEGED DEFICIENCIES IN BROKER/DEALER APPLICATION. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 05/05/1995 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: STATE OF MINNESOTA ISSUED AN ORDER OF DENIAL FOR SIGNET'S APPLICATION AS A BROKER/DEALER IN THE STATE FOR FAILURE TO CORRECT DEFICIENCIES INTHE REGISTRATION FILING DOCUMENTS OR WITHDRAW ITS APPLICATION. ON OCTOBER 2, 1995, SUBSEQUENTLY, THE STATE OF MINNESOTA ISSUED A CONSENT CEASE AND DESIST WITHOUT FINDING OF FACT. SIGNED, PAID $1,000 AND $500 INVESTIGATIVE COSTS. SIGNET RECEIVED BROKER/DEALER REGISTRATION. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO SIGNET FINANCIAL SERVICES, INC.'S LICENSE.
regulatory · block 30PDF pages 130–132
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 8,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
ALLEGED VIOLATION OF RULES SET FORTH UNDER PART V, SECTION 2(D) OF SCHEDULE TO THE ASSOCIATION'S BY-LAWS CONCERNING QUOTATIONS ENTERED IN THE NASDAQ SYSTEM THAT EXCEEDED THE PARAMETERS FOR THE MAXIMUM ALLOWABLE SPREAD.
Sanction detail — filed text
CENSURE AND FINE OF $8,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/05/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CMS950180 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED VIOLATION OF RULES SET FORTH UNDER PART V, SECTION 2(D) OF SCHEDULE TO THE ASSOCIATION'S BY-LAWS CONCERNING QUOTATIONS ENTERED IN THE NASDAQ SYSTEM THAT EXCEEDED THE PARAMETERS FOR THE MAXIMUM ALLOWABLE SPREAD. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 04/25/1996 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 8,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction j Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CENSURE AND FINE OF $8,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 31PDF pages 132–133
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 8,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
ALLEGED VIOLATION OF RULES SET FORTH UNDER PART V, SECTION 2(D) OF SCHEDULE TO THE ASSOCIATION'S BY-LAWS CONCERNING QUOTATIONS ENTERED IN THE NASDAQ SYSTEM THAT EXCEEDED THE PARAMETERS FOR THE MAXIMUM ALLOWABLE SPREAD.
Sanction detail — filed text
CENSURE AND FINE OF $8000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/15/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CMS950122 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED VIOLATION OF RULES SET FORTH UNDER PART V, SECTION 2(D) OF SCHEDULE TO THE ASSOCIATION'S BY-LAWS CONCERNING QUOTATIONS ENTERED IN THE NASDAQ SYSTEM THAT EXCEEDED THE PARAMETERS FOR THE MAXIMUM ALLOWABLE SPREAD. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 04/25/1996 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 8,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CENSURE AND FINE OF $8000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 32PDF pages 133–135
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 2,500.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
ALLEGED VIOLATION OF RULES SET FORTH UNDER PART IV(A)4, (A)2(A), AND PART IV(A) AND PART IV(B) OF FIPS RULES AND ARTICLE III, SECTION 1 OF THE ASSOCIATION'S RULES OF FAIR PRACTICE.
Sanction detail — filed text
FINE OF $2,500 AND AN UNDERTAKING TO SUBMIT REVISED WRITTEN SUPERVISORY PROCEDURES CONCERNING FIPS IN A FORM NOT UNACCEPTABLE TO THE STAFF.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/22/1995 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CMS960098AWC 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED VIOLATION OF RULES SET FORTH UNDER PART IV(A)4, (A)2(A), AND PART IV(A) AND PART IV(B) OF FIPS RULES AND ARTICLE III, SECTION 1 OF THE ASSOCIATION'S RULES OF FAIR PRACTICE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 05/13/1997 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FINE OF $2,500 AND AN UNDERTAKING TO SUBMIT REVISED WRITTEN SUPERVISORY PROCEDURES CONCERNING FIPS IN A FORM NOT UNACCEPTABLE TO THE STAFF. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 33PDF pages 135–137
- Regulator name — filed text
- NASD REGULATION, INC.
- Monetary/Fine Amount — filed text
- $ 3,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
3/23/2000 - CORRECTED DOCKET NO. AND DATE SETTLED DUE TO DATA ENTRY ERROR.
Other filed details
Description of allegations — filed text
ALLEGED VIOLATIONS OF MSRB RULE G36.
Sanction detail — filed text
CENSURE AND FINE OF $3,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD REGULATION, INC. 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/30/1998 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: C8A980037 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED VIOLATIONS OF MSRB RULE G36. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 05/29/1998 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 3,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CENSURE AND FINE OF $3,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). 3/23/2000 - CORRECTED DOCKET NO. AND DATE SETTLED DUE TO DATA ENTRY ERROR.
regulatory · block 34PDF pages 137–138
- Regulator name — filed text
- NASD REGULATION, INC.
- Monetary/Fine Amount — filed text
- $ 18,500.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
ALLEGED VIOLATIONS OF RULES SET FORTH UNDER NASD CONDUCT RULES 2110 AND 3010 AND VIOLATIONS OF NASD MARKETPLACE RULE 4632(A).
Sanction detail — filed text
CENSURE AND FINE OF $18,500 (COMPOSED OF $5000 FINE FOR THE TRADE REPORTING VIOLATION, $3500 FOR THE LIMIT ORDER VIOLATIONS AND $10,000 FINE FOR THE SUPERVISION VIOLATION).
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD REGULATION, INC. 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/07/1998 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CMS980025 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED VIOLATIONS OF RULES SET FORTH UNDER NASD CONDUCT RULES 2110 AND 3010 AND VIOLATIONS OF NASD MARKETPLACE RULE 4632(A). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 04/23/1998 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 18,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CENSURE AND FINE OF $18,500 (COMPOSED OF $5000 FINE FOR THE TRADE REPORTING VIOLATION, $3500 FOR THE LIMIT ORDER VIOLATIONS AND $10,000 FINE FOR THE SUPERVISION VIOLATION). 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 35PDF pages 139–140
- Regulator name — filed text
- NASD REGULATION, INC.
- Monetary/Fine Amount — filed text
- $ 13,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
ALLEGED TO HAVE VIOLATED NASD CONDUCT RULES 2110 AND 2320 WITH RESPECT TO THE FIRM'S FAILURE TO ASCERTAIN THE BEST INTERDEALER MARKET IN EXECUTING CUSTOMER TRANSACTIONS. SEC RULE 17A-4 AND NASD CONDUCT RULE 3110 WITH RESPECT TO RECORDKEEPING REGULATIONS. NASD CONDUCT RULES 2110 AND IM-2110-2 WITH RESPECT TO EXECUTION OF CUSTOMER LIMIT ORDERS AND SEC RULE 11AC1-4 WITH RESPECT TO THE FIRM'S FAILURE TO DISPLAY IMMEDIATELY CUSTOMER LIMIT ORDERS.
Sanction detail — filed text
THE FIRM AGREED TO A CENSURE AND A $13,000 FINE (COMPOSED OF A $1,000 FINE FOR RECORDKEEPING VIOLATIONS AND FINE OF $7,500 FOR BEST EXECUTION VIOLATIONS, A FINE OF $2,500 FOR THE LIMIT ORDER PROTECTION INTERPRETATION VIOLATIONS, AND A FINE OF $2,000 FOR THE LIMIT ORDER DISPLAY RULE VIOLATIONS.)
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD REGULATION, INC. 2. Principal Sanction: Censure Other Sanctions: FINE 3. Date Initiated (MM/DD/YYYY): 02/25/1999 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CMS990024AWC 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED TO HAVE VIOLATED NASD CONDUCT RULES 2110 AND 2320 WITH RESPECT TO THE FIRM'S FAILURE TO ASCERTAIN THE BEST INTERDEALER MARKET IN EXECUTING CUSTOMER TRANSACTIONS. SEC RULE 17A-4 AND NASD CONDUCT RULE 3110 WITH RESPECT TO RECORDKEEPING REGULATIONS. NASD CONDUCT RULES 2110 AND IM-2110-2 WITH RESPECT TO EXECUTION OF CUSTOMER LIMIT ORDERS AND SEC RULE 11AC1-4 WITH RESPECT TO THE FIRM'S FAILURE TO DISPLAY IMMEDIATELY CUSTOMER LIMIT ORDERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 03/02/1999 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 13,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM AGREED TO A CENSURE AND A $13,000 FINE (COMPOSED OF A $1,000 FINE FOR RECORDKEEPING VIOLATIONS AND FINE OF $7,500 FOR BEST EXECUTION VIOLATIONS, A FINE OF $2,500 FOR THE LIMIT ORDER PROTECTION INTERPRETATION VIOLATIONS, AND A FINE OF $2,000 FOR THE LIMIT ORDER DISPLAY RULE VIOLATIONS.) 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 36PDF pages 140–142
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 350,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
NASD ALLEGED THAT FIRST UNION SECURITIES, INC. (F/K/A WHEAT FIRST SECURITIES, INC.) VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND RULES 17A-3 AND 17A-4 THEREUNDER AND MSRB RULES G-8, G-9 AND G-27. FIRST UNION'S BOOKS AND RECORDS FAILED TO ACCURATELY REFLECT FINDERS FEES PAID FOR MUNICIPAL SECURITIES TRANSACTIONS OVER AN EIGHTEEN MONTH PERIOD FROM LATE 1991 THROUGH APRIL, 1993.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, FIRST UNION SECURITIES, INC. CONSENTED TO A LETTER OF ACCEPTANCE, WAIVER AND CONSENT WHICH INCLUDED A CONSENT TO CENSURE AND A FINE OF $350,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Censure Other Sanctions: FINE OF $350,000 3. Date Initiated (MM/DD/YYYY): 06/13/2000 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CAF000022 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WHEAT, FIRST SECURITIES, INC. 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): NASD ALLEGED THAT FIRST UNION SECURITIES, INC. (F/K/A WHEAT FIRST SECURITIES, INC.) VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND RULES 17A-3 AND 17A-4 THEREUNDER AND MSRB RULES G-8, G-9 AND G-27. FIRST UNION'S BOOKS AND RECORDS FAILED TO ACCURATELY REFLECT FINDERS FEES PAID FOR MUNICIPAL SECURITIES TRANSACTIONS OVER AN EIGHTEEN MONTH PERIOD FROM LATE 1991 THROUGH APRIL, 1993. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 06/13/2000 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 350,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, FIRST UNION SECURITIES, INC. CONSENTED TO A LETTER OF ACCEPTANCE, WAIVER AND CONSENT WHICH INCLUDED A CONSENT TO CENSURE AND A FINE OF $350,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 37PDF pages 142–144
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 7,500.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
ALLEGED VIOLATION OF NASD CONDUCT RULE 2110 AND 3010(B).
Sanction detail — filed text
THE FIRM CONSENTED TO A LETTER OF ACCEPTANCE, WAIVER AND CONSENT WITHOUT ADMITTING OR DENYING THE ALLEGATIONS AND CONSENTED TO CENSURE AND A FINE OF $7500.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Censure Other Sanctions: FINE OF $7,500. 3. Date Initiated (MM/DD/YYYY): 07/10/2000 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: C8A000039 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: IPO 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED VIOLATION OF NASD CONDUCT RULE 2110 AND 3010(B). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 07/10/2000 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 7,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM CONSENTED TO A LETTER OF ACCEPTANCE, WAIVER AND CONSENT WITHOUT ADMITTING OR DENYING THE ALLEGATIONS AND CONSENTED TO CENSURE AND A FINE OF $7500. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 38PDF pages 144–146
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 100,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
FIRST UNION SECURITIES, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, WAS ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING FUTURE VIOLATIONS OF THE BROKER-DEALER RECORDKEEPING PROVISIONS OF THE FEDERAL SECUIRITIES LAWS. THE COMMISSION ORDER FINDS THAT FUSI FAILED TO PROPERLY RECORD CERTAIN TERMS OF CUSTOMER ORDERS MADE IN CONNECTION WITH THE PURCHASE AND SALE OF U.S. TREASURY SECURITIES ISSUED THROUGH THE NONCOMPETATIVE AUCTION PROCESS FROM 1995 THROUGH 1998.
Other filed details
Description of allegations — filed text
FIRST UNION SECURITIES, WITHOUT ADMITTING OR DENYING THE COMMISSION'S FINDINGS, CONSENTED TO A COMMISSION ORDER FINDING THAT THE FIRM VIOLATED THE BROKER-DEALER RECORDKEEPING PROVISIONS OF SECTION 17A AND RULE 17A-3 THEREUNDER.
Sanction detail — filed text
ORDERED TO PAY CIVIL PENALTIES OF $100,000, DISGORGEMENT AND PREJUDGEMENT INTEREST OF $308,931.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) UNITED STATES SECURITIES AND EXCHANGE COMMISSION 2. Principal Sanction: Cease and Desist Other Sanctions: FIRST UNION SECURITIES, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, WAS ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING FUTURE VIOLATIONS OF THE BROKER-DEALER RECORDKEEPING PROVISIONS OF THE FEDERAL SECUIRITIES LAWS. FIRST UNION WAS ORDERED TO A CIVIL PENALTY, DISGORGEMENT AND PREJUDGEMENT INTEREST. 3. Date Initiated (MM/DD/YYYY): 10/24/2000 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: REL. 34-43478, FILE NO. 3-10352 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): N/A 6. Principal Product Type: Other Other Product Types: TREASURY SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION SECURITIES, WITHOUT ADMITTING OR DENYING THE COMMISSION'S FINDINGS, CONSENTED TO A COMMISSION ORDER FINDING THAT THE FIRM VIOLATED THE BROKER-DEALER RECORDKEEPING PROVISIONS OF SECTION 17A AND RULE 17A-3 THEREUNDER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 10/24/2000 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 100,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: ORDERED TO PAY CIVIL PENALTIES OF $100,000, DISGORGEMENT AND PREJUDGEMENT INTEREST OF $308,931. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). FIRST UNION SECURITIES, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, WAS ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING FUTURE VIOLATIONS OF THE BROKER-DEALER RECORDKEEPING PROVISIONS OF THE FEDERAL SECUIRITIES LAWS. THE COMMISSION ORDER FINDS THAT FUSI FAILED TO PROPERLY RECORD CERTAIN TERMS OF CUSTOMER ORDERS MADE IN CONNECTION WITH THE PURCHASE AND SALE OF U.S. TREASURY SECURITIES ISSUED THROUGH THE NONCOMPETATIVE AUCTION PROCESS FROM 1995 THROUGH 1998.
regulatory · block 39PDF pages 146–147
- Regulator name — filed text
- NASD
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
THE NASD ALLEGED VIOLATIONS OF SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT AND NASD RULE 2110 CONCERNING SALES OF PORTFOLIOS OF US TREASURY SECURITIES FOR DEFEASANCE ESCROW AT EXCESSIVE, UNDISCLOSED MARKUPS TO MUNICIPALITIES IN CONNECTION WITH ADVANCE REFUNDINGS. FURTHER, THE NASD ALLEGED THAT THE FIRM KNEW, OR SHOULD HAVE KNOWN, THAT THE MARKUPS WERE NOT REASONABLY RELATED TO THE PREVAILING WHOLESALE MARKET PRICES AND THEREBY JEOPARDIZED THE TAX-EXEMPT STATUS OF THE BONDS AND DIVERTED FUNDS FROM THE US TREASURY.
Sanction detail — filed text
FIRST UNION SECURITIES, WITHOUT ADMITTING OR DENYING ANY OF THE ALLEGATIONS, CONSENTED TO THE FINDINGS OF THE NASD AND UNDERTAKES TO MAKE PAYMENTS TOTALING $309,775.92 RELATED TO THE SALE OF SECURITIES TO CERTAIN MUNICIPAL ISSUERS IN CONNECTION WITH ADVANCE REFUNDINGS, PAY $11,802,522.08 TO THE US TREASURY AND $625,000 TO THE NASD UNDER AN AGREEMENT SIMULTANEOUSLY ENTERED INTO AMONG FIRST UNION SECURIRITIES, THE INTERNAL REVENUE SERVICE AND THE US ATTORNEY FOR THE SOUTHERN DISTRICT OF NEW YORK.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/30/2000 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: C05000058 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: US TREASURY SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE NASD ALLEGED VIOLATIONS OF SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT AND NASD RULE 2110 CONCERNING SALES OF PORTFOLIOS OF US TREASURY SECURITIES FOR DEFEASANCE ESCROW AT EXCESSIVE, UNDISCLOSED MARKUPS TO MUNICIPALITIES IN CONNECTION WITH ADVANCE REFUNDINGS. FURTHER, THE NASD ALLEGED THAT THE FIRM KNEW, OR SHOULD HAVE KNOWN, THAT THE MARKUPS WERE NOT REASONABLY RELATED TO THE PREVAILING WHOLESALE MARKET PRICES AND THEREBY JEOPARDIZED THE TAX-EXEMPT STATUS OF THE BONDS AND DIVERTED FUNDS FROM THE US TREASURY. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 10/30/2000 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRST UNION SECURITIES, WITHOUT ADMITTING OR DENYING ANY OF THE ALLEGATIONS, CONSENTED TO THE FINDINGS OF THE NASD AND UNDERTAKES TO MAKE PAYMENTS TOTALING $309,775.92 RELATED TO THE SALE OF SECURITIES TO CERTAIN MUNICIPAL ISSUERS IN CONNECTION WITH ADVANCE REFUNDINGS, PAY $11,802,522.08 TO THE US TREASURY AND $625,000 TO THE NASD UNDER AN AGREEMENT SIMULTANEOUSLY ENTERED INTO AMONG FIRST UNION SECURIRITIES, THE INTERNAL REVENUE SERVICE AND THE US ATTORNEY FOR THE SOUTHERN DISTRICT OF NEW YORK. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 40PRUCO SECURITIES, LLC.PDF pages 147–149
- Advisory affiliate name — filed text
- PRUCO SECURITIES, LLC.
Action status / disposition — filed text
REMOVED AFFILIATE, WACHOVIA SECURITIES FINANCIAL NETWORK, LLC,COMBINING DRP DISCLOSURES ONTO ANOTHER DRP FORM. USING THIS DRP FORM TO COMBINE THE AFFILIATE, PRUCO SECURITIES, LLC, DISCLOSURES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5685 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PRUCO SECURITIES, LLC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVED AFFILIATE, WACHOVIA SECURITIES FINANCIAL NETWORK, LLC,COMBINING DRP DISCLOSURES ONTO ANOTHER DRP FORM. USING THIS DRP FORM TO COMBINE THE AFFILIATE, PRUCO SECURITIES, LLC, DISCLOSURES.
regulatory · block 41WELLS FARGO ADVISORS FINANCIAL NETWORK, LLCPDF pages 149–151
- Advisory affiliate name — filed text
- WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
Action status / disposition — filed text
COMBINING ALL DRP DISCLOSURES FOR THIS AFFILIATE ONTO THIS DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates y If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 11025 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). COMBINING ALL DRP DISCLOSURES FOR THIS AFFILIATE ONTO THIS DRP FORM.
regulatory · block 42FIRST UNION SECURITIES FINANCIAL NETWORK, INC.PDF pages 151–153
- Advisory affiliate name — filed text
- FIRST UNION SECURITIES FINANCIAL NETWORK, INC.
Action status / disposition — filed text
THIS DRP WAS FILED IN ERROR. PLEASE REMOVE.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 11025 This advisory affiliate is a Firm an Individual Registered: Yes No Name: FIRST UNION SECURITIES FINANCIAL NETWORK, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP WAS FILED IN ERROR. PLEASE REMOVE.
regulatory · block 43PDF pages 153–154
- Regulator name — filed text
- NASD REGULATION, INC.
- Monetary/Fine Amount — filed text
- $ 7,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
FIRST UNION BROKERAGE SERVICES, INC. ENTERED INTO AN ACCEPTANCE, WAIVER AND CONSENT ORDER WITH THE NASD REGULATION, INC. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS STATED ABOVE. THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION BROKERAGE SERVICES, INC. (BD#8112) MERGED INTO FIRST UNION SECURITIES, INC. (BD#19616) ON OCTOBER 1, 2000 AND FORM BDW WAS FILED FOR FIRST UNION BROKERAGE SERVICES, INC. ACCORDINGLY. DURING THE TIME PERIOD OF 9/27/1997 THROUGH 9/21/1998, FIRST UNION BROKERAGE SERVICES, INC. FAILED TO FILE REPORTS WITH THE ASSOCIATION OF POSITIONS OF 200 OR MORE STANDARDIZED OPTION CONTRACTS HELD BY 56 CUSTOMER ACCOUNTS. (VIOLATION OF NASD CONDUCT RULE 2860(B)(5)(A) FOR EACH REPORT NOT FILED.) FIRST UNION BROKERAGE SERVICES' FAILED TO MAINTAIN ADEQUATE WRITTEN SUPERVISORY PROCEDURES REGARDING THE REPORTING OF OPTIONS POSITIONS. (VIOLATION OF NASD CONDUCT RULES 2110 AND 3010.)
Sanction detail — filed text
$7,000 COMPOSED OF $2,000 FINE FOR THE OPTIONS REPORTING VIOLATIONS AND A $5,000 FINE FOR THE SUPERVISORY VIOLATION.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD REGULATION, INC. 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE 3. Date Initiated (MM/DD/YYYY): 08/03/2000 Exact Explanation If not exact, provide explanation: BELIEVED TO BE FIRST TIME THE FIRM WAS NOTIFIED OF AWC ACTION. 4. Docket/Case Number: CMS010023 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Options Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION BROKERAGE SERVICES, INC. (BD#8112) MERGED INTO FIRST UNION SECURITIES, INC. (BD#19616) ON OCTOBER 1, 2000 AND FORM BDW WAS FILED FOR FIRST UNION BROKERAGE SERVICES, INC. ACCORDINGLY. DURING THE TIME PERIOD OF 9/27/1997 THROUGH 9/21/1998, FIRST UNION BROKERAGE SERVICES, INC. FAILED TO FILE REPORTS WITH THE ASSOCIATION OF POSITIONS OF 200 OR MORE STANDARDIZED OPTION CONTRACTS HELD BY 56 CUSTOMER ACCOUNTS. (VIOLATION OF NASD CONDUCT RULE 2860(B)(5)(A) FOR EACH REPORT NOT FILED.) FIRST UNION BROKERAGE SERVICES' FAILED TO MAINTAIN ADEQUATE WRITTEN SUPERVISORY PROCEDURES REGARDING THE REPORTING OF OPTIONS POSITIONS. (VIOLATION OF NASD CONDUCT RULES 2110 AND 3010.) 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 03/08/2001 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 7,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $7,000 COMPOSED OF $2,000 FINE FOR THE OPTIONS REPORTING VIOLATIONS AND A $5,000 FINE FOR THE SUPERVISORY VIOLATION. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). FIRST UNION BROKERAGE SERVICES, INC. ENTERED INTO AN ACCEPTANCE, WAIVER AND CONSENT ORDER WITH THE NASD REGULATION, INC. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS STATED ABOVE. THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
regulatory · block 44PDF pages 154–156
- Regulator name — filed text
- NASD REGULATION, INC.
- Monetary/Fine Amount — filed text
- $ 32,500.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
Other filed details
Description of allegations — filed text
FIRST UNION BROKERAGE SERVICES, INC. (BD#8112) MERGED INTO FIRST UNION SECURITIES, INC. (BD#19616) ON OCTOBER 1, 2000 AND FORM BDW WAS FILED FOR FIRST UNION BROKERAGE SERVICES, INC. ACCORDINGLY. DURING THE PERIOD FROM ON OR ABOUT 2/6/1995 THROUGH ON OR ABOUT 10/1/1999, FIRST UNION BROKERAGE SERVICES, INC. FAILED TO ESTABLISH AND MAINTAIN ADEQUATE WRITTEN PROCEDURES TO SUPERVISE THE SALE OF VARIABLE ANNUITY CONTRACTS. DURING THE PERIOD FROM ON OR ABOUT 2/6/1995 THROUGH ON OR ABOUT 8/31/1999, FIRST UNION BROKERAGE SERVICES, INC. FAILED TO DOCUMENT OR DEMONSTRATE THAT IT HAD MADE REASONABLE EFFORTS TO OBTAIN CERTAIN SUITABILITY INFORMATION. DURING THE PERIOD FROM ON OR ABOUT 9/24/1997 THROUGH ON OR ABOUT 4/22/1998, FIRST UNION BROKERAGE SERVICES, INC. ALLOWED TWO INDIVIDUALS TO PERFORM DUTIES AS REGISTERED REPRESENTATIVES WHILE THE REGISTRATIONS OF THESE INDIVIDUALS WERE DEEMED INACTIVE FOR FAILING TO COMPLETE THE REGULATORY ELEMENT OF THE CONTINUING EDUCATION. DURING THE PERIOD FROM ON OR ABOUT 3/13/1998 THROUGH ON OR ABOUT 4/15/1998, FIRST UNION BROKERAGE SERVICES, INC. FAILED AND NEGLECTED TO MAINTAIN A DAILY POSITION RECORD AND DOCUMENTATION TO SUPPORT INFORMATION FILED IN A SHORT INTEREST REPORT.
Sanction detail — filed text
FIRST UNION BROKERAGE SERVICES, INC. ENTERED INTO AN ACCEPTANCE, WAIVER, AND CONSENT ORDER WITH THE NASD REGULATION, INC. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS STATED ABOVE. CENSURE AND A FINE OF $32,500.00 ASSESSED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD REGULATION, INC. 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE 3. Date Initiated (MM/DD/YYYY): 06/30/2000 Exact Explanation If not exact, provide explanation: FIRM RECEIVED WRITTEN REQUEST TO PROVIDE A WELLS TYPE SUBMISSION IN THIS MATTER. 4. Docket/Case Number: CO5010010 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Annuity(ies) - Variable Other Product Types: AND MUTUAL FUNDS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FIRST UNION BROKERAGE SERVICES, INC. (BD#8112) MERGED INTO FIRST UNION SECURITIES, INC. (BD#19616) ON OCTOBER 1, 2000 AND FORM BDW WAS FILED FOR FIRST UNION BROKERAGE SERVICES, INC. ACCORDINGLY. DURING THE PERIOD FROM ON OR ABOUT 2/6/1995 THROUGH ON OR ABOUT 10/1/1999, FIRST UNION BROKERAGE SERVICES, INC. FAILED TO ESTABLISH AND MAINTAIN ADEQUATE WRITTEN PROCEDURES TO SUPERVISE THE SALE OF VARIABLE ANNUITY CONTRACTS. DURING THE PERIOD FROM ON OR ABOUT 2/6/1995 THROUGH ON OR ABOUT 8/31/1999, FIRST UNION BROKERAGE SERVICES, INC. FAILED TO DOCUMENT OR DEMONSTRATE THAT IT HAD MADE REASONABLE EFFORTS TO OBTAIN CERTAIN SUITABILITY INFORMATION. DURING THE PERIOD FROM ON OR ABOUT 9/24/1997 THROUGH ON OR ABOUT 4/22/1998, FIRST UNION BROKERAGE SERVICES, INC. ALLOWED TWO INDIVIDUALS TO PERFORM DUTIES AS REGISTERED REPRESENTATIVES WHILE THE REGISTRATIONS OF THESE INDIVIDUALS WERE DEEMED INACTIVE FOR FAILING TO COMPLETE THE REGULATORY ELEMENT OF THE CONTINUING EDUCATION. DURING THE PERIOD FROM ON OR ABOUT 3/13/1998 THROUGH ON OR ABOUT 4/15/1998, FIRST UNION BROKERAGE SERVICES, INC. FAILED AND NEGLECTED TO MAINTAIN A DAILY POSITION RECORD AND DOCUMENTATION TO SUPPORT INFORMATION FILED IN A SHORT INTEREST REPORT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 02/14/2001 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 32,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRST UNION BROKERAGE SERVICES, INC. ENTERED INTO AN ACCEPTANCE, WAIVER, AND CONSENT ORDER WITH THE NASD REGULATION, INC. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS STATED ABOVE. CENSURE AND A FINE OF $32,500.00 ASSESSED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP FILED IN ERROR. SHOULD NOT HAVE BEEN DISCLOSED ON BD19616. DISCLOSURE RELATES TO PREDECESSOR BROKER DEALER WHOSE BD WAS WITHDRAWN. BD19616 DID NOT SUCCEED TO FIRST UNION BROKERAGE SERVICES, INC.'S LICENSE.
regulatory · block 45PDF pages 156–158
- Regulator name — filed text
- NASD REGULATION, INC.
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
THE NASD ALLEGED THAT FUSI'S PREDECESSORS, BUTCHER & SINGER AND WHEAT FIRST SECURITIES, INC. VIOLATED SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT AND NASD RULE 2001 CONCERNING SALES OF PORTFOLIOS OF US TREASURY SECURITIES FOR DEFEASANCE ESCROW AT EXCESSIVE, UNDISCLOSED MARKUPS TO MUNICIPALITIES IN CONNECTION WITH ADVANCE REFUNDINGS. FURTHER, THE NASD ALLEGED THAT THE FIRM KNEW OR SHOULD HAVE KNOWN THAT THE MARKUPS WERE NOT REASONABLY RELATED TO THE PREVAILING WHOLESALE MARKET PRICES AND THEREBY JEOPARDIZED THE TAX-EXEMPT STATUS OF THE BONDS AND DIVERTED THE FUNDS FROM THE US TREASURY.
Sanction detail — filed text
FUSI, WITHOUT ADMITTING OR DENYING ANY OF THE ALLEGATIONS, CONSENTED TO THE FINDINGS OF THE NASD AND UNDERTAKES TO MAKE PAYMENTS TOTALING $1,460,110.32 RELATED TO THE SALE OF SECURITIES TO CERTAIN MUNICIPAL ISSUERS IN CONNECTION WITH ADVANCE REFUNDINGS, PAY $6,752,152.49 TO THE US TREASURY AND $478,500 TO THE NASDR UNDER AN AGREEMENT SIMULTANEOUSLY ENTERED INTO AMONG FUSI, THE INTERNAL REVENUE SERVICE AND THE US ATTORNEY FOR THE SOUTHERN DISTRICT OF NEW YORK.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD REGULATION, INC. 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/05/2000 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: C05000014 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: US TREASURY SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE NASD ALLEGED THAT FUSI'S PREDECESSORS, BUTCHER & SINGER AND WHEAT FIRST SECURITIES, INC. VIOLATED SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT AND NASD RULE 2001 CONCERNING SALES OF PORTFOLIOS OF US TREASURY SECURITIES FOR DEFEASANCE ESCROW AT EXCESSIVE, UNDISCLOSED MARKUPS TO MUNICIPALITIES IN CONNECTION WITH ADVANCE REFUNDINGS. FURTHER, THE NASD ALLEGED THAT THE FIRM KNEW OR SHOULD HAVE KNOWN THAT THE MARKUPS WERE NOT REASONABLY RELATED TO THE PREVAILING WHOLESALE MARKET PRICES AND THEREBY JEOPARDIZED THE TAX-EXEMPT STATUS OF THE BONDS AND DIVERTED THE FUNDS FROM THE US TREASURY. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 04/05/2000 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FUSI, WITHOUT ADMITTING OR DENYING ANY OF THE ALLEGATIONS, CONSENTED TO THE FINDINGS OF THE NASD AND UNDERTAKES TO MAKE PAYMENTS TOTALING $1,460,110.32 RELATED TO THE SALE OF SECURITIES TO CERTAIN MUNICIPAL ISSUERS IN CONNECTION WITH ADVANCE REFUNDINGS, PAY $6,752,152.49 TO THE US TREASURY AND $478,500 TO THE NASDR UNDER AN AGREEMENT SIMULTANEOUSLY ENTERED INTO AMONG FUSI, THE INTERNAL REVENUE SERVICE AND THE US ATTORNEY FOR THE SOUTHERN DISTRICT OF NEW YORK. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 46PDF pages 158–160
- Regulator name — filed text
- NASD REGULATION, INC.
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
WITHOUT ADMITTING OR DENYING GUILT, FIRST UNION SECURITIES COSENTED TO THE NASD'S FINDINGS THAT ON OR ABOUT APRIL 3, 2000 NASD REGULATION STAFF REQUESTED PURSUANT TO NASD PROCEDURAL RULE 8210 THAT FIRST UNION COMPLETE AND RETURN A BRANCH OFFICE INFORMATION QUESTIONNAIRE BY APRIL 18, 2000. THAT FIRST UNION REQUESTED AND RECIEVED AN EXTENSION OF THE RESPONSE DEADLINE UNTIL MAY 12, 2000. THAT AFTER FURTHER COMMUNICATION WITH FIRST UNION, NASD REGULATION STAFF DID NOT RECEIVE THE REQUESTED INFORMATION UNTIL MARCH 2001. THAT THE NASD ALLEGES THAT SUCH CONDUCT VIOLATES NASD PROCEDURAL RULE 8210 AND NASD CONDUCT RULE 2110.
Other filed details
Description of allegations — filed text
THE NASD ALLEGES THAT ON OR ABOUT APRIL 3, 2000 NASD REGULATION STAFF REQUESTED PURSUANT TO NASD PROCEDURAL RULE 8210 THAT FIRST UNION COMPLETE AND RETURN A BRANCH OFFICE INFORMATION QUESTIONNAIRE BY APRIL 18, 2000. FIRST UNION REQUESTED AND RECIEVED AN EXTENSION OF THE RESPONSE DEADLINE UNTIL MAY 12, 2000. AFTER FURTHER COMMUNICATION WITH FIRST UNION, NASD REGULATION STAFF DID NOT RECEIVE THE REQUESTED INFORMATION UNTIL MARCH 2001. THE NASD ALLEGES THAT SUCH CONDUCT VIOLATES NASD PROCEDURAL RULE 8210 AND NASD CONDUCT RULE 2110.
Sanction detail — filed text
N/A
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD REGULATION, INC. 2. Principal Sanction: Censure Other Sanctions: FINE OF $5,000 3. Date Initiated (MM/DD/YYYY): 04/03/2000 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: C07020006-AWC 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): FIRST UNION SECURITIES, INC. 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE NASD ALLEGES THAT ON OR ABOUT APRIL 3, 2000 NASD REGULATION STAFF REQUESTED PURSUANT TO NASD PROCEDURAL RULE 8210 THAT FIRST UNION COMPLETE AND RETURN A BRANCH OFFICE INFORMATION QUESTIONNAIRE BY APRIL 18, 2000. FIRST UNION REQUESTED AND RECIEVED AN EXTENSION OF THE RESPONSE DEADLINE UNTIL MAY 12, 2000. AFTER FURTHER COMMUNICATION WITH FIRST UNION, NASD REGULATION STAFF DID NOT RECEIVE THE REQUESTED INFORMATION UNTIL MARCH 2001. THE NASD ALLEGES THAT SUCH CONDUCT VIOLATES NASD PROCEDURAL RULE 8210 AND NASD CONDUCT RULE 2110. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 02/07/2002 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: N/A Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: N/A 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WITHOUT ADMITTING OR DENYING GUILT, FIRST UNION SECURITIES COSENTED TO THE NASD'S FINDINGS THAT ON OR ABOUT APRIL 3, 2000 NASD REGULATION STAFF REQUESTED PURSUANT TO NASD PROCEDURAL RULE 8210 THAT FIRST UNION COMPLETE AND RETURN A BRANCH OFFICE INFORMATION QUESTIONNAIRE BY APRIL 18, 2000. THAT FIRST UNION REQUESTED AND RECIEVED AN EXTENSION OF THE RESPONSE DEADLINE UNTIL MAY 12, 2000. THAT AFTER FURTHER COMMUNICATION WITH FIRST UNION, NASD REGULATION STAFF DID NOT RECEIVE THE REQUESTED INFORMATION UNTIL MARCH 2001. THAT THE NASD ALLEGES THAT SUCH CONDUCT VIOLATES NASD PROCEDURAL RULE 8210 AND NASD CONDUCT RULE 2110.
regulatory · block 47PDF pages 160–162
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STOCK EXCHANGE, INC. 2. Principal Sanction: Censure Other Sanctions: FINE OF $145,000 3. Date Initiated (MM/DD/YYYY): 04/01/2000 Exact Explanation If not exact, provide explanation: DATE IS APPROXIMATE, UNCERTAIN AS TO DATE MATTER WAS INITIATED. 4. Docket/Case Number: 01-232 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): FIRST UNION SECURITIES, INC. 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 1. ALLEGATIONS OF FAILURE TO SUPERVISE TO ENSURE THAT CUSTOMER ORDERS WERE PROPERLY ALLOCATED TO CUSTOMER ACCOUNTS PRIOR TO OR SIMULTANEOUSLY WITH ORDER EXECUTION BY EVEREN SECURITIES (NOW KNOWN AS FIRST UNION SECURITIES) DURING 1997. 2. DURING 1999 & 2000, EVEREN SECURITIES ALLEGEDLY FAILED TO REPORT ALL CUSTOMER COMPLAINTS, CUSTOMER SETTLEMENTS AND VIOLATIVE CONDUCT IN A TIMELY MANNER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 01/28/2002 Exact Explanation If not exact, provide explanation: RECEIVED BY FIRM ON 2/1/02 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 145,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: N/A Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: N/A 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WITHOUT ADMITTING OR DENYING ANY GUILT, EVEREN SECURITIES (NOW KNOWN AS FIRST UNION SECURITIES) CONSENTED TO THE NYSE'S FINDINGS THAT 1. VIOLATED EXCHANGE RULE 440 AND SEC REGULATIONS 240.71A-3 AND 17A-4 BY FAILING IT TO MAKE AND PERSERVE REQUIRED RECORDS RELATING TO ACCOUNT DESIGNATION AND EXECUTION OF CUSTOMER ORDERS, 2. EXCHANGE RULE 410 BY FAILING TO MAKE AND PERSERVE REQUIRED RECORDS REGARDING THE TIMELY ALLOCATION OF ORDERS TO CUSTOMER ACCOUNTS, 3. EXCHANGE RULE 351 BY FAILING TO PROMPTLY REPORT CERTAIN CUSTOMER COMPLAINTS AND/OR SETTLEMENTS TO THE EXCHANGE AS REQUIRED, 4. EXCHANGE RULE 342 IN THAT IT FAILED TO REASONABLY SUPERVISE AND CONTROL AND PROVIDE APPROPRIATE PROCEDURES OF SUPERVISION AND CONTROL AND ESTABLISH A SYSTEM OF FOLLOW-UP AND REVIEW WITH RESPECT TO (A)ASSURING COMPLIANCE WITH EXCHANGE RULES AND FEDERAL SECURITIES LAWS REQUIRING THE MAKING AND PRESERVATION OF TIMELY RECORDS RELATING TO THE ACCOUNT DESIGNATION AND EXECUTION OF CUSTOMER ORDERS, (B) ASSURING THAT TRADE CORRECTIONS EFFECTED BY BRANCH OFFICE MANAGERS ARE PROPERLY REVIEWED, AND (C) ASSURING COMPLIANCE WITH EXCHANGE RULES TO PROMPTLY AND ACCURATLEY REPORT CUSTOMER COMPLAINTS AND/OR SETTLEMENTS TO THE EXCHANGE.
regulatory · block 48PDF pages 162–164
- Regulator name — filed text
- INDIANA
- How was matter resolved — filed text
- Vacated
Action status / disposition — filed text
STATE OF INDIANA FILED FORM U6 AGAINST FIRST UNION SECURITIES, INC. (NKA WACHOVIA SECURITIES, LLC) INSTEAD OF FIRST UNION FINANCIAL SERVICES, INC. (NKA WACHOVIA SECURITIES FINANCIAL NETWORK, LLC).
Other filed details
Description of allegations — filed text
A CEASE AND DESIST ORDER WAS PLACED AGAINS JW GENESIS IN CONNECTION WITH ALLEGED UNAUTHORIZED TRADE BY A REGISTERED REPRESENTATIVE OF THE FIRM.
Sanction detail — filed text
N/A
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) INDIANA 2. Principal Sanction: Cease and Desist Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/07/2001 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 01-0215 CD 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): JW GENESIS (NKA WACHOVIA SECURITIES FINANCIAL NETWORK, INC.), AN AFFILIATE FIRM OF WACHOVIA SECURITIES (FKA FIRST UNION SECURITIES INC.) 6. Principal Product Type: Equity Listed (Common & Preferred Stock) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): A CEASE AND DESIST ORDER WAS PLACED AGAINS JW GENESIS IN CONNECTION WITH ALLEGED UNAUTHORIZED TRADE BY A REGISTERED REPRESENTATIVE OF THE FIRM. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Vacated 11. Resolution Date (MM/DD/YYYY): 12/26/2001 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: LOSSES IN THE AMOUNT OF $5905.00 PAID TO THE STATE OF INDIANA, TO BE PAID TO THE CUSTOMER. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: N/A 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). STATE OF INDIANA FILED FORM U6 AGAINST FIRST UNION SECURITIES, INC. (NKA WACHOVIA SECURITIES, LLC) INSTEAD OF FIRST UNION FINANCIAL SERVICES, INC. (NKA WACHOVIA SECURITIES FINANCIAL NETWORK, LLC).
regulatory · block 49PDF pages 164–165
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 10,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
SEC RULE 11AC1-4 - WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE RESPONDENT MEMBER CONSENTED TO THE ENTRY OF FINDINGS THAT IT FAILED TO DISPLAY IMMEDIATELY THE CUSTOMER LIMIT ORDERS IN NASDAQ SECURITIES IN ITS PUBLIC QUOTATION, WHEN EACH SUCH ORDER WAS AT A PRICE THAT WOULD HAVE IMPROVED THE FIRM'S BID OR OFFER IN EACH SUCH SECURITY; OR WHEN THE ORDER WAS PRICED EQUAL TO THE FIRM'S BID OR OFFER AND THE NATIONAL BEST BID OR OFFER IN SUCH SECURITY, AND THE SIZE OF THE ORDER REPRESENTED MORE THAN A DE MINIMIS CHANGE IN RELATION TO THE SIZE ASSOCIATED WITH ITS BID OR OFFER IN EACH SUCH SECURITY.
Sanction detail — filed text
A CENSURE AND A FINE OF $10,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/30/2002 Exact Explanation If not exact, provide explanation: EXACT DATE AWC INITIATED UNKNOWN 4. Docket/Case Number: CMS020202 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: UNKNOWN TYPE OF SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SEC RULE 11AC1-4 - WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE RESPONDENT MEMBER CONSENTED TO THE ENTRY OF FINDINGS THAT IT FAILED TO DISPLAY IMMEDIATELY THE CUSTOMER LIMIT ORDERS IN NASDAQ SECURITIES IN ITS PUBLIC QUOTATION, WHEN EACH SUCH ORDER WAS AT A PRICE THAT WOULD HAVE IMPROVED THE FIRM'S BID OR OFFER IN EACH SUCH SECURITY; OR WHEN THE ORDER WAS PRICED EQUAL TO THE FIRM'S BID OR OFFER AND THE NATIONAL BEST BID OR OFFER IN SUCH SECURITY, AND THE SIZE OF THE ORDER REPRESENTED MORE THAN A DE MINIMIS CHANGE IN RELATION TO THE SIZE ASSOCIATED WITH ITS BID OR OFFER IN EACH SUCH SECURITY. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 10/30/2002 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: A CENSURE AND A FINE OF $10,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 50PDF pages 165–167
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
NASD RULE 2110 - WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, WACHOVIA SECURITIES, INC. CONSENTED TO THE ENTRY OF FINDINGS THAT IT FAILED TO REPORT TO THE FIXED INCOME PRICING SYSTEM ("FIPS")46 TRANSACTIONS IN FIPS SECURITIES WITHIN FIVE MINUTES AFTER EXECUTION DURING THE PERIOD FROM JANUARY 1, 2001 THROUGH JUNE 28,2001, WHICH CONSTITUTES A PATTERN OR PRACTICE OF REPORTING IN VIOLATION OF RULE 2110. THE FIRM PAID A FINE OF $5,000.
Sanction detail — filed text
A FINE OF $5000.00
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
10/24/2002
Exact
Explanation
If not exact, provide explanation:
EXACT DATE AWC INITIATED UNKNOWN
4.
Docket/Case Number:
CMS020193
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
UNKNOWN TYPE OF SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
NASD RULE 2110 - WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, WACHOVIA SECURITIES, INC. CONSENTED TO THE ENTRY OF FINDINGS THAT
IT FAILED TO REPORT TO THE FIXED INCOME PRICING SYSTEM ("FIPS")46 TRANSACTIONS IN FIPS SECURITIES WITHIN FIVE MINUTES AFTER
EXECUTION DURING THE PERIOD FROM JANUARY 1, 2001 THROUGH JUNE 28,2001, WHICH CONSTITUTES A PATTERN OR PRACTICE OF REPORTING IN
VIOLATION OF RULE 2110. THE FIRM PAID A FINE OF $5,000.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
10/24/2002
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 5,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
A FINE OF $5000.00
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 51PDF pages 167–169
- Regulator name — filed text
- STATE OF NEW HAMPSHIRE
- Monetary/Fine Amount — filed text
- $ 1,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
THE RESPONDENT WACHOVIA SECURITIES, INC. (BD 19616)VOLUNTARILY CONSENTED TO THE ENTRY OF THE ORDER AND TO PAY THE PENALTY INCURRED BY THE FORMER WACHOVIA SECURITIES, INC. (BD431), WHICH MERGED WITH FIRST UNION SECURITIES, INC. ON 6/15/2002 TO BECOME WACHOVIA SECURITIES, INC. (BD19616).
Other filed details
Description of allegations — filed text
FAILURE OF PREDECESSOR FIRM WACHOVIA SECURITIES, INC. (BD 431) TO FILE ANNUAL AUDITED STATEMENTS WITHIN TIMELY MANNER AND TO PAY PENALTY OF $500 FOR LATE FILING.
Sanction detail — filed text
ADMINISTRATIVE FINE OF $500.00 AND PENALTY FEE OF $500.00 PAID TO STATE 04/07/2003.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEW HAMPSHIRE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/19/2003 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: INV03-010 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WACHOVIA SECURITIES, INC. (BD# 431) 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FAILURE OF PREDECESSOR FIRM WACHOVIA SECURITIES, INC. (BD 431) TO FILE ANNUAL AUDITED STATEMENTS WITHIN TIMELY MANNER AND TO PAY PENALTY OF $500 FOR LATE FILING. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 06/09/2003 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: ADMINISTRATIVE FINE OF $500.00 AND PENALTY FEE OF $500.00 PAID TO STATE 04/07/2003. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE RESPONDENT WACHOVIA SECURITIES, INC. (BD 19616)VOLUNTARILY CONSENTED TO THE ENTRY OF THE ORDER AND TO PAY THE PENALTY INCURRED BY THE FORMER WACHOVIA SECURITIES, INC. (BD431), WHICH MERGED WITH FIRST UNION SECURITIES, INC. ON 6/15/2002 TO BECOME WACHOVIA SECURITIES, INC. (BD19616).
regulatory · block 52PRUDENTIAL-BACHE SECURITIES (HONG KONG) LIMITEDPDF pages 169–171
- Advisory affiliate name — filed text
- PRUDENTIAL-BACHE SECURITIES (HONG KONG) LIMITED
- Regulator name — filed text
- SECURITIES/FUTURES COMMISSION & STOCK EXCHANGE OF HONG KONG
- Monetary/Fine Amount — filed text
- $ 6,500.00
- How was matter resolved — filed text
- Other
Other filed details
Description of allegations — filed text
THE STOCK EXCHANGE OF HONG KONG, DICIPLINARY COMMITTEE (THE "COMMITTE"). DISCIPLINARY PROCEEDING CASE NO: 50/99. AUGUST 15, 1999. THE COMMITTEE AND THE HONG KONG SECURITIES AND FUTURES COMMISSION JOINTLY CHARGED PRUDENTIAL-BACHE SECURITIES (HONG KONG) LIMITED ("PBS(HK)"), AN AFFILIATE OF PRUDENTIAL SECURITIES AND ITS DEALING DIRECTOR, LIU LUK POR FOR BREACH OF THE RULES OF THE EXCHANGE. THE SUBSTANCE OF THE CHARGE WAS THAT DURING A PERIOD FROM DECEMBER 15, 1997 TO JULY 3, 1998 PBS(HK)HAD INADEQUATE INTERNAL CONTROLS AND FAILED TO IMPLEMENT AN APPROPRIATE SYSTEM FOR DETERRING AND DETECTING INTRA-DAY SHORT SELLING BY ITS STAFF, AND THAT AS A RESULT, A FORMER SALES REPRESENTATIVE OF PBS(HK), WHO WAS SUBSEQUENTLY DISMISSED, HAD ENGAGED IN EXTENSIVE SHORT SELLING IN HIS OWN ACCOUNT. THE RESULT WAS THAT THE SECURITIES AND FUTURES COMMISSION ISSUED A PUBLIC REPRIMAND TO BOTH PBS(HK) AND MR. LIU LUK POR AND THE STOCK EXCHANGE OF HONG KONG ISSUED A PUBLIC CENSURE PLUS A FIND OF HK$30,000 (APPROXIMATELY US$3,900) FOR PBS(HK) AND A PUBLIC CENSURE PLUS A FINE OF HD$20,000 (APPROXIMATELY US$2,600) FOR MR. LIU LUK POR.
Sanction detail — filed text
FINES WER PAID AS OF 8/19/1999.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
PRUDENTIAL-BACHE
SECURITIES (HONG KONG)
LIMITED
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
SECURITIES/FUTURES COMMISSION & STOCK EXCHANGE OF HONG KONG
2.
Principal Sanction:
Censure
Other Sanctions:
PRUDENTIAL SECURITIES ("PSI") WAS FINED HK$30,000 (APPROX US$3,900). A PSI REGISTERED REPRESENTATIVE WAS FINED HK$20,000 (APPROX
US$2,600).
3.
Date Initiated (MM/DD/YYYY):
04/23/1999
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
DISCIPLINARY PROCEEDING NO. 50/99
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
PRUDENTIAL-BACHE SECURITIES (HK) LIMITED
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STOCK EXCHANGE OF HONG KONG, DICIPLINARY COMMITTEE (THE "COMMITTE"). DISCIPLINARY PROCEEDING CASE NO: 50/99. AUGUST 15, 1999.
THE COMMITTEE AND THE HONG KONG SECURITIES AND FUTURES COMMISSION JOINTLY CHARGED PRUDENTIAL-BACHE SECURITIES (HONG KONG)
LIMITED ("PBS(HK)"), AN AFFILIATE OF PRUDENTIAL SECURITIES AND ITS DEALING DIRECTOR, LIU LUK POR FOR BREACH OF THE RULES OF THE
EXCHANGE. THE SUBSTANCE OF THE CHARGE WAS THAT DURING A PERIOD FROM DECEMBER 15, 1997 TO JULY 3, 1998 PBS(HK)HAD INADEQUATE
INTERNAL CONTROLS AND FAILED TO IMPLEMENT AN APPROPRIATE SYSTEM FOR DETERRING AND DETECTING INTRA-DAY SHORT SELLING BY ITS STAFF,
AND THAT AS A RESULT, A FORMER SALES REPRESENTATIVE OF PBS(HK), WHO WAS SUBSEQUENTLY DISMISSED, HAD ENGAGED IN EXTENSIVE SHORT
SELLING IN HIS OWN ACCOUNT. THE RESULT WAS THAT THE SECURITIES AND FUTURES COMMISSION ISSUED A PUBLIC REPRIMAND TO BOTH PBS(HK)
AND MR. LIU LUK POR AND THE STOCK EXCHANGE OF HONG KONG ISSUED A PUBLIC CENSURE PLUS A FIND OF HK$30,000 (APPROXIMATELY US$3,900)
FOR PBS(HK) AND A PUBLIC CENSURE PLUS A FINE OF HD$20,000 (APPROXIMATELY US$2,600) FOR MR. LIU LUK POR.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Other
11. Resolution Date (MM/DD/YYYY):
08/19/1999
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 6,500.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
PRUDENTIAL SECURITIES WAS FINED HK$30,000 (APPROXIMATELY US$3,600). A PRUDENTIAL SECURITIES REGISTERED REPRESENTATIVE WAS
FINED HD$20,000 (APPROXIMATELY US$2,600).
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
FINES WER PAID AS OF 8/19/1999.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 53PRUCO SECURITIES, LLC.PDF pages 171–173
- Advisory affiliate name — filed text
- PRUCO SECURITIES, LLC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5685 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PRUCO SECURITIES, LLC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 54PDF pages 173–174
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5685 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PRUCO SECURITIES, LLC. (For individuals, Last, First, Middle) CRD Number: 17344 This advisory affiliate is a Firm an Individual Registered: Yes No Name: FIRST CLEARING, LLC (For individuals, Last, First, Middle) CRD Number: 11025 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WACHOVIA SECURITIES FINANCIAL NETWORK, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 55PRUCO SECURITIES, LLC.PDF pages 175–176
- Advisory affiliate name — filed text
- PRUCO SECURITIES, LLC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5685 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PRUCO SECURITIES, LLC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 56PRUCO SECURITIES, LLC.PDF pages 176–178
- Advisory affiliate name — filed text
- PRUCO SECURITIES, LLC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5685 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PRUCO SECURITIES, LLC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 57PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLCPDF pages 178–180
- Advisory affiliate name — filed text
- PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 18353 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 58PDF pages 180–181
- Regulator name — filed text
- NASD
- Monetary/Fine Amount — filed text
- $ 2,422,232.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM AGREED TO THE LETTER OF ACCEPTANCE, WAIVER AND CONSENT WITHOUT ADMITTING OR DENYING THE ALLEGATIONS. IN ADDITION TO THE CENSURE AND MONETARY FINE, THE FIRM HAS AGREED TO CERTAIN UNDERTAKINGS: (1) A TRADE BY TRADE REVIEW OF ALL FRONT END LOADED FUND SALES ABOVE $2500 FROM JANUARY 1, 1999 THROUGH NOVEMBER 3, 2003 TO ENSURE THAT CUSTOMERS RECEIVE THE APPROPRIATE SALES DISCOUNTS AND PROVIDE REFUNDS WHERE APPLICABLE AND (2) WITHIN 6 MONTHS OF THE DATE OF THE AWC, THE FIRM WILL CERTIFY TO THE REGULATORS THAT A SYSTEM IS IN PLACE REASONABLY DESIGNED TO MAKE CERTAIN CUSTOMERS GET APPROPRIATE BREAKPOINT DISCOUNTS.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM WAS ALLEGED TO HAVE VIOLATED NASD CONDUCT RULE 2110, STANDARDS OF COMMERCIAL HONOR AND PRINCIPLES OF TRADE, AS IT RELATES TO DISLOSING TO CLIENTS THEIR ELIGIBILITY OF RECEIVING MUTUAL FUND BREAKPOINT DISCOUNTS.
Sanction detail — filed text
THE TOTAL AMOUNT OF THE FINE WAS $4,844,465. $2,422,232 PAID TO THE NASD ON 2/19/04 AND $2,422,232 PAID TO THE SEC ON 2/19/04.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD 2. Principal Sanction: Censure Other Sanctions: MONETARY FINE AND UNDERTAKINGS 3. Date Initiated (MM/DD/YYYY): 02/12/2004 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CAF040008 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Mutual Fund(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM WAS ALLEGED TO HAVE VIOLATED NASD CONDUCT RULE 2110, STANDARDS OF COMMERCIAL HONOR AND PRINCIPLES OF TRADE, AS IT RELATES TO DISLOSING TO CLIENTS THEIR ELIGIBILITY OF RECEIVING MUTUAL FUND BREAKPOINT DISCOUNTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 02/12/2004 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,422,232.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKINGS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE TOTAL AMOUNT OF THE FINE WAS $4,844,465. $2,422,232 PAID TO THE NASD ON 2/19/04 AND $2,422,232 PAID TO THE SEC ON 2/19/04. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM AGREED TO THE LETTER OF ACCEPTANCE, WAIVER AND CONSENT WITHOUT ADMITTING OR DENYING THE ALLEGATIONS. IN ADDITION TO THE CENSURE AND MONETARY FINE, THE FIRM HAS AGREED TO CERTAIN UNDERTAKINGS: (1) A TRADE BY TRADE REVIEW OF ALL FRONT END LOADED FUND SALES ABOVE $2500 FROM JANUARY 1, 1999 THROUGH NOVEMBER 3, 2003 TO ENSURE THAT CUSTOMERS RECEIVE THE APPROPRIATE SALES DISCOUNTS AND PROVIDE REFUNDS WHERE APPLICABLE AND (2) WITHIN 6 MONTHS OF THE DATE OF THE AWC, THE FIRM WILL CERTIFY TO THE REGULATORS THAT A SYSTEM IS IN PLACE REASONABLY DESIGNED TO MAKE CERTAIN CUSTOMERS GET APPROPRIATE BREAKPOINT DISCOUNTS.
regulatory · block 59PDF pages 181–183
- Regulator name — filed text
- SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 2,422,232.00
- How was matter resolved — filed text
- Decision & Order of Offer of Settlement
Action status / disposition — filed text
THE FIRM AGREED TO AN OFFER OF SETTLEMENT WITHOUT ADMITTING OR DENYING THE ALLEGATIONS. IN ADDITION TO THE CENSURE, CEASE AND DESIST ORDER, MONETARY FINE, THE FIRM HAS AGREED TO CERTAIN UNDERTAKINGS SET FORTH UNDER NASD AWC#CAF040008: (1) A TRADE BY TRADE REVIEW OF ALL FRONT END LOADED FUND SALES ABOVE $2500 FROM JANUARY 1, 1999 THROUGH NOVEMBER 3, 2003 TO ENSURE THAT CUSTOMERS RECEIVE THE APPROPRIATE SALES DISCOUNTS AND PROVIDE REFUNDS WHERE APPLICABLE, AND (2) WITHIN 6 MONTHS OF THE DATE OF THE AWC, THE FIRM WILL CERTIFY TO THE REGULATORS THAT A SYSTEM IS IN PLACE REASONABLY DESIGNED TO MAKE CERTAIN CUSTOMERS GET APPROPRIATE BREAKPOINT DISCOUNTS.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM WAS ALLEGED TO HAVE VIOLATED SECTION 17(A)(2) OF THE SECURITIES ACT IN FAILING TO NOTIFY CUSTOMERS OF APPROPRIATE BREAKPOINT DISCOUNTS AND VIOLATED RULE 10B-10 UNDER THE EXCHANGE ACT IN FAILING TO DISCLOSE THE REMUNERATION THE FIRM RECEIVED FROM FRONT END SALES LOADS.
Sanction detail — filed text
THE TOTAL AMOUNT OF THE FINE WAS $4,844,465. $2,422,232 PAID TO THE NASD ON 2/19/04 AND $2,422,232 PAID TO THE SEC ON 2/19/04.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) SECURITIES AND EXCHANGE COMMISSION 2. Principal Sanction: Cease and Desist Other Sanctions: CENSURE, MONETARY FINE AND DISGORGEMENT, PLUS PREJUDGMENT INTEREST 3. Date Initiated (MM/DD/YYYY): 02/12/2004 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 3-11410 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Mutual Fund(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM WAS ALLEGED TO HAVE VIOLATED SECTION 17(A)(2) OF THE SECURITIES ACT IN FAILING TO NOTIFY CUSTOMERS OF APPROPRIATE BREAKPOINT DISCOUNTS AND VIOLATED RULE 10B-10 UNDER THE EXCHANGE ACT IN FAILING TO DISCLOSE THE REMUNERATION THE FIRM RECEIVED FROM FRONT END SALES LOADS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Decision & Order of Offer of Settlement 11. Resolution Date (MM/DD/YYYY): 02/12/2004 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,422,232.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE TOTAL AMOUNT OF THE FINE WAS $4,844,465. $2,422,232 PAID TO THE NASD ON 2/19/04 AND $2,422,232 PAID TO THE SEC ON 2/19/04. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM AGREED TO AN OFFER OF SETTLEMENT WITHOUT ADMITTING OR DENYING THE ALLEGATIONS. IN ADDITION TO THE CENSURE, CEASE AND DESIST ORDER, MONETARY FINE, THE FIRM HAS AGREED TO CERTAIN UNDERTAKINGS SET FORTH UNDER NASD AWC#CAF040008: (1) A TRADE BY TRADE REVIEW OF ALL FRONT END LOADED FUND SALES ABOVE $2500 FROM JANUARY 1, 1999 THROUGH NOVEMBER 3, 2003 TO ENSURE THAT CUSTOMERS RECEIVE THE APPROPRIATE SALES DISCOUNTS AND PROVIDE REFUNDS WHERE APPLICABLE, AND (2) WITHIN 6 MONTHS OF THE DATE OF THE AWC, THE FIRM WILL CERTIFY TO THE REGULATORS THAT A SYSTEM IS IN PLACE REASONABLY DESIGNED TO MAKE CERTAIN CUSTOMERS GET APPROPRIATE BREAKPOINT DISCOUNTS.
regulatory · block 60PDF pages 183–185
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 20,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
THE FIRM WAS ALLEGED TO HAVE FAILED TO EXECUTE EIGHT MUNICIPAL SECURITY POSITIONS AT PRICES THAT WERE FAIR AND REASONABLE, DURING THE PERIOD FROM ON OR ABOUT AUGUST 22, 2002 THROUGH DECEMBER 10, 2002 IN VIOLATION OF MSRB RULES G-17 AND G-30(A).
Sanction detail — filed text
THE FIRM WAS CENSURED, FINED $20,000 AND PAYMENT OF RESTITUTION TO CLIENTS OF $19,486.25. WITHIN 90 DAYS OF ACCEPTANCE OF AWC THE FIRM SHALL PROVIDE THE NASD WITH A COPY OF ITS UPDATED WRITTEN SUPERVISORY PROCEDURES AS IT RELATES TO DETERMINING FAIR MARKET VALUE OF MUNICIPAL SECURITIES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: RESTITUTION OF $19,486.25 3. Date Initiated (MM/DD/YYYY): 06/28/2004 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: C05040043 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Debt - Municipal Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM WAS ALLEGED TO HAVE FAILED TO EXECUTE EIGHT MUNICIPAL SECURITY POSITIONS AT PRICES THAT WERE FAIR AND REASONABLE, DURING THE PERIOD FROM ON OR ABOUT AUGUST 22, 2002 THROUGH DECEMBER 10, 2002 IN VIOLATION OF MSRB RULES G-17 AND G-30(A). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 06/28/2004 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 20,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: CUSTOMER RESTITUTION OF $19,486.25 AND WITHIN 90 DAYS OF ACCEPTANCE OF AWC THE FIRM SHALL PROVIDE THE NASD WITH A COPY OF ITS UPDATED WRITTEN SUPERVISORY PROCEDURES AS IT RELATES TO DETERMINING FAIR MARKET VALUE OF MUNICIPAL SECURITIES. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED, FINED $20,000 AND PAYMENT OF RESTITUTION TO CLIENTS OF $19,486.25. WITHIN 90 DAYS OF ACCEPTANCE OF AWC THE FIRM SHALL PROVIDE THE NASD WITH A COPY OF ITS UPDATED WRITTEN SUPERVISORY PROCEDURES AS IT RELATES TO DETERMINING FAIR MARKET VALUE OF MUNICIPAL SECURITIES. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 61PDF pages 185–187
- Regulator name — filed text
- NEW YORK STOCK EXCHANGE, INC.
- Monetary/Fine Amount — filed text
- $ 250,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
AS A RESULT OF ITS EXAM OF FIRST UNION IN 2000 AND 2001, THE NYSE FOUND REGISTRATION ISSUES, CUSTOMER COMPLAINT REPORTING DEFICIENCIES, REVIEW OF DISCRETIONARY ACCOUNTS SHORTCOMINGS, INSUFFICENT DISCLOSURE IN MUTUAL FUND SWITCH LETTERS AND LACK OF CLEAR LANGUAGE IN RESEARCH REPORTS.
Sanction detail — filed text
WITHOUT ADMITTING THE ALLEGATIONS, THE FIRM AGREED TO THE ENTRY OF A CONSENT ORDER, THE TERMS OF WHICH WERE A CENSURE AND A FINE OF $250,000. PAYMENT OF THE FINE WAS MADE ON AUGUST 25, 2004.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STOCK EXCHANGE, INC. 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: FINE OF $250,000 3. Date Initiated (MM/DD/YYYY): 07/08/2004 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: HPD# 04-115 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): AS A RESULT OF ITS EXAM OF FIRST UNION IN 2000 AND 2001, THE NYSE FOUND REGISTRATION ISSUES, CUSTOMER COMPLAINT REPORTING DEFICIENCIES, REVIEW OF DISCRETIONARY ACCOUNTS SHORTCOMINGS, INSUFFICENT DISCLOSURE IN MUTUAL FUND SWITCH LETTERS AND LACK OF CLEAR LANGUAGE IN RESEARCH REPORTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/13/2004 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 250,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING THE ALLEGATIONS, THE FIRM AGREED TO THE ENTRY OF A CONSENT ORDER, THE TERMS OF WHICH WERE A CENSURE AND A FINE OF $250,000. PAYMENT OF THE FINE WAS MADE ON AUGUST 25, 2004. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 62PDF pages 187–188
- Regulator name — filed text
- U S SECURITIES & EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 100,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
VIOLATIONS OF CFR PART 404 PROMULGATED PURSUANT TO SECTION 15C WITH THE PRIMARY DISTRIBUTION OF CERTAIN UNSECURED DEBT SECURITIES ISSUED BY GOVERNMENTAL SPONSORED ENTERPRISES.
Sanction detail — filed text
CEASE AND DESIST, $100,000 FINE.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) U S SECURITIES & EXCHANGE COMMISSION 2. Principal Sanction: Cease and Desist Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/01/1992 Exact Explanation If not exact, provide explanation: UNKNOWN 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: UNSECURED DEBT SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): VIOLATIONS OF CFR PART 404 PROMULGATED PURSUANT TO SECTION 15C WITH THE PRIMARY DISTRIBUTION OF CERTAIN UNSECURED DEBT SECURITIES ISSUED BY GOVERNMENTAL SPONSORED ENTERPRISES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 01/01/1992 Exact Explanation If not exact, provide explanation: UNKNOWN 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 100,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CEASE AND DESIST, $100,000 FINE. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 63PDF pages 189–190
- Regulator name — filed text
- STATE OF MAINE, OFFICE OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 1,500.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE FIRM INADVERTENTLY FAILED TO RENEW SALES REPRESENTATIVE, LARRY M MALLES, LICENSE BY DECEMBER 31, 2003 WHICH RESULTED IN MR MALLES TRANSACTING BUSINESS UNLICENSED FROM JANUARY 6, 2004 THROUGH JANUARY 8, 2004.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING VIOLATION OF THE REVISED MAINE SECURITIES ACT, THE FIRM AGREED TO A PENALTY OF $1500 AND WOULD COMPLY WITH ALL LICENSING AND OTHER LEGAL REQUIREMENTS FOR PERSONS ACTING IN A SECURITIES SALES REPRESENTATIVE CAPACITY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MAINE, OFFICE OF SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/16/2004 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 04-063-CAG 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM INADVERTENTLY FAILED TO RENEW SALES REPRESENTATIVE, LARRY M MALLES, LICENSE BY DECEMBER 31, 2003 WHICH RESULTED IN MR MALLES TRANSACTING BUSINESS UNLICENSED FROM JANUARY 6, 2004 THROUGH JANUARY 8, 2004. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 09/16/2004 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING VIOLATION OF THE REVISED MAINE SECURITIES ACT, THE FIRM AGREED TO A PENALTY OF $1500 AND WOULD COMPLY WITH ALL LICENSING AND OTHER LEGAL REQUIREMENTS FOR PERSONS ACTING IN A SECURITIES SALES REPRESENTATIVE CAPACITY. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 64PDF pages 190–192
- Regulator name — filed text
- U.S. SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 10,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
SEC INSTITUTED PROCEEDINGS AGAINST SOUTHTRUST SECURITIES, INC. (CRD# 17922 - MERGED INTO WACHOVIA SECURITIES, LLC) AND AT LEAST 97 OTHER FIRMS, EACH OF WHICH WAS A BROKER AND/OR DEALER.
Other filed details
Description of allegations — filed text
VIOLATED APPLICABLE BOOKS AND RECORDS REQUIREMENTS IN CONNECTION WITH CERTAIN PRIMARY DISTRIBUTIONS OF DEBT SECURITIES OF ONE OR MORE OF THE FOLLOWING GOVERNMENT SPONSORED ENTITIES: FHLB, FFCBFC FNMA, FHLMC, AND STUDENT LOAN MARKETING ASSOCIATION. SPEDIFICALLY VIOLATED RULES 17(A), 17(A)(3), AND 17(A)(4) OF THE SECURITIES EXCHANGE ACT OF 1934.
Sanction detail — filed text
SOUTHTRUST SECURITIES, INC. (CRD# 17922 - MERGED INTO WACHOVIA SECURITIES, LLC) WAS ORDERED TO PAY A $10,000 CIVIL MONETARY PENALTY, PAID IN FULL ON 01/16/1992.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) U.S. SECURITIES AND EXCHANGE COMMISSION 2. Principal Sanction: Other Other Sanctions: CIVIL AND ADMINISTRATIVE PENALTY/FINE 3. Date Initiated (MM/DD/YYYY): 01/16/1992 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: NONE 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Debt - Government Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): VIOLATED APPLICABLE BOOKS AND RECORDS REQUIREMENTS IN CONNECTION WITH CERTAIN PRIMARY DISTRIBUTIONS OF DEBT SECURITIES OF ONE OR MORE OF THE FOLLOWING GOVERNMENT SPONSORED ENTITIES: FHLB, FFCBFC FNMA, FHLMC, AND STUDENT LOAN MARKETING ASSOCIATION. SPEDIFICALLY VIOLATED RULES 17(A), 17(A)(3), AND 17(A)(4) OF THE SECURITIES EXCHANGE ACT OF 1934. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 01/16/1992 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: SOUTHTRUST SECURITIES, INC. (CRD# 17922 - MERGED INTO WACHOVIA SECURITIES, LLC) WAS ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATION OR FUTURE VIOLATION OF SAID RULES, AND SSI WAS REQUIRED TO DEVELOP,IMPLEMENT, AND MAINTAIN POLICIES AND PROCEDURES TO ENSURE FUTURE COMPLIANCE. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SOUTHTRUST SECURITIES, INC. (CRD# 17922 - MERGED INTO WACHOVIA SECURITIES, LLC) WAS ORDERED TO PAY A $10,000 CIVIL MONETARY PENALTY, PAID IN FULL ON 01/16/1992. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). SEC INSTITUTED PROCEEDINGS AGAINST SOUTHTRUST SECURITIES, INC. (CRD# 17922 - MERGED INTO WACHOVIA SECURITIES, LLC) AND AT LEAST 97 OTHER FIRMS, EACH OF WHICH WAS A BROKER AND/OR DEALER.
regulatory · block 65PDF pages 192–194
- Regulator name — filed text
- STATE OF FLORIDA, DEPARTMENT OF BANKING AND FINANCE
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
FINAL ORDER WAS ACCEPTED ON 7/20/2000 BY THE STATE OF FLORIDA; ALL SUBJECT OFFICES WERE PROMPTLY APPROVED BY THE STATE.
Other filed details
Description of allegations — filed text
SOUTHTRUST SECURITIES, INC. (CRD# 17922 - MERGED INTO WACHOVIA SECURITIES, LLC) FAILED TO EFFECT RENEWAL OF 7 EXISTING REGISTERED OFFICES WITH THE STATE OF FLORIDA.
Sanction detail — filed text
PAID FINE ON 7/10/2000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF FLORIDA, DEPARTMENT OF BANKING AND FINANCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CEASE AND DESIST 3. Date Initiated (MM/DD/YYYY): 05/11/2000 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2970-S-6/00 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SOUTHTRUST SECURITIES, INC. (CRD# 17922 - MERGED INTO WACHOVIA SECURITIES, LLC) FAILED TO EFFECT RENEWAL OF 7 EXISTING REGISTERED OFFICES WITH THE STATE OF FLORIDA. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 07/20/2000 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PAID FINE ON 7/10/2000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). FINAL ORDER WAS ACCEPTED ON 7/20/2000 BY THE STATE OF FLORIDA; ALL SUBJECT OFFICES WERE PROMPTLY APPROVED BY THE STATE.
regulatory · block 66PDF pages 194–195
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 250.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
ON JANUARY 13, 1998 DISTRICT NO. 5 NOTIFIED RESPONDENT, SOUTHTRUST SECURITIES,INC. (CRD 17322-MERGED INTO WACHOVIA SECURITIES, LLC), THAT THE LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. C05970033 WAS ACCEPTED; THEREFORE THE FIRM WAS FINED $250 - MSRB RULE G-36 RESPONDENT MEMBER FAILED TO FILE TO THE MSRB A FORM G-36 IN A TIMELY MANNER AND FILED INACCURATE FORMS G-36 TO THE MSRB ***$250.00 PAID ON 2/9/98, INVOICE NO. 98-05-129***
Other filed details
Description of allegations — filed text
N/A
Sanction detail — filed text
RESULTED IN A MONETARY FINE OF $250.00.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Other Other Sanctions: RELIEF SOUGHT 3. Date Initiated (MM/DD/YYYY): 01/13/1998 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: C0970033 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): N/A 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 01/13/1998 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 250.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: RESULTED IN A MONETARY FINE OF $250.00. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ON JANUARY 13, 1998 DISTRICT NO. 5 NOTIFIED RESPONDENT, SOUTHTRUST SECURITIES,INC. (CRD 17322-MERGED INTO WACHOVIA SECURITIES, LLC), THAT THE LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. C05970033 WAS ACCEPTED; THEREFORE THE FIRM WAS FINED $250 - MSRB RULE G-36 RESPONDENT MEMBER FAILED TO FILE TO THE MSRB A FORM G-36 IN A TIMELY MANNER AND FILED INACCURATE FORMS G-36 TO THE MSRB ***$250.00 PAID ON 2/9/98, INVOICE NO. 98-05-129***
regulatory · block 67AMERICAN SKANDIA INVESTMENT SERVICES, INC.PDF pages 195–197
- Advisory affiliate name — filed text
- AMERICAN SKANDIA INVESTMENT SERVICES, INC.
- Regulator name — filed text
- COMMONWEALTH OF VIRGINIA, STATE CORPORATION COMMISSION
- How was matter resolved — filed text
- Other
Other filed details
Description of allegations — filed text
THE AFFILIATE WAS DENIED REGISTRATION AS AN INVESTMENT ADVISOR BY THE COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION, DIVISION OF SECURITIES AND RETAIL FRANCHISING, ON JANUARY 15, 1997. THIS DENIAL WAS BASED UPON THE FACT THAT THE STATUTORY DEADLINE FOR SUBMITTING ALL INFORMATION THAT WAS NECESSARY TO COMPLETE AFFILIATE'S APPLICATION FOR REGISTRATION HAD EXPIRED, THEREFORE, THIS DENIAL WAS NOT BASED UPON ANY MISCONDUCT OR UNLAWFUL ACTIVITY BY THE AFFILIATE.
Sanction detail — filed text
THE APPLICATION WAS NEVER RESUBMITTED. THERE WERE NO OTHER SANCTIONS ORDERED OUTSIDE OF THE INITIAL DENIAL OF REGISTRATION. THE AFFILIATE CHECKED THE ABOVE BOX BECAUSE THE IARD PROGRAM REQUIRES THAT A SANCTION BE CHECKED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 108897 This advisory affiliate is a Firm an Individual Registered: Yes No Name: AMERICAN SKANDIA INVESTMENT SERVICES, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMONWEALTH OF VIRGINIA, STATE CORPORATION COMMISSION 2. Principal Sanction: Denial Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/15/1997 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE AFFILIATE WAS DENIED REGISTRATION AS AN INVESTMENT ADVISOR BY THE COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION, DIVISION OF SECURITIES AND RETAIL FRANCHISING, ON JANUARY 15, 1997. THIS DENIAL WAS BASED UPON THE FACT THAT THE STATUTORY DEADLINE FOR SUBMITTING ALL INFORMATION THAT WAS NECESSARY TO COMPLETE AFFILIATE'S APPLICATION FOR REGISTRATION HAD EXPIRED, THEREFORE, THIS DENIAL WAS NOT BASED UPON ANY MISCONDUCT OR UNLAWFUL ACTIVITY BY THE AFFILIATE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 01/15/1997 Exact Explanation If not exact, provide explanation: THE APPLICATION WAS NEVER RESUBMITTED, THEREFORE, THERE WAS NO ACTUAL RESOLUTION DATE. THE AFFILIATE INSERTED THE SAME DATE AS THE DATE INITIATED BECAUSE THE IARD PROGRAM REQUIRES THAT A DATE BE INSERTED. 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE APPLICATION WAS NEVER RESUBMITTED. THERE WERE NO OTHER SANCTIONS ORDERED OUTSIDE OF THE INITIAL DENIAL OF REGISTRATION. THE AFFILIATE CHECKED THE ABOVE BOX BECAUSE THE IARD PROGRAM REQUIRES THAT A SANCTION BE CHECKED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 68PDF pages 197–199
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 650,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
THE FIRM WAS ALLEGED TO HAVE FAILED TO FILE FORM U4 AND U5 AMENDMENTS IN A TIMELY MANNER FROM JANUARY, 2002 TO MARCH, 2004.
Sanction detail — filed text
THE FIRM WAS FINED IN THE TOTAL AMOUNT OF $650,000 WHICH WAS PAID ON NOVEMBER 16, 2004. THE FIRM IS PROHIBITED IN REGISTERING ANY ASSOCIATED PERSON, IN A NONSUPERVISORY SALES CAPACITY, FOR 5 CONSECUTIVE BUSINESS DAYS BEGINNING ON JANUARY 24, 2005 AND ENDING ON JANUARY 28, 2005. THE FIRM'S INTERNAL AUDIT DEPARTMENT IS REQUIRED TO AUDIT U4 AND U5 AMENDMENTS FILED BETWEEN JANUARY 1, 2004 AND SEPTEMBER 30, 2004 SUMMARIZING THEIR FINDINGS AND RECOMMENDATIONS WITH AN OFFICER. FURTHER, AN OFFICER SHALL CERTIFY THE FIRM HAS REVIEWED ITS SYSTEM AND PROCEDURES AND HAVE ESTABLISHED A SYSTEM AND PROCEDURES TO COMPLY WITH ARTICLE V REPORTING OBLIGATIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/30/2004 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AWC NO. CAF040089 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM WAS ALLEGED TO HAVE FAILED TO FILE FORM U4 AND U5 AMENDMENTS IN A TIMELY MANNER FROM JANUARY, 2002 TO MARCH, 2004. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 11/30/2004 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 650,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: THE FIRM IS PROHIBITED IN REGISTERING ANY ASSOCIATED PERSON, IN A NONSUPERVISORY SALES CAPACITY, FOR 5 CONSECUTIVE BUSINESS DAYS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS FINED IN THE TOTAL AMOUNT OF $650,000 WHICH WAS PAID ON NOVEMBER 16, 2004. THE FIRM IS PROHIBITED IN REGISTERING ANY ASSOCIATED PERSON, IN A NONSUPERVISORY SALES CAPACITY, FOR 5 CONSECUTIVE BUSINESS DAYS BEGINNING ON JANUARY 24, 2005 AND ENDING ON JANUARY 28, 2005. THE FIRM'S INTERNAL AUDIT DEPARTMENT IS REQUIRED TO AUDIT U4 AND U5 AMENDMENTS FILED BETWEEN JANUARY 1, 2004 AND SEPTEMBER 30, 2004 SUMMARIZING THEIR FINDINGS AND RECOMMENDATIONS WITH AN OFFICER. FURTHER, AN OFFICER SHALL CERTIFY THE FIRM HAS REVIEWED ITS SYSTEM AND PROCEDURES AND HAVE ESTABLISHED A SYSTEM AND PROCEDURES TO COMPLY WITH ARTICLE V REPORTING OBLIGATIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 69METROPOLITAN WEST SECURITIES, LLCPDF pages 199–201
- Advisory affiliate name — filed text
- METROPOLITAN WEST SECURITIES, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 30172 This advisory affiliate is a Firm an Individual Registered: Yes No Name: METROPOLITAN WEST SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 70PDF pages 201–203
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: BACHE FINANCIAL DERIATIVES LIMITED (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II egu ato y ct o t ated by SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) THE SECURITIES AND FUTURES AUTHORITY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/31/1991 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Futures - Commodity Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE SFA ALLEGED THAT BETWEEN MAY 13, 1991 AND OCTOBER 2, 1991 AFFILIATE AND JOHN BRACKLEY FAILED TO COMPLY WITH SFA PRINCIPLES OF STATEMENTS OF PRINCIPLE. THE AFFILIATE WAS ALLEGED TO HAVE ENGAGED IN A COURSE OF CONDUCT IN RELATION TO PROPERTY FUTURES TRANSACTIONS TRADED ON THE LONDON FOX; BRACKLEY WAS ALLEGED TO HAVE FAILED TO ACT WITH DUE CARE, SKILL AND DILIGENCE AND TO AVOID IN ENGAGING IN A COURSE OF CONDUCT WHICH DID NOT CONFORM WITH THE HIGH STANDARDS OF MARKET CONDUCT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/31/1991 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 60,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FINE PAID ON OR ABOUT JANUARY 15, 1992. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WITHOUT ADMITTING OR DENYING THE ALLEGED VIOLATIONS, THE AFFILIATE AGREED TO PAY A FINE IN THE AMOUNT OF $60,000, JOHN BRACKLEY WAS REPRIMANDED. IN ADDITION, THE SFA STATED THAT THERE WAS NO INTENTION ON THE PART OF THE AFFILIATE TO VIOLATE SFA RULES, INFRINGE APPLICABLE MARKET STANDARDS OR CREATE ANY FALSE IMPRESSION OF TH EMARKET IN PROPERTY FUTURES.
regulatory · block 71DRYDEN NOMINEES (HONG KONG) LTD.PDF pages 203–204
- Advisory affiliate name — filed text
- DRYDEN NOMINEES (HONG KONG) LTD.
- Regulator name — filed text
- NEW YORK MERCANTILE EXCHANGE
- Monetary/Fine Amount — filed text
- $ 15,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
AFFILIATE SETTLED THIS MATTER BY AGREEING TO A FINE OF $15,000 AND TO UPDATE ITS POLICIES AND PROCEDURES DESIGNED TO ACHIEVE COMPLIANCE WITH AFOREMENTIONED RULES.
Other filed details
Description of allegations — filed text
THE NYMEX ALLEGED THAT AFFILIATE HAD PLACED CERTAIN CUSTOMER ORDERS ON THE FLOOR OF THE NYMEX WHICH WERE IMPROPERLY TIME- STAMPED, AND HAD ALLEGEDLY FAILED TO MAINTAIN ACCURATE RECORDS. AS A RESULT, THE COMPLAINT ALLEGED THAT AFFILIATE HAD VIOLATED NYMEX RULES 8.50(A) AND 6.18(A).
Sanction detail — filed text
FINE PAID ON OR ABOUT NOVEMBER 30, 1991.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: DRYDEN NOMINEES (HONG KONG) LTD. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK MERCANTILE EXCHANGE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/26/1991 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 91-51 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Futures - Commodity Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE NYMEX ALLEGED THAT AFFILIATE HAD PLACED CERTAIN CUSTOMER ORDERS ON THE FLOOR OF THE NYMEX WHICH WERE IMPROPERLY TIME- STAMPED, AND HAD ALLEGEDLY FAILED TO MAINTAIN ACCURATE RECORDS. AS A RESULT, THE COMPLAINT ALLEGED THAT AFFILIATE HAD VIOLATED NYMEX RULES 8.50(A) AND 6.18(A). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 11/06/1991 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 15,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FINE PAID ON OR ABOUT NOVEMBER 30, 1991. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). AFFILIATE SETTLED THIS MATTER BY AGREEING TO A FINE OF $15,000 AND TO UPDATE ITS POLICIES AND PROCEDURES DESIGNED TO ACHIEVE COMPLIANCE WITH AFOREMENTIONED RULES.
regulatory · block 72PDF pages 205–206
- Regulator name — filed text
- STATE OF CALIFORNIA, DEPARTMENT OF CORPORATIONS
- Monetary/Fine Amount — filed text
- $ 250,000.00
- How was matter resolved — filed text
- Order
Other filed details
Description of allegations — filed text
THE FIRM WAS ALLEGED TO HAVE VIOLATED CORPORATIONS CODE SECTION 25210(B), 25218, CODE OF REGULATIONS SECTION 260.210(A), 260.218, 260.218.4(A), 260.218.4(C)IN THE EMPLOYING OF AN AGENT WITHOUT INVESTIGATING THE EXPERIENCE AND BACKGROUND OF THE INDIVIDUAL, FAILING TO ENFORCE WRITTEN PROCEDURES AND FAILING TO SUPERVISE THE AGENT.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM AGREED TO A PENALTY OF $250,000 PAID ON DECEMBER 20, 2004. THE FIRM ALSO REVISED AND ADOPTED ENHANCED HIRING POLICIES AND REVISED AND ADOPTED ENHANCED POLICIES AND PROCEDURES SURROUNDING WIRE TRANSFERS AND JOURNALING OF MONIES OR SECURITIES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF CALIFORNIA, DEPARTMENT OF CORPORATIONS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/30/2003 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM WAS ALLEGED TO HAVE VIOLATED CORPORATIONS CODE SECTION 25210(B), 25218, CODE OF REGULATIONS SECTION 260.210(A), 260.218, 260.218.4(A), 260.218.4(C)IN THE EMPLOYING OF AN AGENT WITHOUT INVESTIGATING THE EXPERIENCE AND BACKGROUND OF THE INDIVIDUAL, FAILING TO ENFORCE WRITTEN PROCEDURES AND FAILING TO SUPERVISE THE AGENT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 11/12/2004 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 250,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM AGREED TO A PENALTY OF $250,000 PAID ON DECEMBER 20, 2004. THE FIRM ALSO REVISED AND ADOPTED ENHANCED HIRING POLICIES AND REVISED AND ADOPTED ENHANCED POLICIES AND PROCEDURES SURROUNDING WIRE TRANSFERS AND JOURNALING OF MONIES OR SECURITIES. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 73PDF pages 206–208
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 25,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
DURING THE PERIOD OF MAY 25, 2001 THROUGH APRIL 12, 2002, WACHOVIA WAS ALLEGED TO HAVE VIOLATED CONDUCT RULES 2110 AND 2210(C) (1)IN FAILING TO FILE SALES LITERATURE WITH THE NASD, ALLEGED TO HAVE VIOLATED RULE 2110 AND 3010(A)(1) IN FAILING TO RESONABLY SUPERVISE THE WRITTEN COMMUNICATION OF A REGISTERED REPRESENTATIVE, AND ALLEGED TO HAVE VIOLATED RULE 2110 AND 3010(B)(1)IN FAILING TO ESTABLISH, MAINTAIN AND ENFORCE WRITTEN PROCEDURES ON COMMUNICATIONS TO THE PUBLIC.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, WACHOVIA CONSENTED TO A CENSURE AND FINE OF $25,000. THE FINE WAS PAID ON APRIL 29, 2005.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Censure Other Sanctions: FINE OF $25,000 3. Date Initiated (MM/DD/YYYY): 04/13/2005 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AWC CE2050007 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): DURING THE PERIOD OF MAY 25, 2001 THROUGH APRIL 12, 2002, WACHOVIA WAS ALLEGED TO HAVE VIOLATED CONDUCT RULES 2110 AND 2210(C) (1)IN FAILING TO FILE SALES LITERATURE WITH THE NASD, ALLEGED TO HAVE VIOLATED RULE 2110 AND 3010(A)(1) IN FAILING TO RESONABLY SUPERVISE THE WRITTEN COMMUNICATION OF A REGISTERED REPRESENTATIVE, AND ALLEGED TO HAVE VIOLATED RULE 2110 AND 3010(B)(1)IN FAILING TO ESTABLISH, MAINTAIN AND ENFORCE WRITTEN PROCEDURES ON COMMUNICATIONS TO THE PUBLIC. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 04/13/2005 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 25,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, WACHOVIA CONSENTED TO A CENSURE AND FINE OF $25,000. THE FINE WAS PAID ON APRIL 29, 2005. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 74PDF pages 208–210
- Regulator name — filed text
- STATE OF MAINE, OFFICE OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 27,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
DURING AUGUST 5, 1999 THROUGH JULY 31, 2000, A REGISTERED REPRESENTATIVE OF THE FIRM HAD TRANSACTED BUSINESS WITH MAINE CLIENTS AND WAS NOT LICENSED OR EXEMPT. THE FIRM WAS ALLEGED TO HAVE VIOLATED THE REVISED MAINE SECURITIES ACT BY EMPLOYING THIS REGISTERED REPRESENTATIVE WHO WAS NOT LICENSED OR EXEMPT IN THE STATE AND FAILING TO REASONABLY SUPERVISE ONE OF ITS REGISTERED REPRESENTATIVES.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM AGREED TO THE CENSURE AND PAYMENT OF $27,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MAINE, OFFICE OF SECURITIES 2. Principal Sanction: Censure Other Sanctions: ADMINISTRATIVE FINE OF $27,000 3. Date Initiated (MM/DD/YYYY): 04/25/2005 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 05-026-CAG 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): DURING AUGUST 5, 1999 THROUGH JULY 31, 2000, A REGISTERED REPRESENTATIVE OF THE FIRM HAD TRANSACTED BUSINESS WITH MAINE CLIENTS AND WAS NOT LICENSED OR EXEMPT. THE FIRM WAS ALLEGED TO HAVE VIOLATED THE REVISED MAINE SECURITIES ACT BY EMPLOYING THIS REGISTERED REPRESENTATIVE WHO WAS NOT LICENSED OR EXEMPT IN THE STATE AND FAILING TO REASONABLY SUPERVISE ONE OF ITS REGISTERED REPRESENTATIVES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/25/2005 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 27,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM AGREED TO THE CENSURE AND PAYMENT OF $27,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 75PDF pages 210–211
- Regulator name — filed text
- MISSOURI SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 300,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE FIRM WAS ALLEGED TO HAVE VIOLATED SECURITIES LAWS BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS IN THE STATE OF MISSOURI.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO THE ORDER TO CEASE AND DESIST AND PAYMENT OF $300,000 TO THE MISSOURI INVESTOR EDUCATION AND PROTECTION FUND. IN ADDITION FOR A PERIOD OF TWO YEARS: (1) UPON REQUEST PROVIDE THE STATE OF MISSOURI BRANCH OFFICE REVIEWS BY REGULATORS, INCLUDING THE SEC, NYSE AND THE NASD, (2) PROMPTLY REPORT TO THE STATE OF MISSOURI THE NAME AND CRD NUMBER OF EACH MISSOURI-BASED AGENT IDENTIFIED BY THE SYSTEM WARRANTING HEIGHTENED SUPERVISION, (3) PROMPTLY REPORT ALL MATERIAL CHANGES IN COMPLIANCE SUPERVISORS WITH DIRECT OVERSIGHT OF MISSOURI-BASED AGENTS AND BRANCH OFFICES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MISSOURI SECURITIES DIVISION 2. Principal Sanction: Cease and Desist Other Sanctions: PAYMENT OF $300,000 TO THE MISSOURI INVESTOR EDUCATION AND PROTECTION FUND. 3. Date Initiated (MM/DD/YYYY): 06/13/2005 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CASE NO. AP-05-20 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM WAS ALLEGED TO HAVE VIOLATED SECURITIES LAWS BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS IN THE STATE OF MISSOURI. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 06/13/2005 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 300,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO THE ORDER TO CEASE AND DESIST AND PAYMENT OF $300,000 TO THE MISSOURI INVESTOR EDUCATION AND PROTECTION FUND. IN ADDITION FOR A PERIOD OF TWO YEARS: (1) UPON REQUEST PROVIDE THE STATE OF MISSOURI BRANCH OFFICE REVIEWS BY REGULATORS, INCLUDING THE SEC, NYSE AND THE NASD, (2) PROMPTLY REPORT TO THE STATE OF MISSOURI THE NAME AND CRD NUMBER OF EACH MISSOURI-BASED AGENT IDENTIFIED BY THE SYSTEM WARRANTING HEIGHTENED SUPERVISION, (3) PROMPTLY REPORT ALL MATERIAL CHANGES IN COMPLIANCE SUPERVISORS WITH DIRECT OVERSIGHT OF MISSOURI-BASED AGENTS AND BRANCH OFFICES. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 76PDF pages 212–213
- Regulator name — filed text
- NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Monetary/Fine Amount — filed text
- $ 2,500.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
ON NOVEMBER 2, 1990 THE LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. NEW-779-AWC (DISTRICT NO. 5) SUBMITTED BY RESPONDENTS SOUTHTRUST SECURITIES, INC. (CRD#17922 - MERGED INTO WACHOVIA SECURITIES, LLC),JOSEPH C. MARFOGLIO, CHARLES J. SMITH AND JAMES D HOOKS WAS ACCEPTED; THEREFORE THEY ARE CENSURED AND FINED $2500 JOINTLY AND SEVERALLY - (ARTICLE III, SECTIONS 1, 21, 27 AND 33, APPENDIX 3 OF THE RULES OF FAIR PRACTICE AND MSRB RULE G-3 IN THAT RESPONDENT MEMBER, ACTING THROUGH RESPONDENTS MARFOGLIO AND SMITH, FAILED TO MAKE THE REQUIRED DEPOSIT IN ITS SPECIAL RESERVE BANK ACCOUNT; FAILED TO PROPERLY CONDUCT A QUARTERLY SECURITY EXAMINATION, COUNT AND VERIFICATION; FAILED TO PREPARE AND KEEP CURRENT AN ACCURATE SECURITIES POSITION RECORD; FAILED TO PREPARE AN ACCURATE COMPUTATION OF NET CAPITAL; RESPONDENT MEMBER, ACTING THROUGH RESPONDENT MARFOGLIO, FILED TO DEVELOP AND IMPLEMENT WRITTEN SUPERVISORY PROCEDURES; AND RESPONDENT MEMBER, ACTING THROUGH RESPONDENTS MARFOGLIO AND HOOKS, FAILED TO PROPERLY REGISTERE AN INDIVIDUAL AS A MUNICIPAL SECURITIES PRINCIPAL. ***$2,500 J&S PAID ON 11/20/90, INVOICE #90-05-1262***
Other filed details
Description of allegations — filed text
FAILURE TO DEVELOP WRITTEN SUPERVISORY PROCEDURES.
Sanction detail — filed text
CENSURED AND FINED $2500, JOINTLY AND SEVERALLY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 2. Principal Sanction: Other Other Sanctions: RELIEF SOUGHT 3. Date Initiated (MM/DD/YYYY): 11/02/1990 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: NEW-779-AWC 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FAILURE TO DEVELOP WRITTEN SUPERVISORY PROCEDURES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 11/02/1990 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CENSURED AND FINED $2500, JOINTLY AND SEVERALLY. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ON NOVEMBER 2, 1990 THE LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. NEW-779-AWC (DISTRICT NO. 5) SUBMITTED BY RESPONDENTS SOUTHTRUST SECURITIES, INC. (CRD#17922 - MERGED INTO WACHOVIA SECURITIES, LLC),JOSEPH C. MARFOGLIO, CHARLES J. SMITH AND JAMES D HOOKS WAS ACCEPTED; THEREFORE THEY ARE CENSURED AND FINED $2500 JOINTLY AND SEVERALLY - (ARTICLE III, SECTIONS 1, 21, 27 AND 33, APPENDIX 3 OF THE RULES OF FAIR PRACTICE AND MSRB RULE G-3 IN THAT RESPONDENT MEMBER, ACTING THROUGH RESPONDENTS MARFOGLIO AND SMITH, FAILED TO MAKE THE REQUIRED DEPOSIT IN ITS SPECIAL RESERVE BANK ACCOUNT; FAILED TO PROPERLY CONDUCT A QUARTERLY SECURITY EXAMINATION, COUNT AND VERIFICATION; FAILED TO PREPARE AND KEEP CURRENT AN ACCURATE SECURITIES POSITION RECORD; FAILED TO PREPARE AN ACCURATE COMPUTATION OF NET CAPITAL; RESPONDENT MEMBER, ACTING THROUGH RESPONDENT MARFOGLIO, FILED TO DEVELOP AND IMPLEMENT WRITTEN SUPERVISORY PROCEDURES; AND RESPONDENT MEMBER, ACTING THROUGH RESPONDENTS MARFOGLIO AND HOOKS, FAILED TO PROPERLY REGISTERE AN INDIVIDUAL AS A MUNICIPAL SECURITIES PRINCIPAL. ***$2,500 J&S PAID ON 11/20/90, INVOICE #90-05-1262***
regulatory · block 77PRU GLOBAL SECURITIES, LLCPDF pages 213–215
- Advisory affiliate name — filed text
- PRU GLOBAL SECURITIES, LLC
Action status / disposition — filed text
REMOVED AFFILIATE, PRUCO SECURITIES, LLC, SINCE WE ARE COMBINING DRP DISCLOSURES ONTO ANOTHER DRP FORM. THIS DRP FORM WILL BE USED FOR PRU GLOBAL DISCLOSURES ONLY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 127733 This advisory affiliate is a Firm an Individual Registered: Yes No Name: PRU GLOBAL SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVED AFFILIATE, PRUCO SECURITIES, LLC, SINCE WE ARE COMBINING DRP DISCLOSURES ONTO ANOTHER DRP FORM. THIS DRP FORM WILL BE USED FOR PRU GLOBAL DISCLOSURES ONLY.
regulatory · block 78WACHOVIA CAPITAL MARKETS, LLCPDF pages 215–217
- Advisory affiliate name — filed text
- WACHOVIA CAPITAL MARKETS, LLC
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 126292 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WACHOVIA CAPITAL MARKETS, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 79PDF pages 217–218
- Regulator name — filed text
- NEW YORK STOCK EXCHANGE, INC.
- Monetary/Fine Amount — filed text
- $ 7,500.00
- How was matter resolved — filed text
- Other
Other filed details
Description of allegations — filed text
THE FIRM WAS ALLEGED TO HAVE VIOLATED EXCHANGE RULE 123C, IN FAILING TO ADHERE TO THE ORDER ENTRY AND CANCELLATION PROCEDURES FOR MARKET-ON-CLOSE (MOC) AND LIMIT-ON-CLOSE (LOC) ORDERS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO PAYMENT OF THE TOTAL FINE OF $7500, PAID ON 2/8/2006.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STOCK EXCHANGE, INC. 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/18/2006 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Equity Listed (Common & Preferred Stock) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM WAS ALLEGED TO HAVE VIOLATED EXCHANGE RULE 123C, IN FAILING TO ADHERE TO THE ORDER ENTRY AND CANCELLATION PROCEDURES FOR MARKET-ON-CLOSE (MOC) AND LIMIT-ON-CLOSE (LOC) ORDERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 01/18/2006 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 7,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO PAYMENT OF THE TOTAL FINE OF $7500, PAID ON 2/8/2006. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 80WACHOVIA CAPITAL MARKETS, LLCPDF pages 219–220
- Advisory affiliate name — filed text
- WACHOVIA CAPITAL MARKETS, LLC
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 126292 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WACHOVIA CAPITAL MARKETS, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 81PDF pages 220–222
- Regulator name — filed text
- NEW YORK STOCK EXCHANGE, INC., DIVISION OF ENFORCEMENT
- Monetary/Fine Amount — filed text
- $ 2,250,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
THE FIRM, ALONG WITH FIRST CLEARING, LLC ("FC) AND WACHOVIA CAPITAL MARKETS, LLC ("WCM"), IS ALLEGED TO HAVE VIOLATED SECTION 17(A) OF THE SECURITIES EXCHANGE ACT AND RULE 17A-4 THEREUNDER, ALONG WITH NYSE RULES 440, 342 AND 342.17, BY FAILING TO PRESERVE ELECTRONIC RECORDS RELATING TO THE BUSINESS OF THE FIRM FOR AT LEAST THREE YEARS AND BY FAILING TO REASONABLY SUPERVISE THE RETENTION AND/OR REVIEW OF ELECTRONIC COMMUNICATIONS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS IN THE STIPULATION OF FACTS AND CONSENT TO PENALTY, THE FIRM, ALONG WITH FC AND WCM, CONSENTED TO THE CENSURE, THE FINE, AND AN UNDERTAKING TO ENSURE COMPLIANCE WITH THE RULES AND REGULATIONS ON THE RETENTION AND REVIEW OF ELECTRONIC COMMUNICATIONS THROUGH ENGAGEMENT OF AN INDEPENDENT CONSULTANT. WITH REGARD TO THE FINE, $1,650,000 OF THE $2,250,000 IS WAIVED, CONDITIONAL UPON WCM PAYING THAT AMOUNT PURSUANT TO WCM'S SETTLEMENT OF A REGULATORY ACTION BY STATE SECURITIES REGULATORS RELATING, IN PART, TO EMAIL RETENTION. THE BALANCE OF THE FINE WILL BE PAID BY THE THREE FIRMS ON OR BEFORE 10/16/06.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
17344
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
FIRST CLEARING, LLC
(For individuals, Last, First,
Middle)
CRD
Number:
126292
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WACHOVIA CAPITAL MARKETS,
LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
NEW YORK STOCK EXCHANGE, INC., DIVISION OF ENFORCEMENT
2.
Principal Sanction:
Censure
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
07/06/2006
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
HBD#06-151
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FIRM, ALONG WITH FIRST CLEARING, LLC ("FC) AND WACHOVIA CAPITAL MARKETS, LLC ("WCM"), IS ALLEGED TO HAVE VIOLATED SECTION 17(A)
OF THE SECURITIES EXCHANGE ACT AND RULE 17A-4 THEREUNDER, ALONG WITH NYSE RULES 440, 342 AND 342.17, BY FAILING TO PRESERVE
ELECTRONIC RECORDS RELATING TO THE BUSINESS OF THE FIRM FOR AT LEAST THREE YEARS AND BY FAILING TO REASONABLY SUPERVISE THE
RETENTION AND/OR REVIEW OF ELECTRONIC COMMUNICATIONS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
08/26/2006
Exact
Explanation
If not exact, provide explanation:
DATE ON WHICH 08/01/06 DECISION BECAME FINAL.
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 2,250,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS IN THE STIPULATION OF FACTS AND CONSENT TO PENALTY, THE FIRM, ALONG WITH FC AND
WCM, CONSENTED TO THE CENSURE, THE FINE, AND AN UNDERTAKING TO ENSURE COMPLIANCE WITH THE RULES AND REGULATIONS ON THE
RETENTION AND REVIEW OF ELECTRONIC COMMUNICATIONS THROUGH ENGAGEMENT OF AN INDEPENDENT CONSULTANT. WITH REGARD TO THE
FINE, $1,650,000 OF THE $2,250,000 IS WAIVED, CONDITIONAL UPON WCM PAYING THAT AMOUNT PURSUANT TO WCM'S SETTLEMENT OF A
REGULATORY ACTION BY STATE SECURITIES REGULATORS RELATING, IN PART, TO EMAIL RETENTION. THE BALANCE OF THE FINE WILL BE PAID BY
THE THREE FIRMS ON OR BEFORE 10/16/06.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 82WACHOVIA CAPITAL MARKETS, LLCPDF pages 222–224
- Advisory affiliate name — filed text
- WACHOVIA CAPITAL MARKETS, LLC
Action status / disposition — filed text
COMBINING ALL DRP DISCLOSURES FOR THIS AFFILIATE ONTO THIS ONE DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 126292 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WACHOVIA CAPITAL MARKETS, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). COMBINING ALL DRP DISCLOSURES FOR THIS AFFILIATE ONTO THIS ONE DRP FORM.
regulatory · block 83PDF pages 224–226
- Regulator name — filed text
- NEW YORK STOCK EXCHANGE, DIVISION OF ENFORCEMENT
- Monetary/Fine Amount — filed text
- $ 300,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
IN NYSE HEARING BOARD DECISION 06-172 THE HEARING OFFICER APPROVED THE STIPULATION AND CONSENT TO PENALTY WHEREIN WACHOVIA SECURITIES, WITHOUT ADMITTING OR DENYING GUILT CONSENTED TO FINDING: A FINDING BY THE HEARING PANEL THAT WACHOVIA VIOLATED NYSE RULE 342(A) AND (B) BY FAILING TO PROVIDE FOR, ESTABLISH AND MAINTAIN ADEQUATE PROCEDURES AND CONTROLS FOR CERTAIN ACTIVITIES AT ITS BANK AFFILIATE WHICH AFFECT COMMAND ASSET PROGRAM ACCOUNTS, INCLUDING A SYSTEM OF FOLLOW-UP AND REVIEW OF ITS BUSINESS ACTIVITIES RELATING TO CHANGES OF CUSTOMER ADDRESS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING GUILT, THE FIRM CONSENTED TO A CENSURE AND FINE OF $300,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STOCK EXCHANGE, DIVISION OF ENFORCEMENT 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 08/25/2006 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: HDB# 06-172 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IN NYSE HEARING BOARD DECISION 06-172 THE HEARING OFFICER APPROVED THE STIPULATION AND CONSENT TO PENALTY WHEREIN WACHOVIA SECURITIES, WITHOUT ADMITTING OR DENYING GUILT CONSENTED TO FINDING: A FINDING BY THE HEARING PANEL THAT WACHOVIA VIOLATED NYSE RULE 342(A) AND (B) BY FAILING TO PROVIDE FOR, ESTABLISH AND MAINTAIN ADEQUATE PROCEDURES AND CONTROLS FOR CERTAIN ACTIVITIES AT ITS BANK AFFILIATE WHICH AFFECT COMMAND ASSET PROGRAM ACCOUNTS, INCLUDING A SYSTEM OF FOLLOW-UP AND REVIEW OF ITS BUSINESS ACTIVITIES RELATING TO CHANGES OF CUSTOMER ADDRESS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 10/09/2006 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 300,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING GUILT, THE FIRM CONSENTED TO A CENSURE AND FINE OF $300,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 84GLOBAL ALTERNATIVE INVESTMENT SERVICES, INC.PDF pages 226–227
- Advisory affiliate name — filed text
- GLOBAL ALTERNATIVE INVESTMENT SERVICES, INC.
Action status / disposition — filed text
COMBINING ALL DRP DISCLOSURES FOR THIS AFFILIATE ONTO THIS ONE DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 487 This advisory affiliate is a Firm an Individual Registered: Yes No Name: GLOBAL ALTERNATIVE INVESTMENT SERVICES, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). COMBINING ALL DRP DISCLOSURES FOR THIS AFFILIATE ONTO THIS ONE DRP FORM.
regulatory · block 85PDF pages 227–229
- Regulator name — filed text
- NASD, DEPARTMENT OF ENFORCEMENT
- Monetary/Fine Amount — filed text
- $ 50,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
DUE TO THE MISCONDUCT OF A REGISTERED REPRESENTATIVE, THE FIRM WAS ALLEGED TO HAVE VIOLATED NASD CONDUCT RULES 2110 AND 3010 IN REGARDS TO THE SUPERVISION OF CERTAIN ACTIVITIES OF THIS REGISTERED REPRESENTATIVE.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM AGREED TO A CENSURE AND FINE OF $50,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD, DEPARTMENT OF ENFORCEMENT 2. Principal Sanction: Censure Other Sanctions: MONETARY FINE 3. Date Initiated (MM/DD/YYYY): 12/18/2006 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AWC NO. 2005001720503 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): DUE TO THE MISCONDUCT OF A REGISTERED REPRESENTATIVE, THE FIRM WAS ALLEGED TO HAVE VIOLATED NASD CONDUCT RULES 2110 AND 3010 IN REGARDS TO THE SUPERVISION OF CERTAIN ACTIVITIES OF THIS REGISTERED REPRESENTATIVE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/18/2006 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 50,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM AGREED TO A CENSURE AND FINE OF $50,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 86PDF pages 229–231
- Regulator name — filed text
- NEW YORK STOCK EXCHANGE, INC., DIVISION OF ENFORCEMENT
- Monetary/Fine Amount — filed text
- $ 100,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING GUILT, THE FIRM HAS ENTERED INTO A STIPULATION OF FACT AND CONSENT TO PENALTY WITH THE NEW YORK STOCK EXCHANGE DIVISION OF ENFORCEMENT CONCERNING CERTAIN FINDINGS MADE DURING THE FIRM'S 2004 FINANCIAL AND OPERATIONAL EXAM. THESE FINDINGS INVOLVED OVERSTATING EXCESS NET CAPITAL AS OF SEPTEMBER 30, 2004 AND OVERSTATING EXCESS CUSTOMER DEBITS IN ITS CUSTOMER RESERVE FORMULA AS OF SEPTEMBER 30, 2004. ADDITIONAL FINDINGS INCLUDED FAILING TO ADEQUATELY SUPERVISE IN CONNECTION WITH THE FOREGOING AND INADEQUATE INTERNAL CONTROLS IN CONNECTION WITH THE CALCULATION AND DOCUMENTATION OF ITS NET CAPITAL AND CUSTOMER RESERVE REQUIREMENTS. THE FIRM HAS CONSENTED TO A CENSURE AND $100,000 FINE.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO A CENSURE AND FINE OF $100,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STOCK EXCHANGE, INC., DIVISION OF ENFORCEMENT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE 3. Date Initiated (MM/DD/YYYY): 02/12/2007 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: HBD# 07-034 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING GUILT, THE FIRM HAS ENTERED INTO A STIPULATION OF FACT AND CONSENT TO PENALTY WITH THE NEW YORK STOCK EXCHANGE DIVISION OF ENFORCEMENT CONCERNING CERTAIN FINDINGS MADE DURING THE FIRM'S 2004 FINANCIAL AND OPERATIONAL EXAM. THESE FINDINGS INVOLVED OVERSTATING EXCESS NET CAPITAL AS OF SEPTEMBER 30, 2004 AND OVERSTATING EXCESS CUSTOMER DEBITS IN ITS CUSTOMER RESERVE FORMULA AS OF SEPTEMBER 30, 2004. ADDITIONAL FINDINGS INCLUDED FAILING TO ADEQUATELY SUPERVISE IN CONNECTION WITH THE FOREGOING AND INADEQUATE INTERNAL CONTROLS IN CONNECTION WITH THE CALCULATION AND DOCUMENTATION OF ITS NET CAPITAL AND CUSTOMER RESERVE REQUIREMENTS. THE FIRM HAS CONSENTED TO A CENSURE AND $100,000 FINE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 04/06/2007 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 100,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO A CENSURE AND FINE OF $100,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 87PDF pages 231–233
- Regulator name — filed text
- NASD
- Monetary/Fine Amount — filed text
- $ 25,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
THE FIRM WAS ALLEGED TO HAVE VIOLATED NASD RULES 2110, 2830(L)(4) IN RECEIVING SPECIAL COMPENSATION FOR SHARES SOLD IN A PARTICULAR MUTUAL FUND DURING AN IRA PROMOTION THAT WAS NOT AVAILABLE TO ALL WHO DISTRIBUTED THE MUTUAL FUND AND THE ARRANGEMENT WAS NOT PROPERLY DISCLOSED IN THE PROSPECTUS OR STATEMENTS OF ADDITIONAL INFORMATION FOR THE MUTUAL FUNDS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO THE CENSURE AND FINE OF $25,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE 3. Date Initiated (MM/DD/YYYY): 02/26/2007 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AWC #E8A2003062017 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Mutual Fund(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM WAS ALLEGED TO HAVE VIOLATED NASD RULES 2110, 2830(L)(4) IN RECEIVING SPECIAL COMPENSATION FOR SHARES SOLD IN A PARTICULAR MUTUAL FUND DURING AN IRA PROMOTION THAT WAS NOT AVAILABLE TO ALL WHO DISTRIBUTED THE MUTUAL FUND AND THE ARRANGEMENT WAS NOT PROPERLY DISCLOSED IN THE PROSPECTUS OR STATEMENTS OF ADDITIONAL INFORMATION FOR THE MUTUAL FUNDS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 02/26/2007 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 25,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO THE CENSURE AND FINE OF $25,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 88PDF pages 233–234
- Regulator name — filed text
- STATE OF CONNECTICUT
- Monetary/Fine Amount — filed text
- $ 2,500.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
ALLEGED TO HAVE VIOLATED SECTION 36B-6(B) AND SECTION 36B-6(C) OF THE CONNECTICUT UNIFORM SECURITIES ACT WHERE CERTAIN FINACIAL ADVISORS AND A SALES ASSISTANT WERE NOT REGISTERED AS INVESTMENT ADVISORY AGENTS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO A FINE OF $2500.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF CONNECTICUT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/23/2004 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: ST-03-6927-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: ADVISORY 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED TO HAVE VIOLATED SECTION 36B-6(B) AND SECTION 36B-6(C) OF THE CONNECTICUT UNIFORM SECURITIES ACT WHERE CERTAIN FINACIAL ADVISORS AND A SALES ASSISTANT WERE NOT REGISTERED AS INVESTMENT ADVISORY AGENTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 01/23/2004 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO A FINE OF $2500. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 89PDF pages 234–236
- Regulator name — filed text
- NEW YORK STOCK EXCHANGE DIVISION OF ENFORCEMENT
- Monetary/Fine Amount — filed text
- $ 90,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
ON JUNE 18 2007, AN NYSE HEARING OFFICER ACCEPTED "THE STIPULATION OF FACTS AND CONSENT TO PENALTY" ENTERED INTO BETWEEN NYSE REGULATION AND WACHOVIA SECURITIES LLC , WHEREIN WACHOVIA SECURITIES, LLC, WITHOUT ADMITTING OR DENYING GUILT, CONSENTED TO: (I) ( ) A FINDING THAT IT VIOLATED NYSE RULE 345A BY PERMITTING REGISTERED REPRESENTATIVES WITH INACTIVE REGISTRATIONS DUE TO CONTINUING EDUCATION REQUIREMENTS TO PERFORM DUTIES AND FUNCTIONS WHICH REQUIRED REGISTRATION AND VIOLATED NYSE RULE 342 BY FAILING TO PROVIDE FOR , ESTABLISH AND MAINTAIN ADEQUATE SUPERVISORY PROCEDURES AND CONTROLS, INCLUDING A SYSTEM OF FOLLOW-UP AND REVIEW OF BUSINESS ACTIVITIES RELATING TO COMPLIANCE WITH CONTINUING EDUCATION TRAINING REQUIREMENTS BY REGISTERED REPRESENTATIVES; AND, (II) THE PENALTY OF A CENSURE AND A $90,000. FINE. IF NO REVIEW IS REQUESTED BY A MEMBER OF THE NYSE ENTITIES IDENTIFIED IN NYSE RULE 476(G), THE DECISION WILL BECOME FINAL AT THE CLOSE OF BUSINESS ON JULY 13, 2007.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING GUILT, CONSENTED TO THE PENALTY OF A CENSURE AND A $90,000. FINE.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STOCK EXCHANGE DIVISION OF ENFORCEMENT 2. Principal Sanction: Censure Other Sanctions: FINE OF $90,000. 3. Date Initiated (MM/DD/YYYY): 05/30/2007 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: HBD# 07-90 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ON JUNE 18 2007, AN NYSE HEARING OFFICER ACCEPTED "THE STIPULATION OF FACTS AND CONSENT TO PENALTY" ENTERED INTO BETWEEN NYSE REGULATION AND WACHOVIA SECURITIES LLC , WHEREIN WACHOVIA SECURITIES, LLC, WITHOUT ADMITTING OR DENYING GUILT, CONSENTED TO: (I) ( ) A FINDING THAT IT VIOLATED NYSE RULE 345A BY PERMITTING REGISTERED REPRESENTATIVES WITH INACTIVE REGISTRATIONS DUE TO CONTINUING EDUCATION REQUIREMENTS TO PERFORM DUTIES AND FUNCTIONS WHICH REQUIRED REGISTRATION AND VIOLATED NYSE RULE 342 BY FAILING TO PROVIDE FOR , ESTABLISH AND MAINTAIN ADEQUATE SUPERVISORY PROCEDURES AND CONTROLS, INCLUDING A SYSTEM OF FOLLOW-UP AND REVIEW OF BUSINESS ACTIVITIES RELATING TO COMPLIANCE WITH CONTINUING EDUCATION TRAINING REQUIREMENTS BY REGISTERED REPRESENTATIVES; AND, (II) THE PENALTY OF A CENSURE AND A $90,000. FINE. IF NO REVIEW IS REQUESTED BY A MEMBER OF THE NYSE ENTITIES IDENTIFIED IN NYSE RULE 476(G), THE DECISION WILL BECOME FINAL AT THE CLOSE OF BUSINESS ON JULY 13, 2007. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 06/18/2007 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 90,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING GUILT, CONSENTED TO THE PENALTY OF A CENSURE AND A $90,000. FINE. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 90PDF pages 236–238
- Regulator name — filed text
- NORTH DAKOTA SECURITIES COMMISSIONER
- Monetary/Fine Amount — filed text
- $ 75,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
WSLLC AGREED TO CORRESPOND WITH CERTAIN FORMER CLIENTS AND TO ADDRESS ANY COMPLAINTS THROUGH ITS NORMAL DISPUTE RESOLUTION PROCESS.
Other filed details
Description of allegations — filed text
THE NORTH DAKOTA SECURITIES COMMISSIONER ALLEGED THAT, FROM DECEMBER 2001 TO JULY 2002, TWO PREDECESSORS TO WACHOVIA SECURITIES, LLC (WSLLC) HAD FAILED TO SUPERVISE A FORMER REGISTERED REPRESENTATIVE IN CONNECTION WITH ALLEGEDLY UNSUITABLE TRADING IN OTC STOCKS AND OPTIONS IN THE ACCOUNTS OF SEVERAL CUSTOMERS.
Sanction detail — filed text
$75,000 PAID BY WSLLC. UNDERTAKING IS DESCRIBED IN RESPONSE TO QUESTION 13.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NORTH DAKOTA SECURITIES COMMISSIONER 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: UNDERTAKING 3. Date Initiated (MM/DD/YYYY): 06/19/2007 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 06-556 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Equity - OTC Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE NORTH DAKOTA SECURITIES COMMISSIONER ALLEGED THAT, FROM DECEMBER 2001 TO JULY 2002, TWO PREDECESSORS TO WACHOVIA SECURITIES, LLC (WSLLC) HAD FAILED TO SUPERVISE A FORMER REGISTERED REPRESENTATIVE IN CONNECTION WITH ALLEGEDLY UNSUITABLE TRADING IN OTC STOCKS AND OPTIONS IN THE ACCOUNTS OF SEVERAL CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 06/19/2007 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 75,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $75,000 PAID BY WSLLC. UNDERTAKING IS DESCRIBED IN RESPONSE TO QUESTION 13. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WSLLC AGREED TO CORRESPOND WITH CERTAIN FORMER CLIENTS AND TO ADDRESS ANY COMPLAINTS THROUGH ITS NORMAL DISPUTE RESOLUTION PROCESS.
regulatory · block 91PDF pages 238–240
- Regulator name — filed text
- NASD
- Monetary/Fine Amount — filed text
- $ 2,000,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
WITHIN 180 DAYS OF THE ACCEPTANCE OF THE AWC, IDENTIFY ALL CUSTOMERS ENTITLED TO REMEDIATION AND, WITHIN 195 DAYS OF ACCEPTANCE, REPORT TO THE NASD. WITHIN 315 DAYS OF THE ACCEPTANCE OF THE ORDER, REMEDIATE TO CLIENTS WITH INTEREST.
Other filed details
Description of allegations — filed text
FOR THE PERIOD JANUARY 1, 2001 THROUGH DECEMBER 31, 2004, WACHOVIA SECURITIES, LLC CONSENTED TO, WITHOUT ADMITTING OR DENYING THE FINDINGS, VIOLATIONS OF NASD RULES 3010, 2110 AND 2210(D) FOR FAILURE TO SUPERVISOR IN CONNECTION WITH ITS FEE IN LIEU OF COMMISSION ACCOUNTS (PILOT PLUS ACCOUNTS) BASED ON LOW ACTIVITY, OPENING ACCOUNTS BELOW STATED MINIMUMS AND DISTRIBUTING A PIECE OF SALES LITERATURE THAT INACCURATELY STATED THAT PILOT PLUS WAS A FEE BASED ADVISORY ACCOUNT.
Sanction detail — filed text
REMEDIATION ON THE FOLLOWING TERMS: 1. REMEDIATE TO CLIENTS WHOSE PILOT PLUS ACCOUNTS WERE INACTIVE FOR TWO CONSECUTIVE YEARS OR MORE, ALL PILOT PLUS FEES CHARGED AFTER THE FIRST YEAR OF INACTIVITY; 2. REMEDIATE TO CLIENTS WITH PILOT PLUS ACCOUNTS WITH ASSETS LESS THAN THE REQUIRED $50,000 MINIMUM, THE DIFFERENCE BETWEEN THE $1,000 MINIMUM ANNUAL FEE AND A FEE EQUAL TO 2% OF THE ASSETS WITH AVERAGE BALANCES, FOR FOUR CONSECUTIVE QUARTERS, BELOW $25,000 3. REMEDIATE TO CLIENTS WHO PURCHASED LOADED CLASS A MUTUAL FUNDS AND TRANSFERRED THOSE ASSETS INTO A PILOT PLUS ACCOUNT WITHIN 13 MONTHS OF THE PURCHASE, THE FEES CHARGED ON THAT ASSET THROUGH THE END OF THE THIRTEENTH MONTH; 4. PAY CLIENTS INTEREST AT THE PROSCRIBED IRS RATE FROM THE DATE OF THE REQUIRED REMEDIATION THROUGH THE DATE OF ACCEPTANCE OF THE AWC; 5. RETAIN AND OUTSIDE CONSULTANT TO VERIFY THAT ALL OF THE APPROPRIATE CLIENTS WERE IDENIFIED AND THE REMEDIATION WAS DONE ACCORDANCE WITH THE TERMS OF THE AWC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NASD 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE AND REMEDIATION TO CLIENTS 3. Date Initiated (MM/DD/YYYY): 12/13/2004 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AWC# EAF0400840001 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: FEE OF LIEW OF COMMISSION ACCOUNTS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FOR THE PERIOD JANUARY 1, 2001 THROUGH DECEMBER 31, 2004, WACHOVIA SECURITIES, LLC CONSENTED TO, WITHOUT ADMITTING OR DENYING THE FINDINGS, VIOLATIONS OF NASD RULES 3010, 2110 AND 2210(D) FOR FAILURE TO SUPERVISOR IN CONNECTION WITH ITS FEE IN LIEU OF COMMISSION ACCOUNTS (PILOT PLUS ACCOUNTS) BASED ON LOW ACTIVITY, OPENING ACCOUNTS BELOW STATED MINIMUMS AND DISTRIBUTING A PIECE OF SALES LITERATURE THAT INACCURATELY STATED THAT PILOT PLUS WAS A FEE BASED ADVISORY ACCOUNT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 06/21/2007 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: REMEDIATION ON THE FOLLOWING TERMS: 1. REMEDIATE TO CLIENTS WHOSE PILOT PLUS ACCOUNTS WERE INACTIVE FOR TWO CONSECUTIVE YEARS OR MORE, ALL PILOT PLUS FEES CHARGED AFTER THE FIRST YEAR OF INACTIVITY; 2. REMEDIATE TO CLIENTS WITH PILOT PLUS ACCOUNTS WITH ASSETS LESS THAN THE REQUIRED $50,000 MINIMUM, THE DIFFERENCE BETWEEN THE $1,000 MINIMUM ANNUAL FEE AND A FEE EQUAL TO 2% OF THE ASSETS WITH AVERAGE BALANCES, FOR FOUR CONSECUTIVE QUARTERS, BELOW $25,000 3. REMEDIATE TO CLIENTS WHO PURCHASED LOADED CLASS A MUTUAL FUNDS AND TRANSFERRED THOSE ASSETS INTO A PILOT PLUS ACCOUNT WITHIN 13 MONTHS OF THE PURCHASE, THE FEES CHARGED ON THAT ASSET THROUGH THE END OF THE THIRTEENTH MONTH; 4. PAY CLIENTS INTEREST AT THE PROSCRIBED IRS RATE FROM THE DATE OF THE REQUIRED REMEDIATION THROUGH THE DATE OF ACCEPTANCE OF THE AWC; 5. RETAIN AND OUTSIDE CONSULTANT TO VERIFY THAT ALL OF THE APPROPRIATE CLIENTS WERE IDENIFIED AND THE REMEDIATION WAS DONE ACCORDANCE WITH THE TERMS OF THE AWC. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: REMEDIATION ON THE FOLLOWING TERMS: 1. REMEDIATE TO CLIENTS WHOSE PILOT PLUS ACCOUNTS WERE INACTIVE FOR TWO CONSECUTIVE YEARS OR MORE, ALL PILOT PLUS FEES CHARGED AFTER THE FIRST YEAR OF INACTIVITY; 2. REMEDIATE TO CLIENTS WITH PILOT PLUS ACCOUNTS WITH ASSETS LESS THAN THE REQUIRED $50,000 MINIMUM, THE DIFFERENCE BETWEEN THE $1,000 MINIMUM ANNUAL FEE AND A FEE EQUAL TO 2% OF THE ASSETS WITH AVERAGE BALANCES, FOR FOUR CONSECUTIVE QUARTERS, BELOW $25,000 3. REMEDIATE TO CLIENTS WHO PURCHASED LOADED CLASS A MUTUAL FUNDS AND TRANSFERRED THOSE ASSETS INTO A PILOT PLUS ACCOUNT WITHIN 13 MONTHS OF THE PURCHASE, THE FEES CHARGED ON THAT ASSET THROUGH THE END OF THE THIRTEENTH MONTH; 4. PAY CLIENTS INTEREST AT THE PROSCRIBED IRS RATE FROM THE DATE OF THE REQUIRED REMEDIATION THROUGH THE DATE OF ACCEPTANCE OF THE AWC; 5. RETAIN AND OUTSIDE CONSULTANT TO VERIFY THAT ALL OF THE APPROPRIATE CLIENTS WERE IDENIFIED AND THE REMEDIATION WAS DONE ACCORDANCE WITH THE TERMS OF THE AWC. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WITHIN 180 DAYS OF THE ACCEPTANCE OF THE AWC, IDENTIFY ALL CUSTOMERS ENTITLED TO REMEDIATION AND, WITHIN 195 DAYS OF ACCEPTANCE, REPORT TO THE NASD. WITHIN 315 DAYS OF THE ACCEPTANCE OF THE ORDER, REMEDIATE TO CLIENTS WITH INTEREST.
regulatory · block 92AMERICAN SKANDIA MARKETING, INC.PDF pages 240–242
- Advisory affiliate name — filed text
- AMERICAN SKANDIA MARKETING, INC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 21570 This advisory affiliate is a Firm an Individual Registered: Yes No Name: AMERICAN SKANDIA MARKETING, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 93A. G. EDWARDS & SONS, INC.PDF pages 242–243
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 94A. G. EDWARDS & SONS, INC.PDF pages 243–245
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
Action status / disposition — filed text
COMBINING ALL DRP DISCLOSURES ONTO THIS ONE FORM FOR THIS AFFILIATE WITH THE EXCEPTION OF QUESTION 11G, WHICH WILL BE ON A SEPARATE DRP.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). COMBINING ALL DRP DISCLOSURES ONTO THIS ONE FORM FOR THIS AFFILIATE WITH THE EXCEPTION OF QUESTION 11G, WHICH WILL BE ON A SEPARATE DRP.
regulatory · block 95A. G. EDWARDS & SONS, INC.PDF pages 245–247
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 96A. G. EDWARDS & SONS, INC.PDF pages 247–248
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 97A. G. EDWARDS & SONS, INC.PDF pages 249–250
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 98A. G. EDWARDS & SONS, INC.PDF pages 250–252
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM.
regulatory · block 99A. G. EDWARDS & SONS, INC.PDF pages 252–254
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
- Regulator name — filed text
- FINRA DEPARTMENT OF ENFORCEMENT
- Monetary/Fine Amount — filed text
- $ 300,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
BETWEEN 2003 AND 2004, TWO FORMER REGISTERED SECURITIES LENDING REPRESENTATIVES OF EDWARDS FACILITATED IMPROPER STOCK LOAN TRANSACTIONS WITH COUNTERPARTIES AT ARTIFICIALLY LOW RATES, DIRECTED OR FACILITED UNWARRANTED PAYMENTS TO FINDERS, AND PARTICIPATED IN TRANSACTIONS THAT SERVED NO LEGITMATE INTEREST OF THE FIRM BUT BENEFITED COUNTERPARTIES AND FINDERS WHO MADE PAYMENTS BACK TO EDWARDS' REGISTERED STOCK LOAN REPRESENTATIVES. THE FIRM LACKED SUPERVISORY SYSTEMS AND WRITTEN PROCEDURES RESONABLY DESIGNED TO PREVENT AND DETECT SUCH ACTIVITIES.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO A CENSURE AND FINE.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA DEPARTMENT OF ENFORCEMENT 2. Principal Sanction: Censure Other Sanctions: FINE IN THE AMOUNT OF $300,0000 3. Date Initiated (MM/DD/YYYY): 06/27/2008 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: NO.2007011877401 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): A.G. EDWARDS & SONS, INC. 6. Principal Product Type: Other Other Product Types: STOCK LOANS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): BETWEEN 2003 AND 2004, TWO FORMER REGISTERED SECURITIES LENDING REPRESENTATIVES OF EDWARDS FACILITATED IMPROPER STOCK LOAN TRANSACTIONS WITH COUNTERPARTIES AT ARTIFICIALLY LOW RATES, DIRECTED OR FACILITED UNWARRANTED PAYMENTS TO FINDERS, AND PARTICIPATED IN TRANSACTIONS THAT SERVED NO LEGITMATE INTEREST OF THE FIRM BUT BENEFITED COUNTERPARTIES AND FINDERS WHO MADE PAYMENTS BACK TO EDWARDS' REGISTERED STOCK LOAN REPRESENTATIVES. THE FIRM LACKED SUPERVISORY SYSTEMS AND WRITTEN PROCEDURES RESONABLY DESIGNED TO PREVENT AND DETECT SUCH ACTIVITIES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 06/27/2008 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 300,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO A CENSURE AND FINE. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 100A. G. EDWARDS & SONS, INC.PDF pages 254–257
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
Action status / disposition — filed text
REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM. DRP Pages
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). REMOVE THIS DRP, COMBINED ONTO ANOTHER DRP FORM. DRP Pages
regulatory · block 1PDF pages 257–258
- Regulator name — filed text
- STATE OF ILLINOIS
- Monetary/Fine Amount — filed text
- $ 50,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
NOTICE OF HEARING WAS ISSUED MAY 18, 2007. AMENDED NOTICE OF HEARING WAS ISSUED OCTOBER 10, 2007. SECOND AMENDED NOTICE OF HEARING WAS ISSUED JANUARY 4, 2008. THE HEARING IS SCHEDULED FOR APRIL 15, 2008. CONTACT (217) 785-4947
Other filed details
Description of allegations — filed text
FAILURE TO SUPERVISE DECEPTIVE OR FRAUDULENT SECURITIES TRANSACTIONS. **AMENDED NOTICE OF HEARING SECURITIES FRAUD. ALLEGATIONS ADDED 1/4/2008 - AMENDED NOTICE OF HEARING SECURITIES FRAUD 1) SUZANNE WIEGAND ENGAGED IN FRAUDULENT AND/OR DECEPTIVE SECURITIES TRANSACTIONS BY ACTING AS THE SALESPERSON OR INVESTMENT ADVISOR REP FOR SEVERAL PENSION FUND ACCOUNTS FOR WHICH HER FATHER WAS THE TRUSTEE AND WHO DIRECTED TRANSACTIONS TO HER ACCOUNT FOR PURPOSES OF GENERALING COMMISSION 2) A.G. EDWARDS (NOT KNOW AS WACHOVIA SECURITIES, LLC) KNEW OR SHOULD HAVE KNOWN OF THE ABOVE ACTIVITIES AND FAILED TO TAKE REASONABLE SUPERVISORY STEPS TO PREVENT OR STOP THE ILLEGAL ACTIVITIES
Sanction detail — filed text
ORDER OF DISMISSAL.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF ILLINOIS 2. Principal Sanction: Other Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/18/2007 Exact Explanation p If not exact, provide explanation: NOTICE OF HEARING 1)REVOCATION OR SUSPENSION OF SALESPERSON AND/OR DEALER REGISTRATION 2) ORDER OF PROHIBITION AGAINST OFFER AND SALE OF SECURITIES 3)10,000 FINE PER VIOLATION. 4. Docket/Case Number: 0600669 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): A.G. EDWARDS & SONS, INC. 6. Principal Product Type: Equity Listed (Common & Preferred Stock) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FAILURE TO SUPERVISE DECEPTIVE OR FRAUDULENT SECURITIES TRANSACTIONS. **AMENDED NOTICE OF HEARING SECURITIES FRAUD. ALLEGATIONS ADDED 1/4/2008 - AMENDED NOTICE OF HEARING SECURITIES FRAUD 1) SUZANNE WIEGAND ENGAGED IN FRAUDULENT AND/OR DECEPTIVE SECURITIES TRANSACTIONS BY ACTING AS THE SALESPERSON OR INVESTMENT ADVISOR REP FOR SEVERAL PENSION FUND ACCOUNTS FOR WHICH HER FATHER WAS THE TRUSTEE AND WHO DIRECTED TRANSACTIONS TO HER ACCOUNT FOR PURPOSES OF GENERALING COMMISSION 2) A.G. EDWARDS (NOT KNOW AS WACHOVIA SECURITIES, LLC) KNEW OR SHOULD HAVE KNOWN OF THE ABOVE ACTIVITIES AND FAILED TO TAKE REASONABLE SUPERVISORY STEPS TO PREVENT OR STOP THE ILLEGAL ACTIVITIES 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 06/18/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 50,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDER TOOK CHANGES TO TRAINING AND COMPLIANCE RELATED TO PROHIBITED TRANSACTIONS UNDER ERISA. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: ORDER OF DISMISSAL. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). NOTICE OF HEARING WAS ISSUED MAY 18, 2007. AMENDED NOTICE OF HEARING WAS ISSUED OCTOBER 10, 2007. SECOND AMENDED NOTICE OF HEARING WAS ISSUED JANUARY 4, 2008. THE HEARING IS SCHEDULED FOR APRIL 15, 2008. CONTACT (217) 785-4947
regulatory · block 2PDF pages 258–260
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM HAS ENTERED INTO AN ACCEPTANCE, WAIVER AND CONSENT WITH FINRA CONCERNING CERTAIN FINDINGS REGARDING COMPLIANCE WITH TRADE REPORTING AND COMPLIANCE ENGINE (TRACE) RULES DURING THE PERIOD JULY 1, 2005 THROUGH SEPTEMBER 30, 2005. THESE FINDINGS INVOLVED FAILING TO REPORT 1,434 TRANSACTIONS IN TRACE-ELIGIBLE SECURITIES WITHIN 15 MINUTES OF TIME OF EXECUTION, AND OVER-REPORTING 4,008 TRANSACTIONS THAT WAS NOT REQUIRED TO BE REPORTED. THE FIRM HAS CONSENTED TO A FINE OF $5,000.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THE FIRM WAS FINED $5,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/25/2008 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 20050032155-01 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: TRACE-ELIGIBLE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM HAS ENTERED INTO AN ACCEPTANCE, WAIVER AND CONSENT WITH FINRA CONCERNING CERTAIN FINDINGS REGARDING COMPLIANCE WITH TRADE REPORTING AND COMPLIANCE ENGINE (TRACE) RULES DURING THE PERIOD JULY 1, 2005 THROUGH SEPTEMBER 30, 2005. THESE FINDINGS INVOLVED FAILING TO REPORT 1,434 TRANSACTIONS IN TRACE-ELIGIBLE SECURITIES WITHIN 15 MINUTES OF TIME OF EXECUTION, AND OVER-REPORTING 4,008 TRANSACTIONS THAT WAS NOT REQUIRED TO BE REPORTED. THE FIRM HAS CONSENTED TO A FINE OF $5,000. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 01/25/2008 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THE FIRM WAS FINED $5,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 3PDF pages 260–262
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 7,500.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM HAS ENTERED INTO AN ACCEPTANCE, WAIVER AND CONSENT WITH FINRA CONCERNING CERTAIN FINDINGS REGARDING COMPLIANCE WITH TRADE REPORTING AND COMPLIANCE ENGINE (TRACE) RULES DURING THE PERIOD JULY 1, 2004 THROUGH SEPTEMBER 30, 2004. THESE FINDINGS INVOLVED FAILING TO REPORT THE CORRECT MPID IN TRACE-ELIGIBLE SECURITIES. THE FIRM HAS CONSENTED TO A FINE OF $7,500.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THE FIRM WAS FINED $7,500.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/26/2008 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 20050001452-03 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: TRACE-ELIGIBLE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM HAS ENTERED INTO AN ACCEPTANCE, WAIVER AND CONSENT WITH FINRA CONCERNING CERTAIN FINDINGS REGARDING COMPLIANCE WITH TRADE REPORTING AND COMPLIANCE ENGINE (TRACE) RULES DURING THE PERIOD JULY 1, 2004 THROUGH SEPTEMBER 30, 2004. THESE FINDINGS INVOLVED FAILING TO REPORT THE CORRECT MPID IN TRACE-ELIGIBLE SECURITIES. THE FIRM HAS CONSENTED TO A FINE OF $7,500. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 02/26/2008 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 7,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THE FIRM WAS FINED $7,500. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 4PDF pages 262–264
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 4,410,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
ALLEGATIONS THAT THE FIRM (1) MADE RECOMMENDATIONS THROUGH ITS REGISTERED REPRESENTATIVES TO CUSTOMERS TO PURCHASE CLASS B AND CLASS C MUTUAL FUND SHARES WHERE AN EQUAL INVESTMENT IN CLASS A SHARES WOULD HAVE BEEN MORE ADVANTAGEOUS FOR CERTAIN CLIENTS IN VIOLATION OF NASD RULE 2310, (2) DID NOT PROVIDE CERTAIN ELIGIBLE CUSTOMERS WITH THE BENEFIT OF NAV TRANSFER PROGRAMS IN CONNECTION WITH MUTUAL FUND PURCHASES AND SALES DISCOUNTS IN CONNECTION WITH PURCHASES OF UNIT INVESTMENT TRUSTS ("UIT") AND (3) FAILED TO ESTABLISH, MAINTAIN AND ENFORCE SUPERVISORY SYSTEMS AND PROCEDURES REASONABLY DESIGNED (A) TO PROVIDE CONSIDERATION, ON A CONSISTENT BASIS, OF THE BENEFITS OF VARIOUS MUTUAL FUND CLASSES AS THEY APPLIED TO INDIVIDUAL CUSTOMERS, (B) TO IDENTIFY OPPORTUNITIES FOR INVESTORS TO PURCHASE MUTUAL FUNDS AT NAV AND (C) TO ENSURE THAT SALES CHARGE DISCOUNTS WERE APPLIED TO ELIGIBLE UIT PURCHASES BY CUSTOMERS IN VIOLATION OF NASD RULES 2110 AND 3010.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AS OUTLINE ABOVE. IN DETERMINING APPROPRIATE SANCTIONS, FINRA CONSIDERED THE FIRM'S PROACTIVE REMEDIAL ACTIONS TAKEN UPON DURING ITS DISCOVERY OF -AND BEFORE FINRA'S INQUIRY INTO - CERTAIN VIOLATIVE CONDUCT. AFTER IDENTIFYING FAILURES TO PROVIDE CERTAIN CUSTOMERS WITH NAV PRICING AND UIT SALES DISCOUNTS, THE FIRM ACTED PROMPTLY AND IN GOOD FAITH TO REPAY CUSTOMERS APPROXIMATELY $5.4 MILLION AND CORRECT ITS SYSTEMS AND PROCEDURES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINRA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
02/12/2009
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
E9A2005013001
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ALLEGATIONS THAT THE FIRM (1) MADE RECOMMENDATIONS THROUGH ITS REGISTERED REPRESENTATIVES TO CUSTOMERS TO PURCHASE CLASS B AND
CLASS C MUTUAL FUND SHARES WHERE AN EQUAL INVESTMENT IN CLASS A SHARES WOULD HAVE BEEN MORE ADVANTAGEOUS FOR CERTAIN CLIENTS
IN VIOLATION OF NASD RULE 2310, (2) DID NOT PROVIDE CERTAIN ELIGIBLE CUSTOMERS WITH THE BENEFIT OF NAV TRANSFER PROGRAMS IN
CONNECTION WITH MUTUAL FUND PURCHASES AND SALES DISCOUNTS IN CONNECTION WITH PURCHASES OF UNIT INVESTMENT TRUSTS ("UIT") AND
(3) FAILED TO ESTABLISH, MAINTAIN AND ENFORCE SUPERVISORY SYSTEMS AND PROCEDURES REASONABLY DESIGNED (A) TO PROVIDE
CONSIDERATION, ON A CONSISTENT BASIS, OF THE BENEFITS OF VARIOUS MUTUAL FUND CLASSES AS THEY APPLIED TO INDIVIDUAL CUSTOMERS, (B)
TO IDENTIFY OPPORTUNITIES FOR INVESTORS TO PURCHASE MUTUAL FUNDS AT NAV AND (C) TO ENSURE THAT SALES CHARGE DISCOUNTS WERE
APPLIED TO ELIGIBLE UIT PURCHASES BY CUSTOMERS IN VIOLATION OF NASD RULES 2110 AND 3010.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
02/12/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 4,410,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS THAT INCLUDE REMEDIATION TO CERTAIN CUSTOMERS WHO DURING THE PERIOD (A) FROM JANUARY 1, 2002 THROUGH
DECEMBER 31, 2004, PURCHASED SHARES OF MUTUAL FUNDS AND QUALIFIED FOR, BUT DID NOT RECEIVE, THE BENEFIT OF AN NAV TRANSFER
PROGRAM AND (B) FROM JANUARY 1, 2003 THROUGH THE NOTICE OF ACCEPTANCE OF THIS AWC, PURCHASED CLASS B AND CLASS C MUTUAL
FUND SHARES.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AS OUTLINE ABOVE. IN DETERMINING APPROPRIATE
SANCTIONS, FINRA CONSIDERED THE FIRM'S PROACTIVE REMEDIAL ACTIONS TAKEN UPON DURING ITS DISCOVERY OF -AND BEFORE FINRA'S
INQUIRY INTO - CERTAIN VIOLATIVE CONDUCT. AFTER IDENTIFYING FAILURES TO PROVIDE CERTAIN CUSTOMERS WITH NAV PRICING AND UIT
SALES DISCOUNTS, THE FIRM ACTED PROMPTLY AND IN GOOD FAITH TO REPAY CUSTOMERS APPROXIMATELY $5.4 MILLION AND CORRECT ITS
SYSTEMS AND PROCEDURES.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 5PDF pages 264–266
- Regulator name — filed text
- U.S. SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 500,000.00
- How was matter resolved — filed text
- Decision & Order of Offer of Settlement
Other filed details
Description of allegations — filed text
THE FIRM AND AFFILIATES WERE ALLEGED TO HAVE ENTERED INTO AN AGREEMENT TO ALLOW A REGISTERED REPRESENTATIVE TO MARKET TIME IN A SPECIFIC EVERGREEN FUND IN EXCESS OF TRADING LIMITS SET FORTH IN THE FUNDS' PROSPECTUS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM ENTERED INTO AN AGREEMENT TO PAY DISGORGEMENT OF $1 AND CIVIL PENALTY OF $500,000, CENSURED, AND CEASE AND DESIST ANY FURTHER VIOLATIONS OF SECTION 17(D) OF THE INVESTMENT COMPANY ACT AND RULE 17D-1.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 104594 This advisory affiliate is a Firm an Individual Registered: Yes No Name: EVERGREEN INVESTMENT MANAGEMENT CO (For individuals, Last, First, Middle) CRD Number: 487 This advisory affiliate is a Firm an Individual Registered: Yes No Name: EVERGREEN INVESTMENT SERVICES, INC. (For individuals, Last, First, Middle) CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: EVERGREEN SERVICE COMPANY, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) U.S. SECURITIES AND EXCHANGE COMMISSION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE,CEASE AND DESIST 3. Date Initiated (MM/DD/YYYY): 09/19/2007 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: ADMIN PROCEEDING FILE NO. 3-12805 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Mutual Fund(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM AND AFFILIATES WERE ALLEGED TO HAVE ENTERED INTO AN AGREEMENT TO ALLOW A REGISTERED REPRESENTATIVE TO MARKET TIME IN A SPECIFIC EVERGREEN FUND IN EXCESS OF TRADING LIMITS SET FORTH IN THE FUNDS' PROSPECTUS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Decision & Order of Offer of Settlement 11. Resolution Date (MM/DD/YYYY): 09/19/2007 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 500,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM ENTERED INTO AN AGREEMENT TO PAY DISGORGEMENT OF $1 AND CIVIL PENALTY OF $500,000, CENSURED, AND CEASE AND DESIST ANY FURTHER VIOLATIONS OF SECTION 17(D) OF THE INVESTMENT COMPANY ACT AND RULE 17D-1. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 6A. G. EDWARDS & SONS, INC.PDF pages 266–268
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
- Regulator name — filed text
- TEXAS STATE SECURITIES BOARD
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Order
Other filed details
Description of allegations — filed text
THE FIRM THROUGH A REGISTERED REPRESENTATIVE AND OTHERS ALLOWED THE CLIENT'S WIFE TO EFFECT THE WITHDRAWALS FROM A CUSTOMER'S ACCOUNT WITHOUT THE REQUIRED DOCUMENTS AS REQUIRED BY A.G. EDWARDS WRITTEN PROCEDURES.
Sanction detail — filed text
REPRIMAND AND $5000 FINE.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any ( ) y y g y g g g y y y event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) TEXAS STATE SECURITIES BOARD 2. Principal Sanction: Undertaking Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/14/2008 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: IC08-CAF-05 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): A.G. EDWARDS & SONS, INC. 6. Principal Product Type: Other Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE FIRM THROUGH A REGISTERED REPRESENTATIVE AND OTHERS ALLOWED THE CLIENT'S WIFE TO EFFECT THE WITHDRAWALS FROM A CUSTOMER'S ACCOUNT WITHOUT THE REQUIRED DOCUMENTS AS REQUIRED BY A.G. EDWARDS WRITTEN PROCEDURES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 07/14/2008 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: WITHIN 30 DAYS EDWARDS WILL MAKE A GOOD FAITH AND BINDING SETTLEMENT OFFER OF AT LEAST $10,000.00 AND PROVIDE THE DIVISION WITH A COPY OF THE OFFER. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: REPRIMAND AND $5000 FINE. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 7PDF pages 268–269
- Regulator name — filed text
- FINRA
Action status / disposition — filed text
THIS DRP SHOULD BE COMBINED WITH OCCURENCE 1426665
Other filed details
Description of allegations — filed text
ON 7/23/08, WSLLC RECEIVED A WELLS LETTER FROM FINRA RELATING TO AN EMPLOYEE'S ALLEGED FAILURE TO OBTAIN REQUIRED LICENSES IN A TIMELY MANNER IN VIOLATION OF FINRA RULES AND FIRM POLICIES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/23/2008 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2007010115401 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ON 7/23/08, WSLLC RECEIVED A WELLS LETTER FROM FINRA RELATING TO AN EMPLOYEE'S ALLEGED FAILURE TO OBTAIN REQUIRED LICENSES IN A TIMELY MANNER IN VIOLATION OF FINRA RULES AND FIRM POLICIES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS DRP SHOULD BE COMBINED WITH OCCURENCE 1426665
regulatory · block 8PDF pages 269–271
- Regulator name — filed text
- STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE & REGULATION DIVISION OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 21,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
BY LETTER DATED 9/1/2010 WFA NOTIFIED THE STATE THAT IT HAD COMPLETED ALL OF ITS OBLIGATIONS UNDER THE CONSENT ORDER.
Other filed details
Description of allegations — filed text
ON AUGUST 11, 2008, WACHOVIA SECURITIES RECEIVED AN ORDER TO SHOW CAUSE FROM THE STATE OF SOUTH DAKOTA DATED AUGUST 7, 2008, COMMENCING DISCIPLINARY PROCEEDINGS AGAINST THE FIRM BASED ON THE STATE'S INVESTIGATION OF TWO SEPARATE CUSTOMER SALES PRACTICE COMPLAINTS.
Sanction detail — filed text
THE FIRM AGREED TO THE FOLLOWING ADDITIONAL CONDITIONS: (1) WELLS FARGO ADVISORS ("WFA") TO PROVIDE ANNUITY WORKSHEETS IN LIEU OF BROKER NOTES FOR THE THREE FAS UNDER REVIEW AND TO PLACE FAS ON HEIGHTENED SUPERVISION FOR ONE YEAR; (2) WFA TO PROVIDE THE STATE WITH QUARTERLY HEIGHTENED SUPERVISION CHECKLIST; (3) WFA TO PERMIT UNANNOUNCED REVIEWS OF WFA SOUTH DAKOTA OFFICES AND TO PERMIT RANDOM CLIENT CONTACTS; (4) WFA TO PROVIDE THE STATE WITH DATE TIME & LOCATION OF FA SEMINARS; (5) FA JOSEPH WOOD TO COMPLETE ADDITIONAL TRAINING WITHIN 90 DAYS OF CONSENT ORDER ENTRY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE & REGULATION DIVISION OF SECURITIES
2.
Principal Sanction:
Other
Other Sanctions:
ORDER TO SHOW CAUSE
3.
Date Initiated (MM/DD/YYYY):
08/07/2008
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
A.G. EDWARDS & SONS, INC.
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON AUGUST 11, 2008, WACHOVIA SECURITIES RECEIVED AN ORDER TO SHOW CAUSE FROM THE STATE OF SOUTH DAKOTA DATED AUGUST 7, 2008,
COMMENCING DISCIPLINARY PROCEEDINGS AGAINST THE FIRM BASED ON THE STATE'S INVESTIGATION OF TWO SEPARATE CUSTOMER SALES
PRACTICE COMPLAINTS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
08/08/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 21,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
THE FIRM AGREED TO PAY THE STATE $20,000 FOR THE COSTS OF THE INVESTIGATION.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE FIRM AGREED TO THE FOLLOWING ADDITIONAL CONDITIONS: (1) WELLS FARGO ADVISORS ("WFA") TO PROVIDE ANNUITY WORKSHEETS IN
LIEU OF BROKER NOTES FOR THE THREE FAS UNDER REVIEW AND TO PLACE FAS ON HEIGHTENED SUPERVISION FOR ONE YEAR; (2) WFA TO
PROVIDE THE STATE WITH QUARTERLY HEIGHTENED SUPERVISION CHECKLIST; (3) WFA TO PERMIT UNANNOUNCED REVIEWS OF WFA SOUTH
DAKOTA OFFICES AND TO PERMIT RANDOM CLIENT CONTACTS; (4) WFA TO PROVIDE THE STATE WITH DATE TIME & LOCATION OF FA SEMINARS;
(5) FA JOSEPH WOOD TO COMPLETE ADDITIONAL TRAINING WITHIN 90 DAYS OF CONSENT ORDER ENTRY.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
BY LETTER DATED 9/1/2010 WFA NOTIFIED THE STATE THAT IT HAD COMPLETED ALL OF ITS OBLIGATIONS UNDER THE CONSENT ORDER.regulatory · block 9PDF pages 271–273
- Regulator name — filed text
- NEW JERSEY BUREAU OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 400,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
AG EDWARDS PERMITTED AN UNREGISTERED PERSON TO USE BRANCH OFFICE FACILITIES TO FACILITATE THE REFERAL AND TRANSFER OF CLIENT FROM PREVIOUS BROKER-DEALER TO AG EDWARDS THROUGH HIS FORMER PARTNER A FORMER AG EDWARDS AGENT. AG EDWARDS DID NOT SUPERVISE NOR EMPLOY THE INDIVIDUAL IN ANY CAPACITY AND PERMITTED THE UNREGISTERED PERSON TO TRANSACT SECURITIES THROUGH HIS FORMER PARTNER
Sanction detail — filed text
AG EDWARDS ALLOWED AN UNREGISTERED PERSON TO MAINTAIN A PRESENCE IN A NEW JERSEY BRANCH OFFICE AND PROVIDE INVESTMENT ADVISE TO CLIENTS. AG EDWARDS FAILED TO PREVENT UNSUITABLE TRADING STRATEGIES FROM BEING RECOMMENDED TO AG EDWARDS CLIENTS, FAILED TO REASONABLY SUPERVISE AND ESTABLISH AND ENFORCE PROCEDURES NECESSARY TO DEFECT PREVENT SUCH CONDUCT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW JERSEY BUREAU OF SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/28/2007 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2007-010 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): AG EDWARDS PERMITTED AN UNREGISTERED PERSON TO USE BRANCH OFFICE FACILITIES TO FACILITATE THE REFERAL AND TRANSFER OF CLIENT FROM PREVIOUS BROKER-DEALER TO AG EDWARDS THROUGH HIS FORMER PARTNER A FORMER AG EDWARDS AGENT. AG EDWARDS DID NOT SUPERVISE NOR EMPLOY THE INDIVIDUAL IN ANY CAPACITY AND PERMITTED THE UNREGISTERED PERSON TO TRANSACT SECURITIES THROUGH HIS FORMER PARTNER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 10/06/2008 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 400,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: WACHOVIA WILL OFFER NO LESS THAN $120,000, RESTITUTION TO COMPENSATE FOR THE LOSSES OF CERTAIN CUSTOMERS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: AG EDWARDS ALLOWED AN UNREGISTERED PERSON TO MAINTAIN A PRESENCE IN A NEW JERSEY BRANCH OFFICE AND PROVIDE INVESTMENT ADVISE TO CLIENTS. AG EDWARDS FAILED TO PREVENT UNSUITABLE TRADING STRATEGIES FROM BEING RECOMMENDED TO AG EDWARDS CLIENTS, FAILED TO REASONABLY SUPERVISE AND ESTABLISH AND ENFORCE PROCEDURES NECESSARY TO DEFECT PREVENT SUCH CONDUCT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 10PDF pages 273–275
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 75,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
NASD RULES 1021, 1022(A)(1), 1022(A)(5), 2110, 3010: RESPONDENT MEMBER FIRM PERMITTED INDIVIDUAL TO FUNCTION AS A PRINCIPAL WITHOUT BEING PROPERLY LICENSED AS A GENERAL SECURITIES PRINCIPAL ("GP") AND PERMITTED AN INDIVIDUAL TO SUPERVISE ITS EQUITY RESEARCH ANALYSTS WITHOUT BEING PROPERLY LICENSED AS A RESEARCH PRINCIPAL ("RP"). THE FIRM ALSO FAILED TO ENSURE THAT A GP OR RP MANAGE AND SUPERVISE THE FIRM'S ADVISORY SERVICES GROUP BY FAILING TO ENSURE THAT INDIVIDUAL BE PROPERLY LICENSED.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, RESPONDENT MEMBER FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, FIRM IS CENSURED AND FINED $75,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINRA
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
10/30/2008
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2007010115401
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
NASD RULES 1021, 1022(A)(1), 1022(A)(5), 2110, 3010: RESPONDENT MEMBER FIRM PERMITTED INDIVIDUAL TO FUNCTION AS A PRINCIPAL WITHOUT
BEING PROPERLY LICENSED AS A GENERAL SECURITIES PRINCIPAL ("GP") AND PERMITTED AN INDIVIDUAL TO SUPERVISE ITS EQUITY RESEARCH
ANALYSTS WITHOUT BEING PROPERLY LICENSED AS A RESEARCH PRINCIPAL ("RP"). THE FIRM ALSO FAILED TO ENSURE THAT A GP OR RP MANAGE AND
SUPERVISE THE FIRM'S ADVISORY SERVICES GROUP BY FAILING TO ENSURE THAT INDIVIDUAL BE PROPERLY LICENSED.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
10/30/2008
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 75,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS, RESPONDENT MEMBER FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY
OF FINDINGS; THEREFORE, FIRM IS CENSURED AND FINED $75,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 11PDF pages 275–276
- Regulator name — filed text
- STATE OF MARYLAND
- Monetary/Fine Amount — filed text
- $ 50,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
CONSENT ORDER REFERRED TO FORMER BROKER'S HANDLING OF CERTAIN CUSTOMER ACCOUNTS. SOME CUSTOMERS WERE INVOLVED IN PRIVATE SETTLEMENT OF CLAIMS. ONE CUSTOMER, B.L., RECEIVED RESTITUTION PURSUANT TO THE TERMS OF THE CONSENT ORDER IN CONNECTION WITH BROKER'S HANDLING OF HER ACCOUNT.
Other filed details
Description of allegations — filed text
IN CONNECTION WITH RESPONDENT'S (AND RESPONDENT'S PREDECESSOR'S) EMPLOYMENT OF BROKER MILLIET K. LANHAM, RESPONDENT FAILED TO REASONABLY SUPERVISE WITHIN THE MEANING OF SECTION 11-412(A)(10) OF THE SECURITIES ACT.
Sanction detail — filed text
FINE = $50,000 PAID UPON ISSUANCE OF ORDER. NO PORTION OF PENALTY WAS WAIVED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MARYLAND 2. Principal Sanction: Undertaking Other Sanctions: FINE 3. Date Initiated (MM/DD/YYYY): 01/01/2006 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2008-0268 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): FIRST UNION 6. Principal Product Type: Equity Listed (Common & Preferred Stock) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IN CONNECTION WITH RESPONDENT'S (AND RESPONDENT'S PREDECESSOR'S) EMPLOYMENT OF BROKER MILLIET K. LANHAM, RESPONDENT FAILED TO REASONABLY SUPERVISE WITHIN THE MEANING OF SECTION 11-412(A)(10) OF THE SECURITIES ACT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 12/08/2008 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 50,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: RESTITUTION TO ONE CUSTOMER IN AMOUNT OF $109,673. SUPERVISING BROKER MUST TAKE CERTAIN CONTINUING EDUCATION COURSES DEALING WITH SUPERVISION WITHIN SIX MONTHS OF EXECUTION OF ORDER. COMPLIANCE ENHANCEMENTS AND UNDERTAKINGS TO BE PERFORMED. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FINE = $50,000 PAID UPON ISSUANCE OF ORDER. NO PORTION OF PENALTY WAS WAIVED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). CONSENT ORDER REFERRED TO FORMER BROKER'S HANDLING OF CERTAIN CUSTOMER ACCOUNTS. SOME CUSTOMERS WERE INVOLVED IN PRIVATE SETTLEMENT OF CLAIMS. ONE CUSTOMER, B.L., RECEIVED RESTITUTION PURSUANT TO THE TERMS OF THE CONSENT ORDER IN CONNECTION WITH BROKER'S HANDLING OF HER ACCOUNT.
regulatory · block 12WELLS FARGO BROKERAGE SERVICES, L.L.C.PDF pages 276–278
- Advisory affiliate name — filed text
- WELLS FARGO BROKERAGE SERVICES, L.L.C.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 16100 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BROKERAGE SERVICES, L.L.C. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 13YERSIN, LINCOLN BLAINEPDF pages 278–280
- Advisory affiliate name — filed text
- YERSIN, LINCOLN BLAINE
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 1715424 This advisory affiliate is a Firm an Individual Registered: Yes No Name: YERSIN, LINCOLN BLAINE (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): ( ) Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 14WELLS FARGO INVESTMENTS, LLCPDF pages 280–282
- Advisory affiliate name — filed text
- WELLS FARGO INVESTMENTS, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 10582 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO INVESTMENTS, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 15DAGGS, CHARLES WILLARD IIIPDF pages 282–283
- Advisory affiliate name — filed text
- DAGGS, CHARLES WILLARD III
Action status / disposition — filed text
CLERICAL ERROR - TRIPLICATE ENTRY - DUE TO CRD SERVER ERROR
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 59782 This advisory affiliate is a Firm an Individual Registered: Yes No Name: DAGGS, CHARLES WILLARD III (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). CLERICAL ERROR - TRIPLICATE ENTRY - DUE TO CRD SERVER ERROR
regulatory · block 16WELLS FARGO SECURITIES, LLCPDF pages 283–285
- Advisory affiliate name — filed text
- WELLS FARGO SECURITIES, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 7665 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 17H.D. VEST ADVISORY SERVICES, INCPDF pages 285–287
- Advisory affiliate name — filed text
- H.D. VEST ADVISORY SERVICES, INC
Action status / disposition — filed text
"DRP FILED IN ERROR"
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 104556 This advisory affiliate is a Firm an Individual Registered: Yes No Name: H.D. VEST ADVISORY SERVICES, INC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). "DRP FILED IN ERROR"
regulatory · block 18H.D. VEST INVESTMENT SERVICESPDF pages 287–288
- Advisory affiliate name — filed text
- H.D. VEST INVESTMENT SERVICES
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 13686 This advisory affiliate is a Firm an Individual Registered: Yes No Name: H.D. VEST INVESTMENT SERVICES (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 19WELLS FARGO INSTITUTIONAL SECURITIES, LLCPDF pages 288–290
- Advisory affiliate name — filed text
- WELLS FARGO INSTITUTIONAL SECURITIES, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 5958 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO INSTITUTIONAL SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 20A. G. EDWARDS & SONS, INC.PDF pages 290–292
- Advisory affiliate name — filed text
- A. G. EDWARDS & SONS, INC.
- Regulator name — filed text
- STATE OF MASSACHUSETTS
- How was matter resolved — filed text
- Decision
Other filed details
Description of allegations — filed text
A.G. EDWARDS FAILED TO EXERCISE REASONABLE SUPERVISION OVER REGISTERED REPRESENTATIVE HOWARD '"BUCK MCHUGH" AND PERMITTED MCHUGH TO COLD-CALL RETIREES, TRADE IN CLIENT ACCOUNTS WITHOUT AUTHORIZATION. MCHUGH ENGAGED IN CHURNING, DAY TRADING AND FREE-RIDING IN SUCH ACCOUNTS. A.G. EDWARDS FAILED TO FORMALLY DISCIPLINE MCHUGH, PERMITTING HIM TO SWITCH BRANCHES MULTIPLE TIMES AND NOT INFORMING SUBSQUENT MANAGERS OF MCHUGH'S PRIOR ACTS.
Sanction detail — filed text
A.G. EDWARDS SHALL OFFER RESTITUTION TO CERTAIN MCHUGH'S FORMER CLIENTS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates y If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 4 This advisory affiliate is a Firm an Individual Registered: Yes No Name: A. G. EDWARDS & SONS, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MASSACHUSETTS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/05/2007 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: E-2005-0001 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): A.G. EDWARDS & SONS, INC. 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): A.G. EDWARDS FAILED TO EXERCISE REASONABLE SUPERVISION OVER REGISTERED REPRESENTATIVE HOWARD '"BUCK MCHUGH" AND PERMITTED MCHUGH TO COLD-CALL RETIREES, TRADE IN CLIENT ACCOUNTS WITHOUT AUTHORIZATION. MCHUGH ENGAGED IN CHURNING, DAY TRADING AND FREE-RIDING IN SUCH ACCOUNTS. A.G. EDWARDS FAILED TO FORMALLY DISCIPLINE MCHUGH, PERMITTING HIM TO SWITCH BRANCHES MULTIPLE TIMES AND NOT INFORMING SUBSQUENT MANAGERS OF MCHUGH'S PRIOR ACTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Decision 11. Resolution Date (MM/DD/YYYY): 11/21/2008 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: A.G. EDWARDS SHALL OFFER RESTITUTION TO CERTAIN MCHUGH'S FORMER CLIENTS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 21PDF pages 292–294
- Regulator name — filed text
- STATE OF NORTH CAROLINA DEPARTMENT OF THE SECRETARY OF STATE SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 1,700,203.25
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
PAYMENT OF FINE IS DUE BY 03/06/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF NORTH CAROLINA DEPARTMENT OF THE SECRETARY OF STATE SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
02/24/2009
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
09SEC029
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/24/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 1,700,203.25
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO PURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
PAYMENT OF FINE IS DUE BY 03/06/2009
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 22PDF pages 294–295
- Regulator name — filed text
- ATTORNEY GENERAL OF THE STATE OF NEW YORK INVESTOR PROTECTION BUREAU
- Monetary/Fine Amount — filed text
- $ 50,000,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS
Sanction detail — filed text
PAYMENT IS DUE TO STATE OF NEW YORK BY MARCH 31, 2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) ATTORNEY GENERAL OF THE STATE OF NEW YORK INVESTOR PROTECTION BUREAU 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/04/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: ASSURANCE NO. 08-179 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 02/04/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 50,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PAYMENT IS DUE TO STATE OF NEW YORK BY MARCH 31, 2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 23PDF pages 295–297
- Regulator name — filed text
- COMMON WEALTH OF MASSACHUSETTS SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 782,321.56
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS PAID ON FEBRUARY 24, 2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
COMMON WEALTH OF MASSACHUSETTS SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
02/19/2009
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
E-2008-0053
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/19/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 782,321.56
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO PURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE FINE WAS PAID ON FEBRUARY 24, 2009
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 24PDF pages 297–299
- Regulator name — filed text
- STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE AND REGULATION DIVISION OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 155,069.08
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS PAID ON FEBRUARY 25, 2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE AND REGULATION DIVISION OF SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/19/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: ADMINISTRATIVE CONSENT ORDER 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 02/19/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 155,069.08 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON FEBRUARY 25, 2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 25PDF pages 299–300
- Regulator name — filed text
- OFFICE OF THE SECRETARY OF STATE STATE OF MISSOURI
- Monetary/Fine Amount — filed text
- $ 2,841,550.88
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
IN ADDITION TO TO THE FINE PAID ON 12/16/2008 IN THE AMOUNT OF $2,841,550.88. WACHOVIA SHALL PAY $265,000 AS COST FOR THE INVESTIGATION. $15,000 SHALL BE PAID TO NASAA.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE SECRETARY OF STATE STATE OF MISSOURI 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/08/2008 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AP-08-28 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 12/08/2008 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,841,550.88 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: IN ADDITION TO TO THE FINE PAID ON 12/16/2008 IN THE AMOUNT OF $2,841,550.88. WACHOVIA SHALL PAY $265,000 AS COST FOR THE INVESTIGATION. $15,000 SHALL BE PAID TO NASAA. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 26PDF pages 301–302
- Regulator name — filed text
- MONTANA SECURITIES DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 148,811.54
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE WAS FINE PAID ON FEBRUARY 19, 2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MONTANA SECURITIES DEPARTMENT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/17/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CASE NO. SEC-2009-5 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 02/17/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 148,811.54 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE WAS FINE PAID ON FEBRUARY 19, 2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 27PDF pages 302–304
- Regulator name — filed text
- STATE OF NEVADA OFFICE OF THE SECRETARY OF STATE SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 839,326.74
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS PAID ON FEBRUARY 24, 2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEVADA OFFICE OF THE SECRETARY OF STATE SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/17/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: FILE NO. I09-038 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 02/17/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 839,326.74 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON FEBRUARY 24, 2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 28PDF pages 304–306
- Regulator name — filed text
- STATE OF GEORGIA COMMISSIONER OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 1,076,276.28
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
FINE IS DUE BY 03/06/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF GEORGIA COMMISSIONER OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
02/24/2009
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ENSC-1465
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/24/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 1,076,276.28
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO PURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
FINE IS DUE BY 03/06/2009
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 29PDF pages 306–307
- Regulator name — filed text
- OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS COMMONWEALTH OF PUERTO RICO
- Monetary/Fine Amount — filed text
- $ 103,739.22
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
FINE WAS PAID ON 3/11/2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS COMMONWEALTH OF PUERTO RICO
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/05/2009
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
C09-V-001
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/05/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 103,739.22
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO PURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
FINE WAS PAID ON 3/11/2009.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 30PDF pages 307–309
- Regulator name — filed text
- OFFICE OF THE MISSISSIPPI SECRETARY OF STATE
- Monetary/Fine Amount — filed text
- $ 317,667.55
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
FINE WAS PAID ON 3/6/2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
OFFICE OF THE MISSISSIPPI SECRETARY OF STATE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/03/2009
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-09-0086
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/03/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 317,667.55
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO PURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
FINE WAS PAID ON 3/6/2009.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 31PDF pages 309–311
- Regulator name — filed text
- STATE OF CALIFORNIA - DEPARTMENT OF CORPORATIONS
- Monetary/Fine Amount — filed text
- $ 5,507,824.50
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS
Sanction detail — filed text
THE FINE WAS PAID ON 03/13/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF CALIFORNIA - DEPARTMENT OF CORPORATIONS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/09/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/09/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,507,824.50 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO ACUTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 03/13/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 32PDF pages 311–313
- Regulator name — filed text
- TEXAS STATE SECURITIES BOARD
- Monetary/Fine Amount — filed text
- $ 3,982,274.57
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 03/18/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) TEXAS STATE SECURITIES BOARD 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/16/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: IC09-CDO-06 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/16/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 3,982,274.57 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 03/18/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 33PDF pages 313–314
- Regulator name — filed text
- STATE OF VERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES AND HEALTH CARE ADMINISTRATION
- Monetary/Fine Amount — filed text
- $ 166,923.26
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 03/25/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF VERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES AND HEALTH CARE ADMINISTRATION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/18/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09-039-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/18/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 166,923.26 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 03/25/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 34PDF pages 314–316
- Regulator name — filed text
- STATE OF OKLAHOMA DEPARTMENT OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 478,286.84
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 04/10/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF OKLAHOMA DEPARTMENT OF SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/03/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09-087 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/03/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 478,286.84 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 04/10/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 35PDF pages 316–318
- Regulator name — filed text
- STATE OF NORTH DAKOTA SECURITIES DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 121,409.18
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 04/03/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NORTH DAKOTA SECURITIES DEPARTMENT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/01/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/01/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 121,409.18 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 04/03/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 36PDF pages 318–319
- Regulator name — filed text
- STATE OF MICHIGAN OFFICE OF FINANCIAL AND INSURANCE REGULATION
- Monetary/Fine Amount — filed text
- $ 653,981.26
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 04/07/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MICHIGAN OFFICE OF FINANCIAL AND INSURANCE REGULATION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/27/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/27/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 653,981.26 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 04/07/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 37PDF pages 319–321
- Regulator name — filed text
- STATE OF ARIZONA - ARIZONA CORPORATION COMMISSION
- Monetary/Fine Amount — filed text
- $ 642,280.13
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 04/01/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF ARIZONA - ARIZONA CORPORATION COMMISSION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/24/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: S-20655A-09-0071 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/24/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 642,280.13 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 04/01/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 38PDF pages 321–323
- Regulator name — filed text
- STATE OF WASHINGTON FINANCIAL INSTITUTIONS SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 491,556.71
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 03/27/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF WASHINGTON FINANCIAL INSTITUTIONS SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/24/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: S08-229-09-CO01 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/24/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 491,556.71 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 03/27/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 39PDF pages 323–325
- Regulator name — filed text
- STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION
- Monetary/Fine Amount — filed text
- $ 5,673,320.82
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE IS DUE BY 04/27/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/17/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 0420-S-2/09 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/17/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,673,320.82 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE BY 04/27/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 40PDF pages 325–326
- Regulator name — filed text
- STATE COMMISSIONER OF SOUTH CAROLINA
- Monetary/Fine Amount — filed text
- $ 772,958.03
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE IS DUE IN FULL BY 12/31/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE COMMISSIONER OF SOUTH CAROLINA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/13/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 08018 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/13/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 772,958.03 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE IS DUE IN FULL BY 12/31/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 41PDF pages 326–328
- Regulator name — filed text
- STATE OF COLORADO SECURITIES COMMISSIONER
- Monetary/Fine Amount — filed text
- $ 664,614.09
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE IS DUE BY 04/30/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF COLORADO SECURITIES COMMISSIONER 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/20/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09-L-11 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/20/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 664,614.09 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE BY 04/30/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 42PDF pages 328–330
- Regulator name — filed text
- STATE OF RHODE ISLAND
- Monetary/Fine Amount — filed text
- $ 131,565.93
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 05/01/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF RHODE ISLAND 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/22/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09-110 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/22/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 131,565.93 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 05/01/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 43PDF pages 330–332
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 1,400,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
NASD RULES 2110 AND 3010: RESPONDENT WACHOVIA SECURITIES, LLC FAILED TO DELIVER PROSPECTUSES AND PRODUCT DESCRIPTIONS TO CERTAIN CUSTOMERS WHO PURCHASED INVESTMENT PRODUCTS, AS REQUIRED UNDER FEDERAL SECURITIES LAWS AND NASD RULES. WACHOVIA SECURITIES FAILED TO HAVE ADEQUATE SUPERVISORY SYSTEMS AND APPROPRIATE WRITTEN SUPERVISORY PROCEDURES IN PLACE TO ENSURE THAT OFFERING DOCUMENTS WERE BEING SENT TO CUSTOMERS IN CONNECTION WITH SECURITIES TRANSACTIONS. WACHOVIA SECURITIES ALSO FAILED TO ADEQUATELY SUPERVISE THE SUBMISSION OF INFORMATION TO FINRA STAFF AND ENSURE THAT ITS SUBMISSIONS WERE ACCURATE, COMPLETE AND TIMELY SUBMITTED.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, WACHOVIA SECURITIES, LLC CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED AND FINED $1,400,000. IN ADDITION, WACHOVIA SECURITIES UNDERTAKES TO COMPLETE THE FOLLOWING WITHIN 120 DAYS OF NOTICE OF ACCEPTANCE OF THE AWC: 1) ADOPT AND IMPLEMENT SYSTEMS AND PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND NASD/FINRA RULES APPLICABLE TO THE DELIVERY OF PROSPECTUSES AND PRODUCT DESCRIPTIONS, INCLUDING SYSTEMS AND PROCEDURES TO PROVIDE ADEQUATE OVERSIGHT IF THIRD PARTY VENDORS ARE UTILIZED; AND 2) PROVIDE A WRITTEN CERTIFICATE BY A DULY AUTHORIZED SENIOR OFFICER OF WACHOVIA SECURITIES LLC THAT THE FIRM HAS ADOPTED AND IMPLEMENTED SUPERVISORY SYSTEMS AND PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND NASD/FINRA RULES APPLICABLE TO THE DELIVERY OF PROSPECTUSES AND PRODUCT DESCRIPTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/01/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2007010181101 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Debt - Corporate Other Product Types: AFTERMARKET EQUITY NON-SYNDICATE IPOS, COLLATERAL MORTGAGE OBLIGATIONS (CMOS), AUCTION MARKET PREFERRED SECURITIES, PREFERRED STOCKS, MUTUAL FUNDS, ALTERNATIVE INVESTMENT SECURITIES, EQUITY IPO TRANSACTIONS AND EXCHANGE TRADED FUNDS (ETFS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): NASD RULES 2110 AND 3010: RESPONDENT WACHOVIA SECURITIES, LLC FAILED TO DELIVER PROSPECTUSES AND PRODUCT DESCRIPTIONS TO CERTAIN CUSTOMERS WHO PURCHASED INVESTMENT PRODUCTS, AS REQUIRED UNDER FEDERAL SECURITIES LAWS AND NASD RULES. WACHOVIA SECURITIES FAILED TO HAVE ADEQUATE SUPERVISORY SYSTEMS AND APPROPRIATE WRITTEN SUPERVISORY PROCEDURES IN PLACE TO ENSURE THAT OFFERING DOCUMENTS WERE BEING SENT TO CUSTOMERS IN CONNECTION WITH SECURITIES TRANSACTIONS. WACHOVIA SECURITIES ALSO FAILED TO ADEQUATELY SUPERVISE THE SUBMISSION OF INFORMATION TO FINRA STAFF AND ENSURE THAT ITS SUBMISSIONS WERE ACCURATE, COMPLETE AND TIMELY SUBMITTED. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 05/01/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,400,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, WACHOVIA SECURITIES, LLC CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED AND FINED $1,400,000. IN ADDITION, WACHOVIA SECURITIES UNDERTAKES TO COMPLETE THE FOLLOWING WITHIN 120 DAYS OF NOTICE OF ACCEPTANCE OF THE AWC: 1) ADOPT AND IMPLEMENT SYSTEMS AND PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND NASD/FINRA RULES APPLICABLE TO THE DELIVERY OF PROSPECTUSES AND PRODUCT DESCRIPTIONS, INCLUDING SYSTEMS AND PROCEDURES TO PROVIDE ADEQUATE OVERSIGHT IF THIRD PARTY VENDORS ARE UTILIZED; AND 2) PROVIDE A WRITTEN CERTIFICATE BY A DULY AUTHORIZED SENIOR OFFICER OF WACHOVIA SECURITIES LLC THAT THE FIRM HAS ADOPTED AND IMPLEMENTED SUPERVISORY SYSTEMS AND PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND NASD/FINRA RULES APPLICABLE TO THE DELIVERY OF PROSPECTUSES AND PRODUCT DESCRIPTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 44PDF pages 332–333
- Regulator name — filed text
- MINNESOTA DEPARTMENT OF COMMERCE
- Monetary/Fine Amount — filed text
- $ 387,790.88
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 05/18/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MINNESOTA DEPARTMENT OF COMMERCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/11/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: FILE 11200 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 05/11/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 387,790.88 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 05/18/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 45PDF pages 333–335
- Regulator name — filed text
- ALABAMA SECURITIES COMMISSION
- Monetary/Fine Amount — filed text
- $ 683,141.24
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE COMMISSION ISSUED CONSENT ORDER NO. CO-2009-0011, CITED WACHOVIA SECURITIES, LLC WITH ENGAGING IN UNETHICAL AND DISHONEST PRACTICES AND FAILURE TO PROPERLY SUPERVISE ITS AGENTS. THIS ACTION STEMMED FROM THE FIRMS INAPPROPIATE MARKETING OF AUCTION RATE SECURITIES (ARS) TO CUSTOMERS WITHOUT ADEQUATELY DISCLOSING RISKS OF ILLIQUIDITY
Other filed details
Description of allegations — filed text
THE COMMISSION ISSUED CONSENT ORDER NO. CO-2009-0011, CITED WACHOVIA SECURITIES, LLC WITH ENGAGING IN UNETHICAL AND DISHONEST PRACTICES AND FAILURE TO PROPERLY SUPERVISE ITS AGENTS. THIS ACTION STEMMED FROM THE FIRMS INAPPROPIATE MARKETING OF AUCTION RATE SECURITIES (ARS) TO CUSTOMERS WITHOUT ADEQUATELY DISCLOSING RISKS OF ILLIQUIDITY
Sanction detail — filed text
$350.000 TO STATE OF ALABAMA; $250,000 TO ALABAMA SECURITIES COMMISSION; $73,141.24 TO INVESTOR PROTECTION TRUST; $10,000 TO ALABAMA DISTRICT ATTORNEY'S ASSOCIATION. RECEIVED 06/10/2009 THE FIRM SENT THE $683,141.24 TOTAL FINE, AS STIPULATED, TO THE STATE OF ALABAMA ON 06/04/2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) ALABAMA SECURITIES COMMISSION 2. Principal Sanction: Other Other Sanctions: CONSENT ORDER 3. Date Initiated (MM/DD/YYYY): 05/26/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CO-2009-0011 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE COMMISSION ISSUED CONSENT ORDER NO. CO-2009-0011, CITED WACHOVIA SECURITIES, LLC WITH ENGAGING IN UNETHICAL AND DISHONEST PRACTICES AND FAILURE TO PROPERLY SUPERVISE ITS AGENTS. THIS ACTION STEMMED FROM THE FIRMS INAPPROPIATE MARKETING OF AUCTION RATE SECURITIES (ARS) TO CUSTOMERS WITHOUT ADEQUATELY DISCLOSING RISKS OF ILLIQUIDITY 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 05/26/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 683,141.24 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: $350.000 TO STATE OF ALABAMA; $250,000 TO ALABAMA SECURITIES COMMISSION; $73,141.24 TO INVESTOR PROTECTION TRUST; $10,000 TO ALABAMA DISTRICT ATTORNEY'S ASSOCIATION. RECEIVED 06/10/2009 Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $350.000 TO STATE OF ALABAMA; $250,000 TO ALABAMA SECURITIES COMMISSION; $73,141.24 TO INVESTOR PROTECTION TRUST; $10,000 TO ALABAMA DISTRICT ATTORNEY'S ASSOCIATION. RECEIVED 06/10/2009 THE FIRM SENT THE $683,141.24 TOTAL FINE, AS STIPULATED, TO THE STATE OF ALABAMA ON 06/04/2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE COMMISSION ISSUED CONSENT ORDER NO. CO-2009-0011, CITED WACHOVIA SECURITIES, LLC WITH ENGAGING IN UNETHICAL AND DISHONEST PRACTICES AND FAILURE TO PROPERLY SUPERVISE ITS AGENTS. THIS ACTION STEMMED FROM THE FIRMS INAPPROPIATE MARKETING OF AUCTION RATE SECURITIES (ARS) TO CUSTOMERS WITHOUT ADEQUATELY DISCLOSING RISKS OF ILLIQUIDITY
regulatory · block 46PDF pages 335–337
- Regulator name — filed text
- COMMONWEALTH OF KENTUCKY
- Monetary/Fine Amount — filed text
- $ 315,300.14
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE WAS PAID ON 05/19/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMONWEALTH OF KENTUCKY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/14/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: NO. 2009-AH-032 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 05/14/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 315,300.14 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON 05/19/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 47PDF pages 337–339
- Regulator name — filed text
- TENNESSEE SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 449,851.41
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER
Sanction detail — filed text
THE FINE IS DUE BY 06/01/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) TENNESSEE SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/22/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09-003 SI 2008-010 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 05/22/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 449,851.41 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE BY 06/01/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 48PDF pages 339–340
- Regulator name — filed text
- STATE OF NEBRASKA
- Monetary/Fine Amount — filed text
- $ 298,818.42
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS PAID ON JUNE 12TH, 2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF NEBRASKA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
06/04/2009
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/04/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 298,818.42
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO PURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE FINE WAS PAID ON JUNE 12TH, 2009
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 49PDF pages 340–342
- Regulator name — filed text
- STATE OF OREGON DIVISION OF FINANCE AND CORPORATE SECURITIES
- Monetary/Fine Amount — filed text
- $ 397,234.57
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE IS PAYABLE WITHIN 10 DAYS IF THE ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF OREGON DIVISION OF FINANCE AND CORPORATE SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 06/29/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: S-09-0022 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 06/29/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 397,234.57 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS PAYABLE WITHIN 10 DAYS IF THE ORDER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 50PDF pages 342–344
- Regulator name — filed text
- STATE OF WYOMING SECRETARY OF STATE SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 176,314.77
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS PAID ON JUNE 29, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF WYOMING SECRETARY OF STATE SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 06/23/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09-05 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 06/23/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 176,314.77 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON JUNE 29, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 51PDF pages 344–345
- Regulator name — filed text
- STATE OF KANSAS
- Monetary/Fine Amount — filed text
- $ 633,090.35
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS PAID ON JUNE 16, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF KANSAS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 06/09/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09 E 012 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 06/09/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 633,090.35 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON JUNE 16, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 52PDF pages 345–347
- Regulator name — filed text
- STATE OF IDAHO
- Monetary/Fine Amount — filed text
- $ 191,049.02
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS PAID ON JUNE 29, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF IDAHO 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 06/22/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2009-7-08 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 06/22/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 191,049.02 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS PAID ON JUNE 29, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 53PDF pages 347–349
- Regulator name — filed text
- STATE OF NEW MEXICO REGULATION AND LICENSING DEPARTMENT SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 221,609.71
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER.
Sanction detail — filed text
THE FINE WAS SENT ON AUGUST 18, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEW MEXICO REGULATION AND LICENSING DEPARTMENT SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 08/18/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09-09-007040 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/18/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 221,609.71 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS SENT ON AUGUST 18, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 54PDF pages 349–351
- Regulator name — filed text
- PENNSYLVANIA SECURITIES COMMISSION
- Monetary/Fine Amount — filed text
- $ 2,527,771.09
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER.
Sanction detail — filed text
PAYMENT WAS MADE AUGUST 19, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) PENNSYLVANIA SECURITIES COMMISSION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 08/11/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2008-04-16 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/11/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,527,771.09 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PAYMENT WAS MADE AUGUST 19, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 55PDF pages 351–352
- Regulator name — filed text
- COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION
- Monetary/Fine Amount — filed text
- $ 1,220,592.50
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER.
Sanction detail — filed text
PAYMENT WAS MADE ON AUGUST 25, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 08/12/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: SEC-20900044 ARS 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/12/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,220,592.50 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PAYMENT WAS MADE ON AUGUST 25, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 56PDF pages 352–354
- Regulator name — filed text
- IOWA INSURANCE DIVISION
- Monetary/Fine Amount — filed text
- $ 191,289.03
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER.
Sanction detail — filed text
PAYMENT WAS MADE ON AUGUST 5, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) IOWA INSURANCE DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/30/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 64477 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 07/30/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 191,289.03 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PAYMENT WAS MADE ON AUGUST 5, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 57PDF pages 354–356
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 350,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
NASD RULES 2110, 3010(A), 3010(B): THE FIRM, FROM AUGUST 2001, THROUGH OCTOBER 2004, SUPERVISORY SYSTEM AND WRITTEN SUPERVISORY PROCEDURES WERE INADEQUATE TO DETECT ABUSIVE SALES PRACTICES REGARDING VARIABLE ANNUITIES THEREBY ALLOWING TWO REPRESENTATIVES TO ENGAGE IN ABUSIVE SALES PRACTICES REGARDING VARIABLE ANNUITIES.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE THE FIRM IS CENSURED AND FINED $350,000. AN UNDERTAKING TO CERTIFY TO FINRA WITHIN 90 DAYS THAT FIRM HAS REVIEWED ITS PROCEDURES REGARDING VARIABLE ANNUITIES AND HAS SYSTEMS AND PROCEDURES IN PLACE THAT ARE REASONABLY DESIGNED TO DETECT ABUSIVE SALES PRACTICES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): 08/28/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2005002169202 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Annuity(ies) - Variable Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): NASD RULES 2110, 3010(A), 3010(B): THE FIRM, FROM AUGUST 2001, THROUGH OCTOBER 2004, SUPERVISORY SYSTEM AND WRITTEN SUPERVISORY PROCEDURES WERE INADEQUATE TO DETECT ABUSIVE SALES PRACTICES REGARDING VARIABLE ANNUITIES THEREBY ALLOWING TWO REPRESENTATIVES TO ENGAGE IN ABUSIVE SALES PRACTICES REGARDING VARIABLE ANNUITIES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 08/28/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 350,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE THE FIRM IS CENSURED AND FINED $350,000. AN UNDERTAKING TO CERTIFY TO FINRA WITHIN 90 DAYS THAT FIRM HAS REVIEWED ITS PROCEDURES REGARDING VARIABLE ANNUITIES AND HAS SYSTEMS AND PROCEDURES IN PLACE THAT ARE REASONABLY DESIGNED TO DETECT ABUSIVE SALES PRACTICES. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 58PDF pages 356–357
- Regulator name — filed text
- DIVISION OF SECURITIES UTAH DEPARTMENT OF COMMERCE
- Monetary/Fine Amount — filed text
- $ 247,272.91
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE IS DUE IN FULL BY 09/27/2009
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) DIVISION OF SECURITIES UTAH DEPARTMENT OF COMMERCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/17/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: SD-09-0043 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 09/17/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 247,272.91 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE IN FULL BY 09/27/2009 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 59PDF pages 358–359
- Regulator name — filed text
- DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE AND BANKING
- Monetary/Fine Amount — filed text
- $ 311,765.11
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE DISTRICT OF COLUMBIA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE IS DUE IN FULL BY SEPTEMBER 26, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE AND BANKING 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/16/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: SB-09-02 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE DISTRICT OF COLUMBIA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 09/16/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 311,765.11 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE IN FULL BY SEPTEMBER 26, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 60PDF pages 359–361
- Regulator name — filed text
- STATE OF MAINE DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION OFFICE OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 237,916.17
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF MAINE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE PAYMENT WAS SENT TO THE STATE OF MAINE ON 04/22/2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MAINE DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION OFFICE OF SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/14/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: ADMINISTRATIVE CONSENT ORDER 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE OF MAINE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/14/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 237,916.17 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE AT ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE PAYMENT WAS SENT TO THE STATE OF MAINE ON 04/22/2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 61PDF pages 361–363
- Regulator name — filed text
- THE SECURITIES COMMISIONER OF THE STATE OF DELAWARE
- Monetary/Fine Amount — filed text
- $ 309,117.79
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF DELAWARE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE PAYMENT WAS SENT TO THE STATE OF DELAWARE ON 04/09/2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) THE SECURITIES COMMISIONER OF THE STATE OF DELAWARE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/31/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 09-2-2 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE OF DELAWARE HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/31/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 309,117.79 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE AT ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE PAYMENT WAS SENT TO THE STATE OF DELAWARE ON 04/09/2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 62PDF pages 363–364
- Regulator name — filed text
- STATE OF WEST VIRGINIA SECURITIES COMMISSION
- Monetary/Fine Amount — filed text
- $ 170,766.82
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF WEST VIRGINIA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE IS DUE TO THE STATE OF WEST VIRGINIA - WITHIN TEN DAYS - ON NOVEMBER 13, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF WEST VIRGINIA SECURITIES COMMISSION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/03/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 98-44964 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE OF WEST VIRGINIA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 11/03/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 170,766.82 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE TO THE STATE OF WEST VIRGINIA - WITHIN TEN DAYS - ON NOVEMBER 13, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 63PDF pages 364–366
- Regulator name — filed text
- U.S. VIRGIN ISLANDS - OFFICE OF THE LIEUTENANT GOVERNOR - DIVISION OF BANKING AND INSURANCE
- Monetary/Fine Amount — filed text
- $ 116,748.21
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
U.S. VIRGIN ISLANDS HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE PAYMENT WAS SENT TO THE U.S. VIRGIN ISLANDS ON 01/13/2010.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
U.S. VIRGIN ISLANDS - OFFICE OF THE LIEUTENANT GOVERNOR - DIVISION OF BANKING AND INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
01/04/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
01-09
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES (ARS)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
U.S. VIRGIN ISLANDS HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
01/04/2010
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 116,748.21
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO REPURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE PAYMENT WAS SENT TO THE U.S. VIRGIN ISLANDS ON 01/13/2010.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 64PDF pages 366–368
- Regulator name — filed text
- STATE OF INDIANA OFFICE OF THE SECRETARY OF STATE SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 509,628.73
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF INDIANA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE PAYMENT WAS SENT TO THE STATE OF INDIANA ON 05/12/2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF INDIANA OFFICE OF THE SECRETARY OF STATE SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
05/06/2009
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
09-0082 CO
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES (ARS)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE OF INDIANA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
05/06/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
y
g
(
pp
p
)
Monetary/Fine Amount: $ 509,628.73
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO REPURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE PAYMENT WAS SENT TO THE STATE OF INDIANA ON 05/12/2009.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 65PDF pages 368–369
- Regulator name — filed text
- STATE OF WISCONSIN DEPARTMENT OF FINANCIAL INSTITUTIONS DIVISION OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 457,903.77
- How was matter resolved — filed text
- Decision
Other filed details
Description of allegations — filed text
STATE OF WISCONSIN HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES (ARS) TO CUSTOMERS.
Sanction detail — filed text
THE PAYMENT WAS SENT TO THE STATE OF WISCONSIN ON 01/25/2010.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF WISCONSIN DEPARTMENT OF FINANCIAL INSTITUTIONS DIVISION OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
01/15/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-09137(EX)
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES (ARS)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
STATE OF WISCONSIN HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES (ARS) TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
01/15/2010
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 457,903.77
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO REPURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE PAYMENT WAS SENT TO THE STATE OF WISCONSIN ON 01/25/2010.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 66DAGGS, CHARLES WILLARD IIIPDF pages 370–371
- Advisory affiliate name — filed text
- DAGGS, CHARLES WILLARD III
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 59782 This advisory affiliate is a Firm an Individual Registered: Yes No Name: DAGGS, CHARLES WILLARD III (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 67DAGGS, CHARLES WILLARD IIIPDF pages 371–373
- Advisory affiliate name — filed text
- DAGGS, CHARLES WILLARD III
Action status / disposition — filed text
CLERICAL ERROR - QUADRUPLICATE ENTRY - DUE TO CRD SERVER ERROR
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 59782 This advisory affiliate is a Firm an Individual Registered: Yes No Name: DAGGS, CHARLES WILLARD III (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). CLERICAL ERROR - QUADRUPLICATE ENTRY - DUE TO CRD SERVER ERROR
regulatory · block 68DAGGS, CHARLES WILLARD IIIPDF pages 373–375
- Advisory affiliate name — filed text
- DAGGS, CHARLES WILLARD III
Action status / disposition — filed text
CLERICAL ERROR - DUPLICATE ENTRY - DUE TO CRD SERVER ERROR
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 59782 This advisory affiliate is a Firm an Individual Registered: Yes No Name: DAGGS, CHARLES WILLARD III (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). CLERICAL ERROR - DUPLICATE ENTRY - DUE TO CRD SERVER ERROR
regulatory · block 69PDF pages 375–376
- Regulator name — filed text
- STATE OF ARKANSAS SECURITIES COMMISSIONER
- Monetary/Fine Amount — filed text
- $ 238,385.75
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
STATEOF ARKANSAS HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
PAYMENT OF THE FINE TO THE STATE OF ARKANSAS IS DUE BY 03/21/2010.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF ARKANSAS SECURITIES COMMISSIONER
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/11/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
S-09-024-09-CO01
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES (ARS)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
STATEOF ARKANSAS HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/11/2010
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 238,385.75
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO REPURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
PAYMENT OF THE FINE TO THE STATE OF ARKANSAS IS DUE BY 03/21/2010.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 70PDF pages 376–378
- Regulator name — filed text
- STATE OF MARYLAND - OFFICE OF THE ATTORNEY GENERAL - SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 810,624.05
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF MARYLAND HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE IS DUE TO STATE OF MARYLAND - OFFICE OF THE ATTORNEY GENERAL - SECURITIES DIVISION UPON RECEIPT OF THE CONSENT ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF MARYLAND - OFFICE OF THE ATTORNEY GENERAL - SECURITIES DIVISION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/11/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2009-0164
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES (ARS)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE OF MARYLAND HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/11/2009
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 810,624.05
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO REPURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE FINE IS DUE TO STATE OF MARYLAND - OFFICE OF THE ATTORNEY GENERAL - SECURITIES DIVISION UPON RECEIPT OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 71PDF pages 378–380
- Regulator name — filed text
- OFFICE OF THE SECRETARY OF STATE ILLINOIS SECURITIES DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 1,691,207.30
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF ILLINOIS HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES (ARS) TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS SENT TO THE STATE OF ILLINOIS ON 04/06/2010.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
OFFICE OF THE SECRETARY OF STATE ILLINOIS SECURITIES DEPARTMENT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/29/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
08-00202
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES (ARS)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE OF ILLINOIS HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES (ARS) TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
03/29/2010
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 1,691,207.30
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO REPURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE FINE WAS SENT TO THE STATE OF ILLINOIS ON 04/06/2010.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 72WACHOVIA BANK, N.A.PDF pages 380–382
- Advisory affiliate name — filed text
- WACHOVIA BANK, N.A.
- Regulator name — filed text
- DEPARTMENT OF THE TREASURY - FINANCIAL CRIMES ENFORCEMENT NETWORK
- Monetary/Fine Amount — filed text
- $ 110,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
FINCEN ISSUED ITS ASSESSMENT OF CIVIL MONEY PENALTY CONCURRENTLY WITH WACHOVIA BANK ENTERING INTO A DEFERRED PROSECUTION AGREEMENT ("AGREEMENT") WITH THE U.S. ATTORNEY'S OFFICE AND THE U.S. DEPARTMENT OF JUSTICE (COLLECTIVELY, THE "UNITED STATES") ON MARCH 16, 2010. PURSUANT TO THE AGREEMENT, WACHOVIA BANK SETTLED CIVIL AND CRIMINAL FORFEITURE CLAIMS FOR THE AMOUNT OF $110 MILLION, PAID ON OR BEFORE MARCH 21, 2010, AND AGREED TO IMPLEMENT CERTAIN REMEDIAL MEASURES DESIGNED TO FULLY COMPLY WITH THE BANK SECRECY ACT AND TO ABIDE BY ANY FINCEN ORDERS AND REGULATIONS. WACHOVIA BANK MERGED WITH AND INTO WELLS FARGO BANK, N.A. ON MARCH 20, 2010. WELLS FARGO BANK, N.A. AGREED TO BE BOUND BY THE TERMS AND CONDITIONS OF THE AGREEMENT FOLLOWING THE MERGER. THE UNITED STATES AGREED THAT PROSECUTION OF WACHOVIA BANK BE DEFERRED FOR A PERIOD OF TWELVE MONTHS AND THAT, IF WELLS FARGO BANK, N.A. IS IN COMPLIANCE IN ALL MATERIAL ASPECTS WITH ALL OF ITS OBLIGATIONS UNDER THE AGREEMENT, THE UNITED STATES, WITHIN THIRTY DAYS OF THE EXPIRATION OF THAT PERIOD, WOULD SEEK DISMISSAL WITH PREJUDICE OF THE CHARGE.
Other filed details
Description of allegations — filed text
THE FINANCIAL CRIMES ENFORCEMENT NETWORK ("FINCEN") OF THE DEPARTMENT OF THE TREASURY ALLEGED THAT WACHOVIA BANK, N.A. ("WACHOVIA BANK") FAILED TO IMPLEMENT ADEQUATE POLICIES, PROCEDURES AND CONTROLS RELATING TO CASH TRANSFERS FOR CURRENCY EXCHANGE HOUSES AND FOREIGN CORRESPONDENT CUSTOMERS, TO CONDUCT ADEQUATE MONITORING OF RELATED TRANSACTIONS AND CUSTOMERS, TO ADEQUATELY STAFF THE BANK SECRECY ACT ("BSA") COMPLIANCE FUNCTION, TO EFFECTIVELY IMPLEMENT AN INDEPENDENT AUDIT FUNCTION TO TEST FOR BSA COMPLIANCE, TO FILE TIMELY SUSPICIOUS ACTIVITY REPORTS AND TO REPORT CURRENCY TRANSACTIONS.
Sanction detail — filed text
FINCEN ASSESSED A PENALTY OF $110 MILLION AGAINST WACHOVIA BANK, WHICH WAS DEEMED SATISFIED FULLY BY WACHOVIA BANK'S FORFEITURE OF $110 MILLION, PAID ON OR BEFORE MARCH 21, 2010, TO THE U.S. GOVERNMENT IN CONNECTION WITH THE DEFERRED PROSECUTION AGREEMENT DESCRIBED IN 13, BELOW.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WACHOVIA BANK, N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
y
g
g
y
y
y
(
)
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
DEPARTMENT OF THE TREASURY - FINANCIAL CRIMES ENFORCEMENT NETWORK
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/12/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2010-1
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
FOREIGN CORRESPONDENT BANKING
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL CRIMES ENFORCEMENT NETWORK ("FINCEN") OF THE DEPARTMENT OF THE TREASURY ALLEGED THAT WACHOVIA BANK, N.A.
("WACHOVIA BANK") FAILED TO IMPLEMENT ADEQUATE POLICIES, PROCEDURES AND CONTROLS RELATING TO CASH TRANSFERS FOR CURRENCY
EXCHANGE HOUSES AND FOREIGN CORRESPONDENT CUSTOMERS, TO CONDUCT ADEQUATE MONITORING OF RELATED TRANSACTIONS AND
CUSTOMERS, TO ADEQUATELY STAFF THE BANK SECRECY ACT ("BSA") COMPLIANCE FUNCTION, TO EFFECTIVELY IMPLEMENT AN INDEPENDENT AUDIT
FUNCTION TO TEST FOR BSA COMPLIANCE, TO FILE TIMELY SUSPICIOUS ACTIVITY REPORTS AND TO REPORT CURRENCY TRANSACTIONS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/12/2010
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 110,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
FINCEN ASSESSED A PENALTY OF $110 MILLION AGAINST WACHOVIA BANK, WHICH WAS DEEMED SATISFIED FULLY BY WACHOVIA BANK'S
FORFEITURE OF $110 MILLION, PAID ON OR BEFORE MARCH 21, 2010, TO THE U.S. GOVERNMENT IN CONNECTION WITH THE DEFERRED
PROSECUTION AGREEMENT DESCRIBED IN 13, BELOW.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
FINCEN ISSUED ITS ASSESSMENT OF CIVIL MONEY PENALTY CONCURRENTLY WITH WACHOVIA BANK ENTERING INTO A DEFERRED PROSECUTION
AGREEMENT ("AGREEMENT") WITH THE U.S. ATTORNEY'S OFFICE AND THE U.S. DEPARTMENT OF JUSTICE (COLLECTIVELY, THE "UNITED STATES") ON
MARCH 16, 2010. PURSUANT TO THE AGREEMENT, WACHOVIA BANK SETTLED CIVIL AND CRIMINAL FORFEITURE CLAIMS FOR THE AMOUNT OF $110
MILLION, PAID ON OR BEFORE MARCH 21, 2010, AND AGREED TO IMPLEMENT CERTAIN REMEDIAL MEASURES DESIGNED TO FULLY COMPLY WITH THE
BANK SECRECY ACT AND TO ABIDE BY ANY FINCEN ORDERS AND REGULATIONS. WACHOVIA BANK MERGED WITH AND INTO WELLS FARGO BANK, N.A.
ON MARCH 20, 2010. WELLS FARGO BANK, N.A. AGREED TO BE BOUND BY THE TERMS AND CONDITIONS OF THE AGREEMENT FOLLOWING THE MERGER.
THE UNITED STATES AGREED THAT PROSECUTION OF WACHOVIA BANK BE DEFERRED FOR A PERIOD OF TWELVE MONTHS AND THAT, IF WELLS FARGO
BANK, N.A. IS IN COMPLIANCE IN ALL MATERIAL ASPECTS WITH ALL OF ITS OBLIGATIONS UNDER THE AGREEMENT, THE UNITED STATES, WITHIN THIRTY
DAYS OF THE EXPIRATION OF THAT PERIOD, WOULD SEEK DISMISSAL WITH PREJUDICE OF THE CHARGE.regulatory · block 73WACHOVIA BANK; N.A.PDF pages 382–384
- Advisory affiliate name — filed text
- WACHOVIA BANK; N.A.
- Regulator name — filed text
- DEPARTMENT OF THE TREASURY - COMPTROLLER OF THE CURRENCY
- Monetary/Fine Amount — filed text
- $ 50,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
WACHOVIA BANK AGREED, AMONG OTHER THINGS, TO TAKE THE NECESSARY STEPS TO ADDRESS DEFICIENCIES AND ENHANCE ITS BSA AND AML POLICIES AND PROCEDURES OVER FOREIGN CORRESPONDENT BANKING ACTIVITIES, TO DEVELOP AN ACTION PLAN DESIGNED TO ADDRESS IDENTIFIED DEFICIENCIES AND VIOLATIONS OF LAW AND TO SUBMIT THE ACTION PLAN TO THE DEPUTY COMPTROLLER WITHIN 90 DAYS OF THE ORDER, NOT TO IMPLEMENT ANY MATERIAL CHANGES TO THE ACTION PLAN WITHOUT PRIOR SUBMISSION TO AND APPROVAL OF THE DEPUTY COMPTROLLER, TO SUBMIT A FORMAL REPORT TO ITS BOARD OF DIRECTORS AND THE DEPUTY COMPTROLLER DETAILING THE STATUS OF REMEDIATION ACTIVITIES WITHIN 120 DAYS OF THE ORDER, AND TO SUBMIT QUARTERLY STATUS REPORTS UNTIL THE PROVISIONS OF THE ORDER ARE TERMINATED BY THE COMPTROLLER. WACHOVIA BANK MERGED WITH AND INTO WELLS FARGO BANK, N.A. ON MARCH 20, 2010.
Other filed details
Description of allegations — filed text
THE OFFICE OF THE COMPTROLLER OF THE CURRENCY ("OCC") ALLEGED THAT WACHOVIA BANK, N.A. ("WACHOVIA BANK") FAILED TO IMPLEMENT ADEQUATE POLICIES, PROCEDURES AND CONTROLS RELATING TO CASH TRANSFERS FOR CURRENCY EXCHANGE HOUSES AND FOREIGN CORRESPONDENT CUSTOMERS, TO CONDUCT ADEQUATE MONITORING OF RELATED TRANSACTIONS AND CUSTOMERS, TO FILE TIMELY SUSPICIOUS ACTIVITY REPORTS AND TO ADEQUATELY REPORT CASH STRUCTURING ACTIVITY FROM REVIEW OF INTERNALLY GENERATED REPORTS.
Sanction detail — filed text
WACHOVIA AGREED TO PAY A FINE OF $50 MILLION TO THE OCC, WHICH WAS PAID ON OR BEFORE MARCH 21, 2010. NO PORTION OF THE FINE WAS WAIVED
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WACHOVIA BANK; N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
DEPARTMENT OF THE TREASURY - COMPTROLLER OF THE CURRENCY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST - UNDERTAKING
3.
Date Initiated (MM/DD/YYYY):
03/12/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
AA-EC-10-16;AA-EC.-10-17
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
FOREIGN CORRESPONDENT BANKING
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE OFFICE OF THE COMPTROLLER OF THE CURRENCY ("OCC") ALLEGED THAT WACHOVIA BANK, N.A. ("WACHOVIA BANK") FAILED TO IMPLEMENT
ADEQUATE POLICIES, PROCEDURES AND CONTROLS RELATING TO CASH TRANSFERS FOR CURRENCY EXCHANGE HOUSES AND FOREIGN
CORRESPONDENT CUSTOMERS, TO CONDUCT ADEQUATE MONITORING OF RELATED TRANSACTIONS AND CUSTOMERS, TO FILE TIMELY SUSPICIOUS
ACTIVITY REPORTS AND TO ADEQUATELY REPORT CASH STRUCTURING ACTIVITY FROM REVIEW OF INTERNALLY GENERATED REPORTS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/12/2010
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 50,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
THE ORDER REQUIRES WACHOVIA BANK TO ENSURE THAT ITS BANK SECRECY ACT ("BSA")/ANTI-MONEY LAUNDERING ("AML") COMPLIANCE RISK
PROGRAM IN PLACE FOR FOREIGN CORRESPONDENT BANKING ACTIVITIES IS COMMENSURATE WITH THE RISK EXPOSURE POSED BY SUCH
CUSTOMERS, DEVELOP AN ACTION PLAN TO ADDRESS ALL DEFICIENCIES AND VIOLATIONS OF LAW NOTED IN THE ORDER, ESTABLISH RISK-
BASED PROCESSES TO OBTAIN AND ANALYZE APPROPRIATE CUSTOMER DUE DILIGENCE INFORMATION FOR SUCH ACCOUNTS AND USE THE
INFORMATION TO MONITOR FOR AND INVESTIGATE SUSPICIOUS OR UNUSUAL ACTIVITY, ESTABLISH OTHER APPROPRIATE CONTROLS AND
PROCESSES OVER VARIOUS ASPECTS OF ITS FOREIGN CORRESPONDENT BANKING BUSINESS, DEVELOP AN AUDIT PROGRAM TO AUDIT THESE
ACTIVITIES FOR BSA COMPLIANCE AND REPORT ON THE STATUS OF REMEDIATION ACTIVITIES.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WACHOVIA AGREED TO PAY A FINE OF $50 MILLION TO THE OCC, WHICH WAS PAID ON OR BEFORE MARCH 21, 2010. NO PORTION OF THE FINE
WAS WAIVED
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WACHOVIA BANK AGREED, AMONG OTHER THINGS, TO TAKE THE NECESSARY STEPS TO ADDRESS DEFICIENCIES AND ENHANCE ITS BSA AND AML
POLICIES AND PROCEDURES OVER FOREIGN CORRESPONDENT BANKING ACTIVITIES, TO DEVELOP AN ACTION PLAN DESIGNED TO ADDRESS
IDENTIFIED DEFICIENCIES AND VIOLATIONS OF LAW AND TO SUBMIT THE ACTION PLAN TO THE DEPUTY COMPTROLLER WITHIN 90 DAYS OF THE
ORDER, NOT TO IMPLEMENT ANY MATERIAL CHANGES TO THE ACTION PLAN WITHOUT PRIOR SUBMISSION TO AND APPROVAL OF THE DEPUTY
COMPTROLLER, TO SUBMIT A FORMAL REPORT TO ITS BOARD OF DIRECTORS AND THE DEPUTY COMPTROLLER DETAILING THE STATUS OF REMEDIATION
ACTIVITIES WITHIN 120 DAYS OF THE ORDER, AND TO SUBMIT QUARTERLY STATUS REPORTS UNTIL THE PROVISIONS OF THE ORDER ARE TERMINATED
BY THE COMPTROLLER. WACHOVIA BANK MERGED WITH AND INTO WELLS FARGO BANK, N.A. ON MARCH 20, 2010.regulatory · block 74PDF pages 384–386
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 25,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
FINRA ALLEGED VIOLATION OF NASD RULES 2110, 2210(C)(1), 2210(C)(2)(A), 2210(D)(1)(A), 2210(D)(1)(B), 2210(D)(2)(B), & 2211(D)IN THAT THE RESPONDENT WELLS FARGO ADVISORS, LLC FAILED TO FILE PIECES OF UNIT INVESTMENT TRUST "UIT" MARKETING MATERIAL WITH THE NASD DEPARTMENT OF ADVERTISING REGULATION. THE FIRM INTERNALLY USED PIECES OF UIT MARKETING MATERIAL THAT FAILED TO COMPLY WITH NASD CONTENT STANDARDS IN THAT THEY FAILED TP PROVIDE A SOUND BASIS FOR EVALUATION AND A COMPLETE PRESENTATION REGARDING THE UITS. THE FIRM ALSO USED A PIECE OF MARKETING MATERIAL THAT COMPARED UITS TO OTHER INVESTMENTS WITHOUT INCLUDING ALL MATERIAL DIFFERENCES BETWEEN THE INVESTMENT OPTIONS. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF THE FINDINGS; THEREFORE, THE FIRM WAS CENSURED AND FINED $25,000.00
Other filed details
Description of allegations — filed text
VIOLATION OF NASD RULES 2110, 2210(C)(1), 2210(C)(2)(A), 2210(D)(1)(A), 2210(D)(1)(B), 2210(D)(2)(B), & 2211 (D): RESPONDENT WELLS FARGO ADVISORS, LLC FAILED TO FILE PIECES OF UNIT INVESTMENT TRUST "UIT" MARKETING MATERIAL WITH THE NASD DEPARTMENT OF ADVERTISING REGULATION. THE FIRM INTERNALLY USED PIECES OF UIT MARKETING MATERIAL THAT FAILED TO COMPLY WITH NASD CONTENT STANDARDS IN THAT THEY FAILED TP PROVIDE A SOUND BASIS FOR EVALUATION AND A COMPLETE PRESENTATION REGARDING THE UITS. THE FIRM ALSO USED A PIECE OF MARKETING MATERIAL THAT COMPARED UITS TO OTHER INVESTMENTS WITHOUT INCLUDING ALL MATERIAL DIFFERENCES BETWEEN THE INVESTMENT OPTIONS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF THE FINDINGS; THEREFORE, THE FIRM IS CENSURED AND FINED $25,000.00.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Censure Other Sanctions: MONETARY FINE 3. Date Initiated (MM/DD/YYYY): 05/11/2010 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2007009356502 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Unit Investment Trust(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): VIOLATION OF NASD RULES 2110, 2210(C)(1), 2210(C)(2)(A), 2210(D)(1)(A), 2210(D)(1)(B), 2210(D)(2)(B), & 2211 (D): RESPONDENT WELLS FARGO ADVISORS, LLC FAILED TO FILE PIECES OF UNIT INVESTMENT TRUST "UIT" MARKETING MATERIAL WITH THE NASD DEPARTMENT OF ADVERTISING REGULATION. THE FIRM INTERNALLY USED PIECES OF UIT MARKETING MATERIAL THAT FAILED TO COMPLY WITH NASD CONTENT STANDARDS IN THAT THEY FAILED TP PROVIDE A SOUND BASIS FOR EVALUATION AND A COMPLETE PRESENTATION REGARDING THE UITS. THE FIRM ALSO USED A PIECE OF MARKETING MATERIAL THAT COMPARED UITS TO OTHER INVESTMENTS WITHOUT INCLUDING ALL MATERIAL DIFFERENCES BETWEEN THE INVESTMENT OPTIONS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 05/11/2010 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 25,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF THE FINDINGS; THEREFORE, THE FIRM IS CENSURED AND FINED $25,000.00. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). FINRA ALLEGED VIOLATION OF NASD RULES 2110, 2210(C)(1), 2210(C)(2)(A), 2210(D)(1)(A), 2210(D)(1)(B), 2210(D)(2)(B), & 2211(D)IN THAT THE RESPONDENT WELLS FARGO ADVISORS, LLC FAILED TO FILE PIECES OF UNIT INVESTMENT TRUST "UIT" MARKETING MATERIAL WITH THE NASD DEPARTMENT OF ADVERTISING REGULATION. THE FIRM INTERNALLY USED PIECES OF UIT MARKETING MATERIAL THAT FAILED TO COMPLY WITH NASD CONTENT STANDARDS IN THAT THEY FAILED TP PROVIDE A SOUND BASIS FOR EVALUATION AND A COMPLETE PRESENTATION REGARDING THE UITS. THE FIRM ALSO USED A PIECE OF MARKETING MATERIAL THAT COMPARED UITS TO OTHER INVESTMENTS WITHOUT INCLUDING ALL MATERIAL DIFFERENCES BETWEEN THE INVESTMENT OPTIONS. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF THE FINDINGS; THEREFORE, THE FIRM WAS CENSURED AND FINED $25,000.00
regulatory · block 75PDF pages 386–387
- Regulator name — filed text
- STATE OF LOUISIANA - OFFICE OF FINANCIAL INSTITUTIONS - COMMISSIONER OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 596,362.56
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
STATEOF LOUISIANA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
PAYMENT OF THE FINE TO THE STATE OF LOUISIANA - OFFICE OF FINANCIAL INSTITUTIONS - COMMISSIONER OF SECURITIES IS DUE WITHIN TEN DAYS - ON JUNE 28, 2010.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF LOUISIANA - OFFICE OF FINANCIAL INSTITUTIONS - COMMISSIONER OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
(
)
( )
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
06/18/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
OIF-2010-001
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES (ARS)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
STATEOF LOUISIANA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
06/18/2010
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 596,362.56
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO REPURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
PAYMENT OF THE FINE TO THE STATE OF LOUISIANA - OFFICE OF FINANCIAL INSTITUTIONS - COMMISSIONER OF SECURITIES IS DUE WITHIN TEN
DAYS - ON JUNE 28, 2010.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 76PDF pages 387–389
- Regulator name — filed text
- STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE & REGULATION DIVISION OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 21,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE & REGULATION DIVISION OF SECURITIES CONDUCTED AN INVESTIGATION INTO THE SALES ACTIVITIES OF A TEAM OF AGENTS WHO WORKED TOGETHER FOR A.G. EDWARDS (WHICH WAS LATER ACQUIRED BY WACHOVIA SECURITIES, LLC AND LATER BY WELLS FARGO ADVISORS, LLC). APPROXIMATELY 44% OF THE GROUP'S PRODUCTION (ABOVE THE FIRM'S AVERAGE FOR THE PERIOD OF JANUARY 1, 2008 TO SEPTEMBER 30, 2008) WAS FROM ANNUITY AND INSURANCE SALES AND THE DIVISION WAS CONCERNED ABOUT THE SUPERVISION OF THE TEAM AND THE SUITABILITY OF THEIR SALES. WITHOUT ADMITTING OR DENYING THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER, THE FIRM VOLUNTARILY PLACED THE TEAM ON HEIGHTENED SUPERVISION FOR A PERIOD OF ONE YEAR FROM THE DATE OF THE CONSENT ORDER (OR UNTIL AUGUST 8, 2010); PAID THE DIVISION A $21,000.00 FINE; AND PAID $20,000.00 TO COVER THE COSTS OF INVESTIGATION. ALSO THE FIRM NOW USES AN AUTOMATED TOOL (ANNUITYNET) WITH A BUILT IN SCORING SYSTEM THAT ROUTES VARIABLE ANNUITY TRANSACTIONS TO THE APPROPRIATE SUPERVISOR FOR REVIEW.
Other filed details
Description of allegations — filed text
g g y (y p p p ) THE STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE & REGULATION DIVISION OF SECURITIES CONDUCTED AN INVESTIGATION INTO THE ACTIVITIES OF A TEAM OF AGENTS WHO WORKED TOGETHER FOR A.G. EDWARDS (WHICH WAS LATER ACQUIRED BY WACHOVIA SECURITIES, LLC AND LATER BY WELLS FARGO ADVISORS, LLC.) A LARGE PERCENTAGE OF THE TEAM'S PRODUCTION WAS FROM ANNUITY AND INSURANCE SALES AND THE DIVISION WAS CONCERNED ABOUT THE SUPERVISION OF THE TEAM AND THE SUITABILITY OF THEIR SALES. THE FIRM PLACED THE TEAM ON HEIGHTENED SUPERVISION AND PAID THE DIVISION A $21,000.00 FINE AND $20,000.00 TO COVER THE COSTS OF INVESTIGATION.
Sanction detail — filed text
CONSENT ORDER
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE & REGULATION DIVISION OF SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: PAYMENT OF COST OF INVESTIGATION 3. Date Initiated (MM/DD/YYYY): 08/08/2009 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CONSENT ORDER 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: ANNUITY AND INSURANCE SALES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): g g y (y p p p ) THE STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE & REGULATION DIVISION OF SECURITIES CONDUCTED AN INVESTIGATION INTO THE ACTIVITIES OF A TEAM OF AGENTS WHO WORKED TOGETHER FOR A.G. EDWARDS (WHICH WAS LATER ACQUIRED BY WACHOVIA SECURITIES, LLC AND LATER BY WELLS FARGO ADVISORS, LLC.) A LARGE PERCENTAGE OF THE TEAM'S PRODUCTION WAS FROM ANNUITY AND INSURANCE SALES AND THE DIVISION WAS CONCERNED ABOUT THE SUPERVISION OF THE TEAM AND THE SUITABILITY OF THEIR SALES. THE FIRM PLACED THE TEAM ON HEIGHTENED SUPERVISION AND PAID THE DIVISION A $21,000.00 FINE AND $20,000.00 TO COVER THE COSTS OF INVESTIGATION. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/08/2009 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 21,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: $20000.00 COST OF INVESTIGATION AND HEIGHTENED SUPERVISION OF THE SALES TEAM FOR A PERIOD OF ONE YEAR FROM THE DATE OF THE CONSENT ORDER OR AUGUST 8, 2010. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CONSENT ORDER 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE STATE OF SOUTH DAKOTA DEPARTMENT OF REVENUE & REGULATION DIVISION OF SECURITIES CONDUCTED AN INVESTIGATION INTO THE SALES ACTIVITIES OF A TEAM OF AGENTS WHO WORKED TOGETHER FOR A.G. EDWARDS (WHICH WAS LATER ACQUIRED BY WACHOVIA SECURITIES, LLC AND LATER BY WELLS FARGO ADVISORS, LLC). APPROXIMATELY 44% OF THE GROUP'S PRODUCTION (ABOVE THE FIRM'S AVERAGE FOR THE PERIOD OF JANUARY 1, 2008 TO SEPTEMBER 30, 2008) WAS FROM ANNUITY AND INSURANCE SALES AND THE DIVISION WAS CONCERNED ABOUT THE SUPERVISION OF THE TEAM AND THE SUITABILITY OF THEIR SALES. WITHOUT ADMITTING OR DENYING THE FINDINGS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE CONSENT ORDER, THE FIRM VOLUNTARILY PLACED THE TEAM ON HEIGHTENED SUPERVISION FOR A PERIOD OF ONE YEAR FROM THE DATE OF THE CONSENT ORDER (OR UNTIL AUGUST 8, 2010); PAID THE DIVISION A $21,000.00 FINE; AND PAID $20,000.00 TO COVER THE COSTS OF INVESTIGATION. ALSO THE FIRM NOW USES AN AUTOMATED TOOL (ANNUITYNET) WITH A BUILT IN SCORING SYSTEM THAT ROUTES VARIABLE ANNUITY TRANSACTIONS TO THE APPROPRIATE SUPERVISOR FOR REVIEW.
regulatory · block 77PDF pages 389–391
- Regulator name — filed text
- STATE OF HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
- Monetary/Fine Amount — filed text
- $ 211,619.92
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
STATE OF HAWAII ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
PAYMENT OF THE FINE TO THE STATE OF HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS IS DUE BY 07/24/2010.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
07/14/2010
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SEU-2008-069
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
AUCTION RATE SECURITIES (ARS)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
STATE OF HAWAII ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
07/14/2010
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 211,619.92
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
OFFER TO REPURCHASE AT PAR ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR
REDEMPTION ("ELIGIBLE ARS") FROM ALL INVESTORS IN THE RELEVANT CLASS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
PAYMENT OF THE FINE TO THE STATE OF HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS IS DUE BY 07/24/2010.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 78PDF pages 391–393
- Regulator name — filed text
- STATE OF CONECTICUT DEPARTMENT OF BANKING
- Monetary/Fine Amount — filed text
- $ 863,341.30
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
ON JULY 15, 2010, THE CONNECTICUT BANKING COMMISSIONER ENTERED A CONSENT ORDER WITH RESPECT TO WACHOVIA SECURITIES, LLC (N/K/A WELLS FARGO ADVISORS, LLC), A CONNECTICUT-REGISTERED BROKER DEALER LOCATED AT ONE NORTH JEFFERSON AVENUE, ST. LOUIS, MISSOURI. THE CONSENT ORDER FOLLOWED AN INVESTIGATION BY A MULTISTATE TASK FORCE INTO THE MARKETING AND SALE OF AUCTION RATE SECURITIES (ARS) BY THE FIRM FROM JANUARY 1, 2006 THROUGH FEBRUARY 14, 2008. THE CONSENT ORDER ALLEGED THAT, IN CONJUNCTION WITH THE MARKETING OF ARS, THE FIRM FAILED TO SUPERVISE THEIR EMPLOYEES, AND THAT THE FIRM ENGAGED IN DISHONEST OR UNETHICAL PRACTICES IN THE SECURITIES BUSINESS BY MISCHARACTERIZING OR FAILING TO ADEQUATELY EXPLAIN ARS TO CUSTOMERS.
Sanction detail — filed text
SEE RESPONSE TO ITEM 12.B. PAYMENT OF THE $863,341.30 FINE WAS SENT TO THE STATE OF CONNECTICUT DEPARTMENT OF BANKING ON 07/20/2010.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF CONECTICUT DEPARTMENT OF BANKING 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/15/2010 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CO-10-7568-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ON JULY 15, 2010, THE CONNECTICUT BANKING COMMISSIONER ENTERED A CONSENT ORDER WITH RESPECT TO WACHOVIA SECURITIES, LLC (N/K/A WELLS FARGO ADVISORS, LLC), A CONNECTICUT-REGISTERED BROKER DEALER LOCATED AT ONE NORTH JEFFERSON AVENUE, ST. LOUIS, MISSOURI. THE CONSENT ORDER FOLLOWED AN INVESTIGATION BY A MULTISTATE TASK FORCE INTO THE MARKETING AND SALE OF AUCTION RATE SECURITIES (ARS) BY THE FIRM FROM JANUARY 1, 2006 THROUGH FEBRUARY 14, 2008. THE CONSENT ORDER ALLEGED THAT, IN CONJUNCTION WITH THE MARKETING OF ARS, THE FIRM FAILED TO SUPERVISE THEIR EMPLOYEES, AND THAT THE FIRM ENGAGED IN DISHONEST OR UNETHICAL PRACTICES IN THE SECURITIES BUSINESS BY MISCHARACTERIZING OR FAILING TO ADEQUATELY EXPLAIN ARS TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 07/15/2010 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 863,341.30 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: THE CONSENT ORDER FINED WACHOVIA SECURITIES, LLC (N/K/A WELLS FARGO ADVISORS, LLC)4863,341.30 AND DIRECTED THEM TO CEASE AND DESIST FROM REGULATORY VIOLATIONS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SEE RESPONSE TO ITEM 12.B. PAYMENT OF THE $863,341.30 FINE WAS SENT TO THE STATE OF CONNECTICUT DEPARTMENT OF BANKING ON 07/20/2010. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 79PDF pages 393–394
- Regulator name — filed text
- STATE OF ALASKA; DEPARTMENT COMMERCE, COMMUNITY, AND ECONOMIC DEVELOPMENT; DIVISION OF BANKING AND SECURITIES
- Monetary/Fine Amount — filed text
- $ 129,131.10
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF ALASKA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS
Sanction detail — filed text
THE FINE IS DUE TO THE STATE OF ALASKA ON OCTOBER 29, 2009.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF ALASKA; DEPARTMENT COMMERCE, COMMUNITY, AND ECONOMIC DEVELOPMENT; DIVISION OF BANKING AND SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/19/2010 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: ADMINISTRATIVE CONSENT ORDER NO. 10-07-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE OF ALASKA HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 10/19/2010 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 129,131.10 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE TO THE STATE OF ALASKA ON OCTOBER 29, 2009. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 80PDF pages 395–396
- Regulator name — filed text
- INDIANA SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 8,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS. THE FIRM WAS FINED $8,000.00 AND PAID RESTITUTION TO THE CLIENT IN THE AMOUNT OF $495.84.
Other filed details
Description of allegations — filed text
THE DIVISION ALLEGED THAT O/A JUNE 9,2009, WELLS FARGO ADVISORS, LLC (WFA) ENGAGED IN DISHONEST AND UNETHICAL PRACTICES BY FAILING TO PROMPTLY AND REASONABLY FOLLOW INSTRUCTIONS FROM A CLIENT TO TRANSFER THE ASSETS IN HER ACCOUNTS TO ANOTHER FINANCIAL INSTITUTION INKIND, IN VIOLATION OF IND. CODE § 2319412(D)(13) AND 710 IAC 1-17-1(Y)(2001). THE DIVISION ALLEGED THAT FROM APPROXIMATELY MAY 5. 2009, TO JUNE 11,2009, WFA ENGAGED IN DISHONEST AND UNETHICAL PRACTICES BY FAILING TO SUPERVISE ITS AGENTS AND EMPLOYEES IN VIOLATION OF IND. CODE § 2319412(D)(13) & 710 IAC 1171(V)(2001).
Sanction detail — filed text
WELLS FARGO ADVISORS, LLC PAID A CIVIL PENALTY TO THE INDIANA SECURITIES DIVISION IN THE AMOUNT OF $8,000.00 AND ALSO PAID RESTITUTION TO NANCY MOORE IN THE AMOUNT OF $495.84.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) INDIANA SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: RESTITUTION TO NANCY MOORE IN THE AMOUNT OF $495.84 3. Date Initiated (MM/DD/YYYY): 11/18/2010 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 10-0271 CA 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Mutual Fund(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE DIVISION ALLEGED THAT O/A JUNE 9,2009, WELLS FARGO ADVISORS, LLC (WFA) ENGAGED IN DISHONEST AND UNETHICAL PRACTICES BY FAILING TO PROMPTLY AND REASONABLY FOLLOW INSTRUCTIONS FROM A CLIENT TO TRANSFER THE ASSETS IN HER ACCOUNTS TO ANOTHER FINANCIAL INSTITUTION INKIND, IN VIOLATION OF IND. CODE § 2319412(D)(13) AND 710 IAC 1-17-1(Y)(2001). THE DIVISION ALLEGED THAT FROM APPROXIMATELY MAY 5. 2009, TO JUNE 11,2009, WFA ENGAGED IN DISHONEST AND UNETHICAL PRACTICES BY FAILING TO SUPERVISE ITS AGENTS AND EMPLOYEES IN VIOLATION OF IND. CODE § 2319412(D)(13) & 710 IAC 1171(V)(2001). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 11/18/2010 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 8,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WELLS FARGO ADVISORS, LLC PAID A CIVIL PENALTY TO THE INDIANA SECURITIES DIVISION IN THE AMOUNT OF $8,000.00 AND ALSO PAID RESTITUTION TO NANCY MOORE IN THE AMOUNT OF $495.84. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS. THE FIRM WAS FINED $8,000.00 AND PAID RESTITUTION TO THE CLIENT IN THE AMOUNT OF $495.84.
regulatory · block 81PDF pages 396–398
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 12,500.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
MSRB RULES G-14(B)(II), G-15(A)(I) - WELLS FARGO ADVISORS, LLC FAILED TO REPORT THE CORRECT YIELD TO THE REAL-TIME TRANSACTION REPORTING SYSTEM (RTRS) IN REPORTS OF TRANSACTIONS IN MUNICIPAL SECURITIES AND FAILED TO PROVIDE WRITTEN NOTIFICATION DISCLOSING TO ITS CUSTOMERS THE CORRECT LOWEST EFFECTED YIELD IN THESE MUNICIPAL SECURITIES TRANSACTIONS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED AND FINED $12,500. A COMPANY CHECK FOR THE FULL AMOUNT, $12,500.00 WAS SENT TO FINRA VIA OVERNIGHT CARRIER ON JANUARY 4, 2011.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/20/2010 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 20080155897-01 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Mutual Fund(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): MSRB RULES G-14(B)(II), G-15(A)(I) - WELLS FARGO ADVISORS, LLC FAILED TO REPORT THE CORRECT YIELD TO THE REAL-TIME TRANSACTION REPORTING SYSTEM (RTRS) IN REPORTS OF TRANSACTIONS IN MUNICIPAL SECURITIES AND FAILED TO PROVIDE WRITTEN NOTIFICATION DISCLOSING TO ITS CUSTOMERS THE CORRECT LOWEST EFFECTED YIELD IN THESE MUNICIPAL SECURITIES TRANSACTIONS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/20/2010 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 12,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED AND FINED $12,500. A COMPANY CHECK FOR THE FULL AMOUNT, $12,500.00 WAS SENT TO FINRA VIA OVERNIGHT CARRIER ON JANUARY 4, 2011. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 82PDF pages 398–400
- Regulator name — filed text
- CONNECTICUT
- Monetary/Fine Amount — filed text
- $ 75,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
ON DECEMBER 29, 2010, THE CONNECTICUT BANKING COMMISSIONER ENTERED A CONSENT ORDER WITH RESPECT TO WACHOVIA SECURITIES, LLC, NOW KNOWN AS WELLS FARGO ADVISORS, LLC, A CONNECTICUT-REGISTERED BROKER-DEALER. THE CONSENT ORDER ALLEGED THAT THE FIRM FAILED TO ESTABLISH, ENFORCE AND MAINTAIN AN ADEQUATE SUPERVISORY SYSTEM IN OVERSEEING THE ACTIVITIES OF AN EX-BROKER-DEALER AGENT OF THE FIRM. ACCORDING TO THE CONSENT ORDER, THE AGENT ISSUED, AND RECOMMENDED TO A CERTAIN WACHOVIA SECURITIES, LLC CLIENT, UNREGISTERED PROMISSORY NOTES THAT WERE NOT SUITABLE FOR THE CLIENT BASED ON THE CLIENT'S FINANCIAL SITUATION AND NEEDS. THE CONSENT ORDER ADDED THAT THE AGENT ACTED OUTSIDE THE REGULAR COURSE OR SCOPE OF HIS EMPLOYMENT WITH THE FIRM IN SELLING THE NOTES AND IN RECEIVING COMPENSATION FOR REFERRING BROKERAGE AND BANK CLIENTS TO AN ASSOCIATE FOR THE PURPOSE OF INVESTING IN OTHER INTEREST-PAYING PROMISSORY NOTES. THE AGENT ALLEGEDLY DID NOT PROVIDE THE FIRM WITH PRIOR WRITTEN NOTICE OF SUCH ACTIVITIES, NOR WERE THE TRANSACTIONS RECORDED ON THE FIRM'S BOOKS AND RECORDS
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING ANY OF THE ALLEGATIONS OR FINDINGS, WACHOVIA SECURITIES, LLC CONSENTED TO THE TERMS OF THIS CONSENT ORDER, PAID APPROXIMATELY $800,000.00 IN RESTITUTION TO THE CLIENT, AND AGREED TO PAY THE $75,000.00 FINE TO THE STATE OF CONNECTICUT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) CONNECTICUT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/29/2010 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CO-10-7710-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: PROMISSORY NOTES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ON DECEMBER 29, 2010, THE CONNECTICUT BANKING COMMISSIONER ENTERED A CONSENT ORDER WITH RESPECT TO WACHOVIA SECURITIES, LLC, NOW KNOWN AS WELLS FARGO ADVISORS, LLC, A CONNECTICUT-REGISTERED BROKER-DEALER. THE CONSENT ORDER ALLEGED THAT THE FIRM FAILED TO ESTABLISH, ENFORCE AND MAINTAIN AN ADEQUATE SUPERVISORY SYSTEM IN OVERSEEING THE ACTIVITIES OF AN EX-BROKER-DEALER AGENT OF THE FIRM. ACCORDING TO THE CONSENT ORDER, THE AGENT ISSUED, AND RECOMMENDED TO A CERTAIN WACHOVIA SECURITIES, LLC CLIENT, UNREGISTERED PROMISSORY NOTES THAT WERE NOT SUITABLE FOR THE CLIENT BASED ON THE CLIENT'S FINANCIAL SITUATION AND NEEDS. THE CONSENT ORDER ADDED THAT THE AGENT ACTED OUTSIDE THE REGULAR COURSE OR SCOPE OF HIS EMPLOYMENT WITH THE FIRM IN SELLING THE NOTES AND IN RECEIVING COMPENSATION FOR REFERRING BROKERAGE AND BANK CLIENTS TO AN ASSOCIATE FOR THE PURPOSE OF INVESTING IN OTHER INTEREST-PAYING PROMISSORY NOTES. THE AGENT ALLEGEDLY DID NOT PROVIDE THE FIRM WITH PRIOR WRITTEN NOTICE OF SUCH ACTIVITIES, NOR WERE THE TRANSACTIONS RECORDED ON THE FIRM'S BOOKS AND RECORDS 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 12/29/2010 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 75,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: THE CONSENT ORDER FINED THE FIRM $75,000 AND DIRECTED IT TO CEASE AND DESIST FROM REGULATORY VIOLATIONS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING ANY OF THE ALLEGATIONS OR FINDINGS, WACHOVIA SECURITIES, LLC CONSENTED TO THE TERMS OF THIS CONSENT ORDER, PAID APPROXIMATELY $800,000.00 IN RESTITUTION TO THE CLIENT, AND AGREED TO PAY THE $75,000.00 FINE TO THE STATE OF CONNECTICUT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 83PDF pages 400–402
- Regulator name — filed text
- STATE OF DELAWRE DEPARTMENT OF JUSTICE DIVISION OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 1,746.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
STATE OF DELAWRE DEPARTMENT OF JUSTICE DIVISION OF SECURITIES ALLEGED THAT WACHOVIA SECURITIES, LLC VIOLATED 6 DEL.C. § 7316 (A)(7) OF THE DELAWARE SECURIYTIES ACT BY EXECUTING A TRANSACTION ON BEHALF OF A CUSTOMER WITHOUT PRIOR AUTHORIZATION
Sanction detail — filed text
BOTH PARTIES WISH TO AMICABLY RESOLVE THIS MATTER WITHOUT THE TIME AND EXPENSE ASSOCIATED WITH CONTINUED LITIGATION. WACHOVIA AGREES TO PERMANENTLY WAIVE ALL RIGHTS TO A HEARING OR APPEAL. WACHOVIA NEITHER ADMITS NOR DENIES THE DIVISION DETERMINATIONS. THE DIVISION AGREES TO CONCLUDE ITS INVESTIGATION AND TAKE NO FURTHER ACTION.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF DELAWRE DEPARTMENT OF JUSTICE DIVISION OF SECURITIES 2. Principal Sanction: Undertaking Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/21/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CASE NO. 09-03-03 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Unit Investment Trust(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): STATE OF DELAWRE DEPARTMENT OF JUSTICE DIVISION OF SECURITIES ALLEGED THAT WACHOVIA SECURITIES, LLC VIOLATED 6 DEL.C. § 7316 (A)(7) OF THE DELAWARE SECURIYTIES ACT BY EXECUTING A TRANSACTION ON BEHALF OF A CUSTOMER WITHOUT PRIOR AUTHORIZATION 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 01/21/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,746.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: WACHOVIA AGREES TO PROVIDE UIT TRAINING TO THE NAPLES, FL BRANCH OFFICE (SPECIFICALLY THE OPTIONS AVAILABLE TO A UIT INVESTOR AT TIME OF MATURITY) AND TO REVIEW POLICIES REGARDING RECORDKEEPING AND CLIENT CONTACT. WACHOVIA WILL PROVIDE TO THE DIVISION A WRITTEN TRAINING AGENDA AND AN ATTENDANCE LIST SIGNED BY EACH ATTENDEE. WACHOVIA AGREES TO REIMBURSE $1746.00 TO THE DIVISION TO COVER COST OF THEIR INVESTIGATION. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: BOTH PARTIES WISH TO AMICABLY RESOLVE THIS MATTER WITHOUT THE TIME AND EXPENSE ASSOCIATED WITH CONTINUED LITIGATION. WACHOVIA AGREES TO PERMANENTLY WAIVE ALL RIGHTS TO A HEARING OR APPEAL. WACHOVIA NEITHER ADMITS NOR DENIES THE DIVISION DETERMINATIONS. THE DIVISION AGREES TO CONCLUDE ITS INVESTIGATION AND TAKE NO FURTHER ACTION. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 84PDF pages 402–403
- Regulator name — filed text
- STATE OF MISSISSIPPI, OFFICE OF THE SECRETARY OF STATE, SECURITTIES AND CHARITIES DIVISION (DIVISION)
- Monetary/Fine Amount — filed text
- $ 25,000.00
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
THE DIVISION ALLEGED THAT A WFA EMPLOYEE ACTED AS AN INVESTMENNT ADVISOR REPRESENTATIVE IN MISSSISSIPPI, WITHOUT BEING PROPERLY REGISTERED AS SUCH, VIOLATING SECTION 75-71-303 (B)(2) MISSSISSIPPI SECURITIES ACT 2000 & SECTION 75-71-403 (2)(D) MISSSISSIPPI SECURITIES ACT 2009. WFA PAID THE $25000 FINE TO THE DIVISION ON 02/25/2011.
Other filed details
Description of allegations — filed text
THE DIVISION ALLEGED THAT A WFA EMPLOYEE HAD ACTED AS AN INVESTMENNT ADVISOR REPRESENTATIVE IN MISSSISSIPPI, WITHOUT BEING PROPERLY REGISTERED AS SUCH IN VIOLATION OF SECTION 75-71-303 (B)(2) MISSSISSIPPI SECURITIES ACT 2000 & SECTION 75-71-403 (2)(D) MISSSISSIPPI SECURITIES ACT 2009.
Sanction detail — filed text
WFA PAID THE $25000 FINE TO THE DIVISION ON 02/25/2011.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MISSISSIPPI, OFFICE OF THE SECRETARY OF STATE, SECURITTIES AND CHARITIES DIVISION (DIVISION) 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/01/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: MOU 03/01/2011 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: FEE FOR SERVICE - INVESTMENT ADVISING 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE DIVISION ALLEGED THAT A WFA EMPLOYEE HAD ACTED AS AN INVESTMENNT ADVISOR REPRESENTATIVE IN MISSSISSIPPI, WITHOUT BEING PROPERLY REGISTERED AS SUCH IN VIOLATION OF SECTION 75-71-303 (B)(2) MISSSISSIPPI SECURITIES ACT 2000 & SECTION 75-71-403 (2)(D) MISSSISSIPPI SECURITIES ACT 2009. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 03/01/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 25,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OTHER - MEMORANDUM OF AGREEMENT BETWEEN WFA AND THE DIVISION. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WFA PAID THE $25000 FINE TO THE DIVISION ON 02/25/2011. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE DIVISION ALLEGED THAT A WFA EMPLOYEE ACTED AS AN INVESTMENNT ADVISOR REPRESENTATIVE IN MISSSISSIPPI, WITHOUT BEING PROPERLY REGISTERED AS SUCH, VIOLATING SECTION 75-71-303 (B)(2) MISSSISSIPPI SECURITIES ACT 2000 & SECTION 75-71-403 (2)(D) MISSSISSIPPI SECURITIES ACT 2009. WFA PAID THE $25000 FINE TO THE DIVISION ON 02/25/2011.
regulatory · block 85PDF pages 403–405
- Regulator name — filed text
- STATE OF OHIO DIVISION OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 814,454.59
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF OHIO HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE IS DUE TO THE STATE OF OHIO DIVISION OF SECURITIES - SECURITIES INVESTOR EDUCATION AND ENFORCEMENT EXPENSE FUND ON APRIL 2, 2011.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF OHIO DIVISION OF SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/23/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: ADMINISTRATIVE CONSENT ORDER - DIVISION ORDER NO. 11-015 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE OF OHIO HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/23/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 814,454.59 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE TO THE STATE OF OHIO DIVISION OF SECURITIES - SECURITIES INVESTOR EDUCATION AND ENFORCEMENT EXPENSE FUND ON APRIL 2, 2011. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 86PDF pages 405–407
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
- Monetary/Fine Amount — filed text
- $ 1,000,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
AWC ACCEPTED ON MAY 4, 2011
Other filed details
Description of allegations — filed text
FINRA ALLEGED THAT WFA FAILED TO DELIVER PROSPECTUSES TO ITS CUSTOMERS WITHIN THREE BUSINESS DAYS OF THEIR PURCHASES IN 934,047 MUTUAL FUND TRANSACTIONS BETWEEN JANUARY 1, 2009 AND DECEMBER 31, 2009 (THE "RELEVANT PERIOD"). FINRA ALLEGED THAT WFA FAILED TO TIMELY FILE CERTAIN AMENDMENTS TO UNIFORM APPLICATIONS FOR SECURITIES INDUSTRY OR TRANSFER ("FORMS U4") AND UNIFORM TERMINATION NOTICES FOR SECURITIES INDUSTRY REGISTRATION ("FORMS U5") FROM JULY 1, 2008 TO JUNE 30, 2009.
Sanction detail — filed text
$1,000,000 FINE TO WFA
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CENSURE UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY):
05/04/2011
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2010022921801
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
FINRA ALLEGED THAT WFA FAILED TO DELIVER PROSPECTUSES TO ITS CUSTOMERS WITHIN THREE BUSINESS DAYS OF THEIR PURCHASES IN 934,047
MUTUAL FUND TRANSACTIONS BETWEEN JANUARY 1, 2009 AND DECEMBER 31, 2009 (THE "RELEVANT PERIOD"). FINRA ALLEGED THAT WFA FAILED TO
TIMELY FILE CERTAIN AMENDMENTS TO UNIFORM APPLICATIONS FOR SECURITIES INDUSTRY OR TRANSFER ("FORMS U4") AND UNIFORM TERMINATION
NOTICES FOR SECURITIES INDUSTRY REGISTRATION ("FORMS U5") FROM JULY 1, 2008 TO JUNE 30, 2009.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
(
)
05/04/2011
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 1,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
WFA FURTHER UNDERTAKES WITHIN 120 DAYS TO: (1) ADOPT AND IMPLEMENT SYSTEMS AND PROCEDURES REASONABLY DESIGNED TO ACHEIVE
TIMELY FILING OF FORMS U4 AND FORMS U5. (2) PROVIDE WRITTEN CERTIFICATION BY A DULY AUTHORIZED SENIOR OFFICER OF WFA THAT THE
FIRM HAS ADOPTED AND IMPLEMENTED SUPERVISORY SYSTEMS AND PROCEDURES REASONABLY DESIGNED TO ACHEIVE TIMELY FILING OF
FORMS U4 AND FORMS U5.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
$1,000,000 FINE TO WFA
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
AWC ACCEPTED ON MAY 4, 2011regulatory · block 87PDF pages 407–409
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
- Monetary/Fine Amount — filed text
- $ 23,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM SENT THE $23,000.00 FINE TO FINRA ON 05/13/2011.
Other filed details
Description of allegations — filed text
NASD RULES 2110, 2320: IN EIGHT TRANSACTIONS FOR OR WITH A CUSTOMER, THE FIRM FAILED TO USE REASONABLE DILIGENCE TO ASCERTAIN THE BEST INTER-DEALER MARKET AND FAILED TO BUY OR SELL IN SUCH MARKET SO THAT THE RESULTANT PRICE TO ITS CUSTOMER WAS AS FAVORABLE AS POSSIBLE UNDER PREVAILING MARKET CONDITIONS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE IT IS CENSURED, FINED $23,000.00 AND ORDERED TO PAY RESTITUTION TO CUSTOMERS IN THE TOTAL AMOUNT OF $15,708.25, PLUS INTEREST AT THE RATE SET FORTH IN SECTION 6621(A) OF THE INTERNAL REVENUE CODE, FROM THE DATE OF THE VIOLATIVE CONDUCT UNTIL THE DATE THIS AWC IS ACCEPTED BY THE NATIONAL ADJUDICATORY COUNCIL (NAC). A REGISTERED PRINCIPAL OF THE FIRM SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF THE RESTITUTION, OR OF REASONABLE DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THIS AWC. IF FOR ANY REASON THE FIRM CANNOT LOCATE ANY CUSTOMER AFTER REASONABLE AND DOCUMENTED EFFORTS WITHIN SUCH PERIOD, OR SUCH ADDITIONAL PERIOD AGREED TO BY THE STAFF, THE FIRM SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY, OR ABANDONED PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER IS LAST KNOWN TO HAVE RESIDED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): 05/02/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2006005324201 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Debt - Corporate Other Product Types: MUNICIPAL SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): NASD RULES 2110, 2320: IN EIGHT TRANSACTIONS FOR OR WITH A CUSTOMER, THE FIRM FAILED TO USE REASONABLE DILIGENCE TO ASCERTAIN THE BEST INTER-DEALER MARKET AND FAILED TO BUY OR SELL IN SUCH MARKET SO THAT THE RESULTANT PRICE TO ITS CUSTOMER WAS AS FAVORABLE AS POSSIBLE UNDER PREVAILING MARKET CONDITIONS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 05/02/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 23,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE IT IS CENSURED, FINED $23,000.00 AND ORDERED TO PAY RESTITUTION TO CUSTOMERS IN THE TOTAL AMOUNT OF $15,708.25, PLUS INTEREST AT THE RATE SET FORTH IN SECTION 6621(A) OF THE INTERNAL REVENUE CODE, FROM THE DATE OF THE VIOLATIVE CONDUCT UNTIL THE DATE THIS AWC IS ACCEPTED BY THE NATIONAL ADJUDICATORY COUNCIL (NAC). A REGISTERED PRINCIPAL OF THE FIRM SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF THE RESTITUTION, OR OF REASONABLE DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THIS AWC. IF FOR ANY REASON THE FIRM CANNOT LOCATE ANY CUSTOMER AFTER REASONABLE AND DOCUMENTED EFFORTS WITHIN SUCH PERIOD, OR SUCH ADDITIONAL PERIOD AGREED TO BY THE STAFF, THE FIRM SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY, OR ABANDONED PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER IS LAST KNOWN TO HAVE RESIDED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM SENT THE $23,000.00 FINE TO FINRA ON 05/13/2011.
regulatory · block 88PDF pages 409–411
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
- Monetary/Fine Amount — filed text
- $ 58,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM SENT THE $58,000.00 FINE TO FINRA ON 05/11/2011.
Other filed details
Description of allegations — filed text
NASD RULES 2110, 2440, INTERPRETATIVE MATERIAL-2440, MSRB RULES G-17, G-30(A): IN NINE TRANSACTIONS, THE FIRM SOLD (OR BOUGHT) CORPORATE BONDS TO (OR FROM)CUSTOMERS AND FAILED TO SELL (OR BUY) SUCH BONDS AT A PRICE THAT WAS FAIR, TAKING INTO CONSIDERATION ALL RELEVANT CIRCUMSTANCES, INCLUDING MARKET CONDITIONS WITH RESPECT TO EACH BOND AT THE TIME OF THE TRANSACTION, THE EXPENSE INVOLVED AND THAT THE FIRM WAS ENTITLED TO A PROFIT. IN TEN TRANSACTIONS, THE FIRM SOLD MUNICIPAL SECURITIES FOR ITS OWN ACCOUNT TO A CUSTOMER AT AN AGGREGATE PRICE (INCLUDING ANY MARK-UP) THAT WAS NOT FAIR AND REASONABLE, TAKING INTO CONSIDERATION ALL RELEVANT FACTORS, INCLUDING THE BEST JUDGMENT OF THE BROKER, DEALER OR MUNICIPAL SECURITIES DEALER AS TO THE FAIR MARKET VALUE OF THE SECURITIES AT THE TIME OF THE TRANSACTIONS AND OF ANY SECURITIES EXCHANGED OR TRADED IN CONNECTION WITH THE TRANSACTION, THE EXPENSE INVOLVED IN EFFECTING THE TRANSACTION, THE FACT THAT THE BROKER, DEALER, OR MUNICIPAL SECURITIES DEALER IS ENTITLED TO A PROFIT, AND THE TOTAL DOLLAR AMOUNT OF THE TRANSACTION.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE IT IS CENSURED, FINED $58,000 AND ORDERED TO PAY RESTITUTION TO CUSTOMERS IN THE TOTAL AMOUNT OF $38,462.01, PLUS INTEREST, AT THE RATE SET FORTH IN SECTION 6221(A) OF THE INTERNAL REVENUE CODE, FROM THE DATE OF THE VIOLATIVE CONDUCT UNTIL THE DATE THIS AWC IS ACCEPTED BY THE NATIONAL ADJUDICATORY COUNCIL (NAC). A REGISTERED PRINCIPAL OF THE FIRM SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF THE RESTITUTION, OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION, TO FINRA, NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THIS AWC. IF FOR ANY REASON, THE FIRM CANNOT LOCATE ANY CUSTOMER AFTER REASONABLE AND DOCUMENTED EFFORTS WITHIN SUCH PERIOD, OR SUCH ADDITIONAL PERIOD AGREED TO BY FINRA, THE FIRM SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED-PROPERTY OR ABANDONED- PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER IS KNOWN TO HAVE LAST RESIDED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): 04/28/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2007008011601 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Debt - Corporate Other Product Types: MUNICIPAL SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): NASD RULES 2110, 2440, INTERPRETATIVE MATERIAL-2440, MSRB RULES G-17, G-30(A): IN NINE TRANSACTIONS, THE FIRM SOLD (OR BOUGHT) CORPORATE BONDS TO (OR FROM)CUSTOMERS AND FAILED TO SELL (OR BUY) SUCH BONDS AT A PRICE THAT WAS FAIR, TAKING INTO CONSIDERATION ALL RELEVANT CIRCUMSTANCES, INCLUDING MARKET CONDITIONS WITH RESPECT TO EACH BOND AT THE TIME OF THE TRANSACTION, THE EXPENSE INVOLVED AND THAT THE FIRM WAS ENTITLED TO A PROFIT. IN TEN TRANSACTIONS, THE FIRM SOLD MUNICIPAL SECURITIES FOR ITS OWN ACCOUNT TO A CUSTOMER AT AN AGGREGATE PRICE (INCLUDING ANY MARK-UP) THAT WAS NOT FAIR AND REASONABLE, TAKING INTO CONSIDERATION ALL RELEVANT FACTORS, INCLUDING THE BEST JUDGMENT OF THE BROKER, DEALER OR MUNICIPAL SECURITIES DEALER AS TO THE FAIR MARKET VALUE OF THE SECURITIES AT THE TIME OF THE TRANSACTIONS AND OF ANY SECURITIES EXCHANGED OR TRADED IN CONNECTION WITH THE TRANSACTION, THE EXPENSE INVOLVED IN EFFECTING THE TRANSACTION, THE FACT THAT THE BROKER, DEALER, OR MUNICIPAL SECURITIES DEALER IS ENTITLED TO A PROFIT, AND THE TOTAL DOLLAR AMOUNT OF THE TRANSACTION. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 04/28/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 58,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE IT IS CENSURED, FINED $58,000 AND ORDERED TO PAY RESTITUTION TO CUSTOMERS IN THE TOTAL AMOUNT OF $38,462.01, PLUS INTEREST, AT THE RATE SET FORTH IN SECTION 6221(A) OF THE INTERNAL REVENUE CODE, FROM THE DATE OF THE VIOLATIVE CONDUCT UNTIL THE DATE THIS AWC IS ACCEPTED BY THE NATIONAL ADJUDICATORY COUNCIL (NAC). A REGISTERED PRINCIPAL OF THE FIRM SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF THE RESTITUTION, OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION, TO FINRA, NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THIS AWC. IF FOR ANY REASON, THE FIRM CANNOT LOCATE ANY CUSTOMER AFTER REASONABLE AND DOCUMENTED EFFORTS WITHIN SUCH PERIOD, OR SUCH ADDITIONAL PERIOD AGREED TO BY FINRA, THE FIRM SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED-PROPERTY OR ABANDONED- PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER IS KNOWN TO HAVE LAST RESIDED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM SENT THE $58,000.00 FINE TO FINRA ON 05/11/2011.
regulatory · block 89PDF pages 411–412
- Regulator name — filed text
- STATE OF NEW HAMPSHIRE DEPARTMENT OF STATE BUREAU OF SECURITIES REGULATIONS
- Monetary/Fine Amount — filed text
- $ 289,021.88
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE STATE OF NEW HAMPSHIRE-DEPARTMENT OF STATE-BUREAU OF SECURITIES REGULATIONS HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS.
Sanction detail — filed text
THE FINE WAS SENT TO THE STATE OF NEW HAMPSHIRE-DEPARTMENT OF STATE-BUREAU OF SECURITIES REGULATIONS ON MAY 9, 2011.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEW HAMPSHIRE DEPARTMENT OF STATE BUREAU OF SECURITIES REGULATIONS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/02/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: ADMINISTRATIVE CONSENT ORDER: INV- 2009000015 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE OF NEW HAMPSHIRE-DEPARTMENT OF STATE-BUREAU OF SECURITIES REGULATIONS HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 05/02/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 289,021.88 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE WAS SENT TO THE STATE OF NEW HAMPSHIRE-DEPARTMENT OF STATE-BUREAU OF SECURITIES REGULATIONS ON MAY 9, 2011. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 90PDF pages 412–414
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
- Monetary/Fine Amount — filed text
- $ 350,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
IN APRIL 2011, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") NOTIFIED WELLS FARGO ADVISORS, L.L.C. ("WELLS FARGO") OF ITS INTENT TO RECOMMEND THAT WELLS FARGO BE SUBJECT TO DISCIPLINARY ACTION FOR VIOLATIONS OF NASD RULE 3010(B)(1) AND FINRA RULE 2010 FOR ITS FAILURE, FROM OCTOBER 2005 - MARCH 2007, TO ESTABLISH AND MAINTAIN ADEQUATE PROCEDURES FOR THE RESTORATION OF ACCOUNTS FROM "ABANDONED" TO "ACTIVE" STATUS. DURING THAT TIME, A REGISTERED PRINCIPAL OF WACHOVIA SECURITIES, LLC ("WACHOVIA"), N/K/A WELLS FARGO ADVISORS,LLC MISAPPROPRIATED APPROXIMATELY $847,188.87 OF ASSETS FROM ABANDONED CLIENT ACCOUNTS BY FRAUDULENTLY RESTORING "ABANDONED" ACCOUNTS TO "ACTIVE" STATUS AND THEREAFTER FORGING CHECK AND WIRE TRANSFER DOCUMENTATION TO CONVERT "ABANDONED" ASSETS TO HER OWN USE AND BENEFIT. WACHOVIA WAS A REGISTERED BROKER-DEALER AND WHOLLY-OWNED SUBSIDIARY OF WACHOVIA CORPORATION. WACHOVIA SECURITIES, LLC WAS RENAMED WELLS FARGO ADVISORS, L.L.C. AFTER WACHOVIA CORPORATION MERGED WITH WELLS FARGO & COMPANY ON DECEMBER 31, 2008. AFTER DISCOVERING THE FRAUDULENT ACTIVITY, WACHOVIA RESTORED ALL FUNDS TO EACH AFFECTED ACCOUNT AND IMPLEMENTED ADDITIONAL POLICIES AND PROCEDURES TO STRENGTHEN OVERSIGHT OF THE PROCESS THROUGH WHICH ACCOUNTS ARE RESTORED FROM "ABANDONED" TO "ACTIVE" STATUS. WELLS FARGO HAS FULLY COOPERATED WITH THE FINRA INVESTIGATION.
Other filed details
Description of allegations — filed text
NASD RULES 2110, 3010(B)(1): THE FIRM FAILED TO ESTABLISH, MAINTAIN AND ENFORCE ADEQUATE WRITTEN PROCEDURES RELATED TO THE RESTORATION OR RELEASE OF ACCOUNTS FROM ABANDONED STATUS. THE FIRM'S WRITTEN PROCEDURES REQUIRED THAT EMPLOYEES WISHING TO RESTORE CUSTOMER ACCOUNTS FROM AN ABANDONED STATUS SEND A WRITTEN REQUEST TO ITS ESCHEATMENT GROUP TO RESTORE THE ACCOUNT. THE FIRM'S WRITTEN PROCEDURES FAILED TO IDENTIFY THE FIRM PERSONNEL WHO WERE AUTHORIZED TO SUBMIT REQUESTS TO HAVE ABANDONED ACCOUNTS RESTORED OR RELEASED FROM ABANDONED STATUS. ESCHEATMENT ACCEPTED REQUESTS TO RESTORE ABANDONED ACCOUNTS FROM BRANCH OFFICE PERSONNEL WORKING IN THE BRANCH OFFICE WHERE THE ABANDONED ACCOUNT WAS LAST SERVICED. THE FIRM'S WRITTEN PROCEDURES DID NOT REQUIRE THAT THE REQUESTOR OBTAIN SUPERVISORY APPROVAL BEFORE SUBMITTING REQUESTS TO HAVE ABANDONED ACCOUNTS RESTORED OR RELEASED FROM ABANDONED STATUS, DID NOT REQUIRE THE REQUESTOR TO SUBMIT PROOF TO ESCHEATMENT THAT A CUSTOMER HAD BEEN LOCATED AND DID NOT REQUIRE THE REQUESTOR TO SUBMIT PROOF TO ESCHEATMENT OF THE CUSTOMER'S NEW ADDRESS. THE FIRM'S PROCEDURES ALSO DID NOT REQUIRE THAT ESCHEATMENT NOTIFY BRANCH OFFICE MANAGERS WHEN ACCOUNTS WERE RESTORED TO ACTIVE STATUS. AFTER THE RESTORATION OF AN ABANDONED ACCOUNT, THE REQUESTOR WAS REQUIRED TO SUBMIT A CHANGE OF ADDRESS REQUEST WITH THE CUSTOMER'S NEW ADDRESS TO THE FIRM'S NEW ACCOUNTS GROUP. UPON RECEIPT OF THE ADDRESS CHANGE REQUESTS, THE FIRM CHANGED THE ADDRESS OF RECORD OF THE RESTORED ACCOUNT AND SENT LETTERS CONFIRMING THE CHANGE OF ADDRESS TO BOTH THE CUSTOMER'S NEW AND OLD ADDRESS, ALTHOUGH THE OLD ADDRESS WAS INVARIABLY AN INVALID ADDRESS. THE FIRM'S DEFICIENT PROCEDURES FACILITATED A FIRM OPERATIONS MANAGER'S CONVERSION OF APPROXIMATELY $850,000 IN CUSTOMERS' FUNDS FOR HER PERSONAL USE AND ENABLED THE OPERATIONS MANAGER'S CONDUCT TO ESCAPE DETECTION BY THE FIRM.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE IT IS CENSURED AND FINED $350,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
2.
Principal Sanction:
Censure
Other Sanctions:
MONETARY FINE OF $350,000.00
3.
Date Initiated (MM/DD/YYYY):
10/24/2011
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
20090206307
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
NASD RULES 2110, 3010(B)(1): THE FIRM FAILED TO ESTABLISH, MAINTAIN AND ENFORCE ADEQUATE WRITTEN PROCEDURES RELATED TO THE
RESTORATION OR RELEASE OF ACCOUNTS FROM ABANDONED STATUS. THE FIRM'S WRITTEN PROCEDURES REQUIRED THAT EMPLOYEES WISHING TO
RESTORE CUSTOMER ACCOUNTS FROM AN ABANDONED STATUS SEND A WRITTEN REQUEST TO ITS ESCHEATMENT GROUP TO RESTORE THE ACCOUNT.
THE FIRM'S WRITTEN PROCEDURES FAILED TO IDENTIFY THE FIRM PERSONNEL WHO WERE AUTHORIZED TO SUBMIT REQUESTS TO HAVE ABANDONED
ACCOUNTS RESTORED OR RELEASED FROM ABANDONED STATUS. ESCHEATMENT ACCEPTED REQUESTS TO RESTORE ABANDONED ACCOUNTS FROM
BRANCH OFFICE PERSONNEL WORKING IN THE BRANCH OFFICE WHERE THE ABANDONED ACCOUNT WAS LAST SERVICED. THE FIRM'S WRITTEN
PROCEDURES DID NOT REQUIRE THAT THE REQUESTOR OBTAIN SUPERVISORY APPROVAL BEFORE SUBMITTING REQUESTS TO HAVE ABANDONED
ACCOUNTS RESTORED OR RELEASED FROM ABANDONED STATUS, DID NOT REQUIRE THE REQUESTOR TO SUBMIT PROOF TO ESCHEATMENT THAT A
CUSTOMER HAD BEEN LOCATED AND DID NOT REQUIRE THE REQUESTOR TO SUBMIT PROOF TO ESCHEATMENT OF THE CUSTOMER'S NEW ADDRESS.
THE FIRM'S PROCEDURES ALSO DID NOT REQUIRE THAT ESCHEATMENT NOTIFY BRANCH OFFICE MANAGERS WHEN ACCOUNTS WERE RESTORED TO
ACTIVE STATUS. AFTER THE RESTORATION OF AN ABANDONED ACCOUNT, THE REQUESTOR WAS REQUIRED TO SUBMIT A CHANGE OF ADDRESS
REQUEST WITH THE CUSTOMER'S NEW ADDRESS TO THE FIRM'S NEW ACCOUNTS GROUP. UPON RECEIPT OF THE ADDRESS CHANGE REQUESTS, THE
FIRM CHANGED THE ADDRESS OF RECORD OF THE RESTORED ACCOUNT AND SENT LETTERS CONFIRMING THE CHANGE OF ADDRESS TO BOTH THE
CUSTOMER'S NEW AND OLD ADDRESS, ALTHOUGH THE OLD ADDRESS WAS INVARIABLY AN INVALID ADDRESS. THE FIRM'S DEFICIENT PROCEDURES
FACILITATED A FIRM OPERATIONS MANAGER'S CONVERSION OF APPROXIMATELY $850,000 IN CUSTOMERS' FUNDS FOR HER PERSONAL USE AND
ENABLED THE OPERATIONS MANAGER'S CONDUCT TO ESCAPE DETECTION BY THE FIRM.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
10/24/2011
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 350,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS;
THEREFORE IT IS CENSURED AND FINED $350,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
IN APRIL 2011, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") NOTIFIED WELLS FARGO ADVISORS, L.L.C. ("WELLS FARGO") OF ITS
INTENT TO RECOMMEND THAT WELLS FARGO BE SUBJECT TO DISCIPLINARY ACTION FOR VIOLATIONS OF NASD RULE 3010(B)(1) AND FINRA RULE 2010
FOR ITS FAILURE, FROM OCTOBER 2005 - MARCH 2007, TO ESTABLISH AND MAINTAIN ADEQUATE PROCEDURES FOR THE RESTORATION OF ACCOUNTS
FROM "ABANDONED" TO "ACTIVE" STATUS. DURING THAT TIME, A REGISTERED PRINCIPAL OF WACHOVIA SECURITIES, LLC ("WACHOVIA"), N/K/A WELLS
FARGO ADVISORS,LLC MISAPPROPRIATED APPROXIMATELY $847,188.87 OF ASSETS FROM ABANDONED CLIENT ACCOUNTS BY FRAUDULENTLY
RESTORING "ABANDONED" ACCOUNTS TO "ACTIVE" STATUS AND THEREAFTER FORGING CHECK AND WIRE TRANSFER DOCUMENTATION TO CONVERT
"ABANDONED" ASSETS TO HER OWN USE AND BENEFIT. WACHOVIA WAS A REGISTERED BROKER-DEALER AND WHOLLY-OWNED SUBSIDIARY OF
WACHOVIA CORPORATION. WACHOVIA SECURITIES, LLC WAS RENAMED WELLS FARGO ADVISORS, L.L.C. AFTER WACHOVIA CORPORATION MERGED
WITH WELLS FARGO & COMPANY ON DECEMBER 31, 2008. AFTER DISCOVERING THE FRAUDULENT ACTIVITY, WACHOVIA RESTORED ALL FUNDS TO
EACH AFFECTED ACCOUNT AND IMPLEMENTED ADDITIONAL POLICIES AND PROCEDURES TO STRENGTHEN OVERSIGHT OF THE PROCESS THROUGH
WHICH ACCOUNTS ARE RESTORED FROM "ABANDONED" TO "ACTIVE" STATUS. WELLS FARGO HAS FULLY COOPERATED WITH THE FINRA
INVESTIGATION.regulatory · block 91PDF pages 415–416
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
- Monetary/Fine Amount — filed text
- $ 20,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
MSRB RULES G-14(B)(II), G-15(A)(I) - WELLS FARGO ADVISORS, LLC FAILED TO REPORT THE CORRECT YIELD TO THE REAL-TIME TRANSACTION REPORTING SYSTEM (RTRS) IN REPORTS OF TRANSACTIONS IN MUNICIPAL SECURITIES. THE FIRM FAILED TO PROVIDE WRITTEN NOTIFICATION DISCLOSING TO ITS CUSTOMER THE CORRECT LOWEST EFFECTED YIELD IN MOST OF THESE TRANSACTIONS IN MUNICIPAL SECURITIES.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED AND FINED $20,000 FOR VIOLATIONS OF MSRB RULES G-14(B)(II) AND G-15(A)(I).
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE 3. Date Initiated (MM/DD/YYYY): 06/17/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2009020728001 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Debt - Municipal Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): MSRB RULES G-14(B)(II), G-15(A)(I) - WELLS FARGO ADVISORS, LLC FAILED TO REPORT THE CORRECT YIELD TO THE REAL-TIME TRANSACTION REPORTING SYSTEM (RTRS) IN REPORTS OF TRANSACTIONS IN MUNICIPAL SECURITIES. THE FIRM FAILED TO PROVIDE WRITTEN NOTIFICATION DISCLOSING TO ITS CUSTOMER THE CORRECT LOWEST EFFECTED YIELD IN MOST OF THESE TRANSACTIONS IN MUNICIPAL SECURITIES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 06/17/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 20,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED AND FINED $20,000 FOR VIOLATIONS OF MSRB RULES G-14(B)(II) AND G-15(A)(I). 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 92PDF pages 416–418
- Regulator name — filed text
- FLORIDA OFFICE OF FINANCIAL REGULATION
- Monetary/Fine Amount — filed text
- $ 65,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
ON 6/21/2011 THE OFFICE OF FINANCIAL REGULATION ENTERED A FINAL ORDER ADOPTING THE STIPULATION AND CONSENT AGREEMENT IN THE MATTER OF WELLS FARGO ADVISORS, LLC. WELLS FARGO ADVISORS LLC NEITHER ADMITTED NOR DENIED THE FINDINGS BUT CONSENTED TO THE ENTRY OF FINDINGS BY THE OFFICE. THE OFFICE FOUND THAT BEGINNING IN OCTOBER 2004, WELLS FARGO ADVISORS LLC, ACTING THROUGH 13 INDIVIDUALS, ENGAGED IN INVESTMENT ADVISORY BUSINESS FROM OFFICES WITHIN THIS STATE WITHOUT THE 13 INDIVIDUALS BEING LAWFULLY REGISTERED IN THE STATE OF FLORIDA IN VIOLATION OF SECTION 517.12(4), F. S. WELLS FARGO ADVISORS LLC AGREED TO CEASE AND DESIST FROM ALL PRESENT AND FUTURE VIOLATIONS OF CHAPTER 517, F.S. AND THE ADMINISTRATIVE RULES THEREUNDER; AND TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $65,000.
Other filed details
Description of allegations — filed text
THE OFFICE FOUND THAT BEGINNING IN OCTOBER 2004, WELLS FARGO ADVISORS LLC, ACTING THROUGH 13 INDIVIDUALS, ENGAGED IN INVESTMENT ADVISORY BUSINESS FROM OFFICES WITHIN THIS STATE WITHOUT THE 13 INDIVIDUALS BEING LAWFULLY REGISTERED IN THE STATE OF FLORIDA AS INVESTMENT ADVISOR REPRESENTATIVES FOR THE FIRM IN VIOLATION OF SECTION 517.12(4), F. S.
Sanction detail — filed text
$65,000 ADMINISTRATIVE FINE WAS LEVIED AGAINST WELLS FARGO ADVISORS LLC. THE FINE WAS PAID IN FULL ON 6/21/2011.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FLORIDA OFFICE OF FINANCIAL REGULATION 2. Principal Sanction: Cease and Desist Other Sanctions: ADMINISTRATIVE FINE 3. Date Initiated (MM/DD/YYYY): 06/21/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 0154-SR-5/11 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE OFFICE FOUND THAT BEGINNING IN OCTOBER 2004, WELLS FARGO ADVISORS LLC, ACTING THROUGH 13 INDIVIDUALS, ENGAGED IN INVESTMENT ADVISORY BUSINESS FROM OFFICES WITHIN THIS STATE WITHOUT THE 13 INDIVIDUALS BEING LAWFULLY REGISTERED IN THE STATE OF FLORIDA AS INVESTMENT ADVISOR REPRESENTATIVES FOR THE FIRM IN VIOLATION OF SECTION 517.12(4), F. S. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 06/21/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 65,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $65,000 ADMINISTRATIVE FINE WAS LEVIED AGAINST WELLS FARGO ADVISORS LLC. THE FINE WAS PAID IN FULL ON 6/21/2011. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ON 6/21/2011 THE OFFICE OF FINANCIAL REGULATION ENTERED A FINAL ORDER ADOPTING THE STIPULATION AND CONSENT AGREEMENT IN THE MATTER OF WELLS FARGO ADVISORS, LLC. WELLS FARGO ADVISORS LLC NEITHER ADMITTED NOR DENIED THE FINDINGS BUT CONSENTED TO THE ENTRY OF FINDINGS BY THE OFFICE. THE OFFICE FOUND THAT BEGINNING IN OCTOBER 2004, WELLS FARGO ADVISORS LLC, ACTING THROUGH 13 INDIVIDUALS, ENGAGED IN INVESTMENT ADVISORY BUSINESS FROM OFFICES WITHIN THIS STATE WITHOUT THE 13 INDIVIDUALS BEING LAWFULLY REGISTERED IN THE STATE OF FLORIDA IN VIOLATION OF SECTION 517.12(4), F. S. WELLS FARGO ADVISORS LLC AGREED TO CEASE AND DESIST FROM ALL PRESENT AND FUTURE VIOLATIONS OF CHAPTER 517, F.S. AND THE ADMINISTRATIVE RULES THEREUNDER; AND TO PAY AN ADMINISTRATIVE FINE IN THE AMOUNT OF $65,000.
regulatory · block 93PDF pages 418–420
- Regulator name — filed text
- STATE OF MARYLAND ATTORNEY GENERAL - SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 50,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
IN AMENDED CONSENT ORDER, DOCKET NO. 2011-0312, IN THE MATTER OF WELLS FARGO ADVISORS, LLC, THE MARYLAND DIVISION OF SECURITIES ALLEGED THAT WELLS FARGO ADVISORS, LLC EMPLOYED EIGHT INVESTMENT ADVISER REPRESENTATIVES WHO PROVIDED INVESTMENT ADVISORY SERVICES TO CLIENTS PRIOR TO BEING REGISTERED WITH THE SECURITIES DIVISION AS INVESTMENT ADVISER REPRESENTATIVES PURSUANT TO SECTION 11-402 OF THE MARYLAND SECURITIES ACT. THE DIVISION ALSO ALLEGED THAT THE FIRM FAILED TO TIMELY AMEND THE FORMS U4 OF TWO OF ITS AGENTS TO REFLECT THE CHANGE IN THEIR EMPLOYMENT ADDRESS PURSUANT TO SECTION 11-411(D) OF THE MARYLAND SECURITIES ACT AND REGULATION 02.02.02.07 OF THE CODE OF MARYLAND REGULATIONS. THE FIRM WAS ORDERED TO PAY A FINE OF $50,000 TO THE MARYLAND SECURITIES DIVISION, LESS THE $5,000 FINE THE FIRM PAID TO THE DIVISION IN AUGUST 2011 PURSUANT TO THE ORIGINAL CONSENT ORDER ISSUED IN THIS MATTER. THE FIRM WAS ALSO ORDERED TO FOLLOW THE COMPLIANCE POLICIES AND PROCEDURES PROVIDED TO THE DIVISION IN CONNECTION WITH THE MATTER, AND COMPLY FULLY WITH THE MARYLAND SECURITIES ACT AND RULES AND REGULATIONS PROMULGATED THEREUNDER.
Other filed details
Description of allegations — filed text
IN AMENDED CONSENT ORDER, DOCKET NO. 2011-0312, IN THE MATTER OF WELLS FARGO ADVISORS, LLC, THE MARYLAND DIVISION OF SECURITIES ALLEGED THAT WELLS FARGO ADVISORS, LLC EMPLOYED EIGHT INVESTMENT ADVISER REPRESENTATIVES WHO PROVIDED INVESTMENT ADVISORY SERVICES TO CLIENTS PRIOR TO BEING REGISTERED WITH THE SECURITIES DIVISION AS INVESTMENT ADVISER REPRESENTATIVES PURSUANT TO SECTION 11-402 OF THE MARYLAND SECURITIES ACT. THE DIVISION ALSO ALLEGED THAT THE FIRM FAILED TO TIMELY AMEND THE FORMS U4 OF TWO OF ITS AGENTS TO REFLECT THE CHANGE IN THEIR EMPLOYMENT ADDRESS PURSUANT TO SECTION 11-411(D) OF THE MARYLAND SECURITIES ACT AND REGULATION 02.02.02.07 OF THE CODE OF MARYLAND REGULATIONS. THE FIRM WAS ORDERED TO PAY A FINE OF $50,000 TO THE MARYLAND SECURITIES DIVISION, LESS THE $5,000 FINE THE FIRM PAID TO THE DIVISION IN AUGUST 2011 PURSUANT TO THE ORIGINAL CONSENT ORDER ISSUED IN THIS MATTER. THE FIRM WAS ALSO ORDERED TO FOLLOW THE COMPLIANCE POLICIES AND PROCEDURES PROVIDED TO THE DIVISION IN CONNECTION WITH THE MATTER, AND COMPLY FULLY WITH THE MARYLAND SECURITIES ACT AND RULES AND REGULATIONS PROMULGATED THEREUNDER.
Sanction detail — filed text
THE FIRM WAS ORDERED TO PAY A FINE OF $50,000 TO THE MARYLAND SECURITIES DIVISION, LESS THE $5,000 FINE THE FIRM PAID TO THE DIVISION IN AUGUST 2011 PURSUANT TO THE ORIGINAL CONSENT ORDER ISSUED IN THIS MATTER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF MARYLAND ATTORNEY GENERAL - SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/12/2012 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2011-0312 (AMENDED) 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: INVESTMENT ADVISORY SERVICES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IN AMENDED CONSENT ORDER, DOCKET NO. 2011-0312, IN THE MATTER OF WELLS FARGO ADVISORS, LLC, THE MARYLAND DIVISION OF SECURITIES ALLEGED THAT WELLS FARGO ADVISORS, LLC EMPLOYED EIGHT INVESTMENT ADVISER REPRESENTATIVES WHO PROVIDED INVESTMENT ADVISORY SERVICES TO CLIENTS PRIOR TO BEING REGISTERED WITH THE SECURITIES DIVISION AS INVESTMENT ADVISER REPRESENTATIVES PURSUANT TO SECTION 11-402 OF THE MARYLAND SECURITIES ACT. THE DIVISION ALSO ALLEGED THAT THE FIRM FAILED TO TIMELY AMEND THE FORMS U4 OF TWO OF ITS AGENTS TO REFLECT THE CHANGE IN THEIR EMPLOYMENT ADDRESS PURSUANT TO SECTION 11-411(D) OF THE MARYLAND SECURITIES ACT AND REGULATION 02.02.02.07 OF THE CODE OF MARYLAND REGULATIONS. THE FIRM WAS ORDERED TO PAY A FINE OF $50,000 TO THE MARYLAND SECURITIES DIVISION, LESS THE $5,000 FINE THE FIRM PAID TO THE DIVISION IN AUGUST 2011 PURSUANT TO THE ORIGINAL CONSENT ORDER ISSUED IN THIS MATTER. THE FIRM WAS ALSO ORDERED TO FOLLOW THE COMPLIANCE POLICIES AND PROCEDURES PROVIDED TO THE DIVISION IN CONNECTION WITH THE MATTER, AND COMPLY FULLY WITH THE MARYLAND SECURITIES ACT AND RULES AND REGULATIONS PROMULGATED THEREUNDER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 03/12/2012 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 50,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: FOLLOW THE COMPLIANCE POLICIES AND PROCEDURES THAT THE FIRM DESIGNED TO PREVENT ANY FURTHER UNREGISTERED INVESTMENT ADVISOR REPRESENTATIVE ACTIVITIES AND LATE AMENDMENT FILINGS AND COMPLY FULLY WITH THE MARYLAND SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS ORDERED TO PAY A FINE OF $50,000 TO THE MARYLAND SECURITIES DIVISION, LESS THE $5,000 FINE THE FIRM PAID TO THE DIVISION IN AUGUST 2011 PURSUANT TO THE ORIGINAL CONSENT ORDER ISSUED IN THIS MATTER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). IN AMENDED CONSENT ORDER, DOCKET NO. 2011-0312, IN THE MATTER OF WELLS FARGO ADVISORS, LLC, THE MARYLAND DIVISION OF SECURITIES ALLEGED THAT WELLS FARGO ADVISORS, LLC EMPLOYED EIGHT INVESTMENT ADVISER REPRESENTATIVES WHO PROVIDED INVESTMENT ADVISORY SERVICES TO CLIENTS PRIOR TO BEING REGISTERED WITH THE SECURITIES DIVISION AS INVESTMENT ADVISER REPRESENTATIVES PURSUANT TO SECTION 11-402 OF THE MARYLAND SECURITIES ACT. THE DIVISION ALSO ALLEGED THAT THE FIRM FAILED TO TIMELY AMEND THE FORMS U4 OF TWO OF ITS AGENTS TO REFLECT THE CHANGE IN THEIR EMPLOYMENT ADDRESS PURSUANT TO SECTION 11-411(D) OF THE MARYLAND SECURITIES ACT AND REGULATION 02.02.02.07 OF THE CODE OF MARYLAND REGULATIONS. THE FIRM WAS ORDERED TO PAY A FINE OF $50,000 TO THE MARYLAND SECURITIES DIVISION, LESS THE $5,000 FINE THE FIRM PAID TO THE DIVISION IN AUGUST 2011 PURSUANT TO THE ORIGINAL CONSENT ORDER ISSUED IN THIS MATTER. THE FIRM WAS ALSO ORDERED TO FOLLOW THE COMPLIANCE POLICIES AND PROCEDURES PROVIDED TO THE DIVISION IN CONNECTION WITH THE MATTER, AND COMPLY FULLY WITH THE MARYLAND SECURITIES ACT AND RULES AND REGULATIONS PROMULGATED THEREUNDER.
regulatory · block 94WELLS FARGO AND COMPAANYPDF pages 420–422
- Advisory affiliate name — filed text
- WELLS FARGO AND COMPAANY
- Regulator name — filed text
- FEDERAL RESERVE
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
WELLS FARGO & COMPANY (WELLS FARGO) ENTERED INTO A CONSENT ORDER WITH THE FEDERAL RESERVE PURSUANT TO WHICH WELLS FARGO AGREED, AMONG OTHER THINGS, (I) TO ENSURE THE BANK'S COMPLIANCE WITH THE OCC CONSENT ORDER; (II) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE ITS ENTERPRISE RISK MANAGEMENT WITH RESPECT TO OVERSIGHT OF RESIDENTIAL MORTGAGE LOAN SERVICING; (III) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE ITS ENTERPRISE-WIDE COMPLIANCE PROGRAM WITH RESPECT TO OVERSIGHT OF RESIDENTIAL MORTGAGE LOAN SERVICING; AND (IV) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE THE INTERNAL AUDIT PROGRAM WITH RESPECT TO RESIDENTIAL MORTGAGE LOAN SERVICING.
Other filed details
Description of allegations — filed text
FEDERAL RESERVE CONSENT ORDER RE: BANK'S MORTGAGE FORECLOSURE PRACTICES.
Sanction detail — filed text
WELLS FARGO & COMPANY (WELLS FARGO) ENTERED INTO A CONSENT ORDER WITH THE FEDERAL RESERVE PURSUANT TO WHICH WELLS FARGO AGREED, AMONG OTHER THINGS, (I) TO ENSURE THE BANK'S COMPLIANCE WITH THE OCC CONSENT ORDER; (II) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE ITS ENTERPRISE RISK MANAGEMENT WITH RESPECT TO OVERSIGHT OF RESIDENTIAL MORTGAGE LOAN SERVICING; (III) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE ITS ENTERPRISE-WIDE COMPLIANCE PROGRAM WITH RESPECT TO OVERSIGHT OF RESIDENTIAL MORTGAGE LOAN SERVICING; AND (IV) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE THE INTERNAL AUDIT PROGRAM WITH RESPECT TO RESIDENTIAL MORTGAGE LOAN SERVICING.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO AND COMPAANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FEDERAL RESERVE 2. Principal Sanction: Cease and Desist Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/04/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 11-025-B-HC 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FEDERAL RESERVE CONSENT ORDER RE: BANK'S MORTGAGE FORECLOSURE PRACTICES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/04/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: THE CONSENT ORDER DID NOT PROVIDE FOR CIVIL MONEY PENALTIES, BUT THE FEDERAL RESERVE RESERVED THE ABILITY TO SEEK SUCH PENALTIES AND WELLS FARGO RESERVED THE ABILITY TO OPPOSE THE IMPOSITION OF SUCH PENALTIES. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WELLS FARGO & COMPANY (WELLS FARGO) ENTERED INTO A CONSENT ORDER WITH THE FEDERAL RESERVE PURSUANT TO WHICH WELLS FARGO AGREED, AMONG OTHER THINGS, (I) TO ENSURE THE BANK'S COMPLIANCE WITH THE OCC CONSENT ORDER; (II) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE ITS ENTERPRISE RISK MANAGEMENT WITH RESPECT TO OVERSIGHT OF RESIDENTIAL MORTGAGE LOAN SERVICING; (III) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE ITS ENTERPRISE-WIDE COMPLIANCE PROGRAM WITH RESPECT TO OVERSIGHT OF RESIDENTIAL MORTGAGE LOAN SERVICING; AND (IV) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE THE INTERNAL AUDIT PROGRAM WITH RESPECT TO RESIDENTIAL MORTGAGE LOAN SERVICING. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WELLS FARGO & COMPANY (WELLS FARGO) ENTERED INTO A CONSENT ORDER WITH THE FEDERAL RESERVE PURSUANT TO WHICH WELLS FARGO AGREED, AMONG OTHER THINGS, (I) TO ENSURE THE BANK'S COMPLIANCE WITH THE OCC CONSENT ORDER; (II) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE ITS ENTERPRISE RISK MANAGEMENT WITH RESPECT TO OVERSIGHT OF RESIDENTIAL MORTGAGE LOAN SERVICING; (III) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE ITS ENTERPRISE-WIDE COMPLIANCE PROGRAM WITH RESPECT TO OVERSIGHT OF RESIDENTIAL MORTGAGE LOAN SERVICING; AND (IV) TO DEVELOP FOR THE FEDERAL RESERVE'S APPROVAL A WRITTEN PLAN TO ENHANCE THE INTERNAL AUDIT PROGRAM WITH RESPECT TO RESIDENTIAL MORTGAGE LOAN SERVICING.
regulatory · block 95WELLS FARGO BANK, N. A.PDF pages 422–424
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N. A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLEROF THE CURRENCY ("OCC")
- Monetary/Fine Amount — filed text
- $ 70,000,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
WELLS FARGO BANK, N.A. FAILED TO COMPLY WITH CERTAIN PROVISIONS OF PRIOR OCC CONSENT ORDERS RELATING TO CERTAIN RESIDENTIAL MORTGAGE SERVICING PRACTICES FROM PRIOR CONSENT ORDERS. # 2016-055 (AA-EC-2016-30) ORDERS WELLS FARGO BANK, N.A. PAY A $ 70,000,000. CIVIL MONEY PENALTY.
Sanction detail — filed text
THE BANK NEITHER ADMITTED NOR DENIED ANY WRONGDOING WITH RESPECT TO THE FINDINGS IN THE CONSENT ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N. A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
OFFICE OF THE COMPTROLLEROF THE CURRENCY ("OCC")
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/31/2011
Exact
Explanation
If not exact, provide explanation:
6/16/2015 AMENDMENT DATE 05/24/2016 AMENDMENT DATE
4.
Docket/Case Number:
2016-56 AMENDS 2011-051, 2013-132, 2015-067, AND AA-EC-11-19 TO TERMINATE. 2016-055 (AA-EC-2016-30) ORDER FOR CIVIL PENALTY
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO BANK, N.A.
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WELLS FARGO BANK, N.A. FAILED TO COMPLY WITH CERTAIN PROVISIONS OF PRIOR OCC CONSENT ORDERS RELATING TO CERTAIN RESIDENTIAL
MORTGAGE SERVICING PRACTICES FROM PRIOR CONSENT ORDERS. # 2016-055 (AA-EC-2016-30) ORDERS WELLS FARGO BANK, N.A. PAY A $
70,000,000. CIVIL MONEY PENALTY.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
(
)
05/24/2016
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 70,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
THE AMENDED CONSENT ORDER TERMINATED PRIOR OCC MORTGAGE SERVICING-RELATED CONSENT ORDERS REGARDING PROVISIONS RELATING
TO A COMPLIANCE COMMITTEE, COMPREHENSIVE ACTION PLAN, COMPLIANCE PROGRAM, MANAGEMENT INFORMATION SYSTEMS AND MORTGAGE
SERVICING, AND IMPOSED CERTAIN RESIDENTIAL MORTGAGE SERVICING-RELATED BUSINESS RESTRICTIONS. THE CURRENT CONSENT ORDER IS
A CONSENT ORDER FOR CIVIL MONEY PENALTY.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE BANK NEITHER ADMITTED NOR DENIED ANY WRONGDOING WITH RESPECT TO THE FINDINGS IN THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 96WELLS FARGO AND COMPANYPDF pages 424–426
- Advisory affiliate name — filed text
- WELLS FARGO AND COMPANY
- Regulator name — filed text
- THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
- Monetary/Fine Amount — filed text
- $ 85,000,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THIS MATTER WAS RESOLVED BY SETTLEMENT AND A MUTUALLY AGREED ORDER DATED JULY 20, 2011 PROVIDING FOR: (I) PAYMENT OF CIVIL MONETARY PENALTY OF $85 MILLION; (II) THE SUBMISSION WITHIN 90 DAYS OF REMEDIAL PLANS FOR PAYING RESTITUTION TO ELIGIBLE BORROWERS; AND (III) THE SUBMISSION WITHIN 90 DAYS OF ACCEPTABLE PLANS FOR THE PREVENTION OF SIMILIAR FUTURE CONDUCT, OVERSEEING COMPLIANCE WITH FEDERAL AND STATE LAW APPLICABLE TO HOME MORTGAGE LENDING ACTIVITIES, AND MODIFYING INCENTIVE COMPENSATION AND PERFORMANCE MANAGEMENT PROGRAMS RELATED TO HOME MORTGAGE LENDING ACTIVITIES.
Other filed details
Description of allegations — filed text
THE BOARD OF GOVERNORS ALLEGED THAT WELLS FARGO FINANCIAL, INC., A SUBSIDIARY OF WELLS FARGO & COMPANY, ENGAGED IN ACTIVITIES CONSTITUTING UNSAFE OR UNSOUND BANKING PRACTICES, AND VIOLATIONS OF THE FEDERAL TRADE COMMISSION ACT AND STATE LAW IN CONNECTION WITH CERTAIN HOME MORTGAGE LENDING ACTIVITIES.
Sanction detail — filed text
THIS MATTER WAS RESOLVED BY SETTLEMENT AND A MUTUALLY AGREED ORDER DATED JULY 20, 2011 PROVIDING FOR: (I) PAYMENT OF CIVIL MONETARY PENALTY OF $85 MILLION; (II) THE SUBMISSION WITHIN 90 DAYS OF REMEDIAL PLANS FOR PAYING RESTITUTION TO ELIGIBLE BORROWERS; AND (III) THE SUBMISSION WITHIN 90 DAYS OF ACCEPTABLE PLANS FOR THE PREVENTION OF SIMILIAR FUTURE CONDUCT, OVERSEEING COMPLIANCE WITH FEDERAL AND STATE LAW APPLICABLE TO HOME MORTGAGE LENDING ACTIVITIES, AND MODIFYING INCENTIVE COMPENSATION AND PERFORMANCE MANAGEMENT PROGRAMS RELATED TO HOME MORTGAGE LENDING ACTIVITIES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO AND COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2. Principal Sanction: Cease and Desist Other Sanctions: CIVIL AND ADMINISTRATIVE PENALT(IES) / FINE(S) RESTITUTION 3. Date Initiated (MM/DD/YYYY): 07/20/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 11-094-B-HC1; 11-094-B-HC2; 11-094-I-HC1; 11-094-I-HC2 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: HOME MORTGAGE LOANS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE BOARD OF GOVERNORS ALLEGED THAT WELLS FARGO FINANCIAL, INC., A SUBSIDIARY OF WELLS FARGO & COMPANY, ENGAGED IN ACTIVITIES CONSTITUTING UNSAFE OR UNSOUND BANKING PRACTICES, AND VIOLATIONS OF THE FEDERAL TRADE COMMISSION ACT AND STATE LAW IN CONNECTION WITH CERTAIN HOME MORTGAGE LENDING ACTIVITIES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 07/20/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 85,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THIS MATTER WAS RESOLVED BY SETTLEMENT AND A MUTUALLY AGREED ORDER DATED JULY 20, 2011 PROVIDING FOR: (I) PAYMENT OF CIVIL MONETARY PENALTY OF $85 MILLION; (II) THE SUBMISSION WITHIN 90 DAYS OF REMEDIAL PLANS FOR PAYING RESTITUTION TO ELIGIBLE BORROWERS; AND (III) THE SUBMISSION WITHIN 90 DAYS OF ACCEPTABLE PLANS FOR THE PREVENTION OF SIMILIAR FUTURE CONDUCT, OVERSEEING COMPLIANCE WITH FEDERAL AND STATE LAW APPLICABLE TO HOME MORTGAGE LENDING ACTIVITIES, AND MODIFYING INCENTIVE COMPENSATION AND PERFORMANCE MANAGEMENT PROGRAMS RELATED TO HOME MORTGAGE LENDING ACTIVITIES. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THIS MATTER WAS RESOLVED BY SETTLEMENT AND A MUTUALLY AGREED ORDER DATED JULY 20, 2011 PROVIDING FOR: (I) PAYMENT OF CIVIL MONETARY PENALTY OF $85 MILLION; (II) THE SUBMISSION WITHIN 90 DAYS OF REMEDIAL PLANS FOR PAYING RESTITUTION TO ELIGIBLE BORROWERS; AND (III) THE SUBMISSION WITHIN 90 DAYS OF ACCEPTABLE PLANS FOR THE PREVENTION OF SIMILIAR FUTURE CONDUCT, OVERSEEING COMPLIANCE WITH FEDERAL AND STATE LAW APPLICABLE TO HOME MORTGAGE LENDING ACTIVITIES, AND MODIFYING INCENTIVE COMPENSATION AND PERFORMANCE MANAGEMENT PROGRAMS RELATED TO HOME MORTGAGE LENDING ACTIVITIES.
regulatory · block 97PDF pages 426–429
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) 2. Principal Sanction: Other Other Sanctions: PLEASE ARCHIVE / WITHDRAW THIS AMENDMENT NO SANCTIONS WERE PROPOSED. 3. Date Initiated (MM/DD/YYYY): 05/08/2012 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 20090184210 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Equity Listed (Common & Preferred Stock) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): BY LETTER DATED MAY 8, 2012, FINRA INFORMED COUNSEL FOR THE FIRM THAT IT WOULD NOT BE RECOMMENDING COMMENCEMENT OF DISCIPLINARY ACTION AGAINST THE FIRM IN REGARDS TO THIS MATTER BASED ON THE INFORMATION CURRENTLY IN THEIR POSSESSION. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Withdrawn 11. Resolution Date (MM/DD/YYYY): 05/08/2012 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: NO SANCTIONS WERE PROPOSED. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: NO SANCTIONS WERE PROPOSED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). BY LETTER DATED MAY 8, 2012, FINRA INFORMED COUNSEL FOR THE FIRM THAT IT WOULD NOT BE RECOMMENDING COMMENCEMENT OF DISCIPLINARY ACTION AGAINST THE FIRM IN REGARDS TO THIS MATTER BASED ON THE INFORMATION CURRENTLY IN THEIR POSSESSION. THE FIRM HAD RECEIVED A WELLS NOTICE, DATED 08/08/2011, INDICATING THAT FINRA HAD MADE A PRELIMINARY DETERMINATION TO BRING DISCIPLINARY ACTION AGAINST THE FIRM FOR FAILING TO SUPERVISE ONE OF ITS FINANCIAL ADVISORS AND FOR 7 LATE FORM U5 FILINGS REGARDING MATTERS THAT BECAME REPORTABLE BETWEEN JUNE 2009 AND DECEMBER 2009. G S UC O S This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEW JERSEY OFFICE OF THE ATTORNEY GENERAL BUREAU OF SECURITIES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) ( ) ( ) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/27/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CONSENT ORDER 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE OF NEW JERSEY HAS ALLEGED THAT WACHOVIA SECURITIES MISREPRESENTED THE SALE OF AUCTION RATE SECURITIES TO CUSTOMERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 09/27/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 3,234,065.06 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: OFFER TO REPURCHASE ARS THAT ARE SUBJECT TO AUCTIONS THAT ARE NOT SUCCESSFUL AND ARE NOT SUBJECT TO CURRENT CALLS OR REDEMPTION IN THE RELEVANT CLASS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FINE IS DUE TO THE STATE OF NEW JERSEY ON OCTOBER 7, 2011. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 98PDF pages 429–431
- Regulator name — filed text
- PENNSYLVANIA SECURITIES COMMISSION
- Monetary/Fine Amount — filed text
- $ 150,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
THE COMMONWEALTH OF PENNSYLVANIA ALLEGED THAT THE FIRM FAILED TO SUPERVISE AN AGENT LOCATED IN MORGANTOWN, WV DURING THE TIME PERIOD OF JUNE 2007 TO OCTOBER 2008. WITHOUT ADMITTING ANY LIABILITY OR WRONGDOING, THE FIRM SETTLED THIS MATTER WITH THE CLIENT ON SEPTEMBER 20, 2011 FOR THE AMOUNT OF $158,557.85. FINRA MATTER # 20100226488.
Other filed details
Description of allegations — filed text
THE COMMONWEALTH OF PENNSYLVANIA ALLEGED THAT THE FIRM FAILED TO SUPERVISE AN AGENT LOCATED IN MORGANTOWN, WV FROM JUNE 2007 TO OCTOBER 2008. WITHOUT ADMITTING ANY LIABILITY OR WRONGDOING, THE FIRM SETTLED THIS MATTER ON SEPTEMBER 20, 2011 WITH THE CLIENT FOR THE AMOUNT OF $158,557.85. FINRA MATTER # WAS 20100226488.
Sanction detail — filed text
WACHOVIA SECURITIES, LLC IS ORDERED TO PAY AN ADMINISTRATIVE ASSESSMENT OF $150,000.00 AND LEGAL AND INVESTIGATIVE COSTS OF $8,557.85 TO THE COMMONWEALTH OF PENNSYLVANIA WITHIN 30 DAYS OF THE DATE OF THIS ORDER. .
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) PENNSYLVANIA SECURITIES COMMISSION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: WACHOVIA SECURITIES, LLC IS ORDERED TO PAY $150,000.00 TO THE COMMONWEALTH OF PENNSYLVANIA WITHIN 30 DAYS OF THE DATE OF THIS ORDER, WHICH AMOUNT REPRESENTS AN ADMINISTRATIVE ASSESSMENT. 3. Date Initiated (MM/DD/YYYY): 09/20/2011 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2010-03-23 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Options Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE COMMONWEALTH OF PENNSYLVANIA ALLEGED THAT THE FIRM FAILED TO SUPERVISE AN AGENT LOCATED IN MORGANTOWN, WV FROM JUNE 2007 TO OCTOBER 2008. WITHOUT ADMITTING ANY LIABILITY OR WRONGDOING, THE FIRM SETTLED THIS MATTER ON SEPTEMBER 20, 2011 WITH THE CLIENT FOR THE AMOUNT OF $158,557.85. FINRA MATTER # WAS 20100226488. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 09/20/2011 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 150,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: WITHIN 30 DAYS OF THE DATE OF THIS ORDER, WACHOVIA SECURITIES, LLC IS ORDERED TO PAY $8,557.85 TO THE COMMONWEALTH OF PENNSYLVANIA FOR LEGAL AND INVESTIGATIVE COSTS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WACHOVIA SECURITIES, LLC IS ORDERED TO PAY AN ADMINISTRATIVE ASSESSMENT OF $150,000.00 AND LEGAL AND INVESTIGATIVE COSTS OF $8,557.85 TO THE COMMONWEALTH OF PENNSYLVANIA WITHIN 30 DAYS OF THE DATE OF THIS ORDER. . 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE COMMONWEALTH OF PENNSYLVANIA ALLEGED THAT THE FIRM FAILED TO SUPERVISE AN AGENT LOCATED IN MORGANTOWN, WV DURING THE TIME PERIOD OF JUNE 2007 TO OCTOBER 2008. WITHOUT ADMITTING ANY LIABILITY OR WRONGDOING, THE FIRM SETTLED THIS MATTER WITH THE CLIENT ON SEPTEMBER 20, 2011 FOR THE AMOUNT OF $158,557.85. FINRA MATTER # 20100226488.
regulatory · block 99WELLS FARGO BANK, N. A.PDF pages 431–434
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N. A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF THE CURRENCY ("OCC")
- Monetary/Fine Amount — filed text
- $ 20,000,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE OCC ALLEGED THAT WACHOVIA BANK WON BIDS FOR THE TEMPORARY INVESTMENT OF PROCEEDS FROM THE SALE OF TAX-EXEMPT MUNICIPAL SECURITIES BY, AMONG OTHER THINGS, PARTICIPATING IN SCHEMES WITH OUTSIDE INDIVIDUALS TO AGREE ON BIDS AND TO ARTIFICIALLY SET PRICES IN CONNECTION WITH THE SALE OF CERTAIN DERIVATIVE FINANCIAL PRODUCTS TO CERTAIN MUNICIPALITIES AND NON-PROFIT ORGANIZATIONS, SUBMITTING FALSE OR SHAM COURTESY BIDS, COMMUNICATING WITH DIRECT COMPETITORS AND./OR COORDINATING WITH THIRD PARTY BROKERS TO FIX BID PRICES, AND/OR COORDINATING WITH DIRECT COMPETITORS AND/OR THIRD PARTY BROKERS TO DETERMINE WHICH BIDDER WOULD WIN A PARTICULAR TRANSACTION. WELLS FARGO BANK, N.A. RESOLVED THIS MATTER BY AGREEING TO THE SANCTIONS AND RESTITUTION OUTLINED ABOVE AND FURTHER UNDERTAKINGS WITH RESPECT TO: ITS COMPLIANCE, TRAINING AND AUDIT PROGRAMS; ASSESSING AND EVALUATING ITS COMPETITIVE BIDDING ACTIVITIES; AND PREPARING AND SUBMITTING ANNUAL REPORTS CONCERNING THE EFFECTIVENESS OF ITS SUPERVISORY CONTROL POLICIES AND PROCEDURES. DRP Pages
Other filed details
Description of allegations — filed text
THE OOC ALLEGED THAT, FROM AT LEAST 1997 THROUGH AT LEAST 2006, WACHOVIA BANK, N.A. AND FIRST UNION NATIONAL BANK ("WACHOVIA BANK"), PREDECESSORS TO WELLS FARGO BANK, N.A., ENGAGED IN ILLEGAL CONDUCT AND/OR UNSAFE OR UNSOUND BANKING PRACTICES IN CONNECTION WITH THE MARKETING AND SALE OF CERTAIN DERIVATIVE FINANCIAL PRODUCTS TO CERTAIN MUNICIPALITIES AND OTHER NON-PROFIT ORGANIZATIONS ("COUNTERPARTIES") IN CERTAIN COMPETITIVELY BID TRANSACTIONS.
Sanction detail — filed text
THE CONSENT ORDER FOR A CIVIL MONEY PENALTY ENTERED ON DECEMBER 8, 2011 PROVIDED FOR THE CONTEMPORANEOUS PAYMENT OF A CIVIL MONEY PENALTY IN THE AMOUNT OF $20,000,000.00, WHICH AMOUNT HAS BEEN PAID. PURSUANT TO A FURTHER AGREEMENT BY AND BETWEEN THE OCC AND WELLS FARGO BANK,N.A. ALSO ENTERED INTO ON DECEMBER 8, 2011 ("AGREEMENT"), WELLS FARGO BANK, N.A. AGREED TO DEPOSIT WITHIN 10 DAYS THE AMOUNT OF $14,518,013.00 INTO AN ACCOUNT FOR DISTRIBUTION TO CERTAIN ENTITIES IDENTIFIED IN EXHIBIT A OF THE AGREEMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N. A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
OFFICE OF THE COMPTROLLER OF THE CURRENCY ("OCC")
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
12/08/2011
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
# 2011 - 174; AA - EC - 11-97
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Investment Contract(s)
Other Product Types:
REPURCHASE AND FORWARD PURCHASE AGREEMENTS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE OOC ALLEGED THAT, FROM AT LEAST 1997 THROUGH AT LEAST 2006, WACHOVIA BANK, N.A. AND FIRST UNION NATIONAL BANK ("WACHOVIA
BANK"), PREDECESSORS TO WELLS FARGO BANK, N.A., ENGAGED IN ILLEGAL CONDUCT AND/OR UNSAFE OR UNSOUND BANKING PRACTICES IN
CONNECTION WITH THE MARKETING AND SALE OF CERTAIN DERIVATIVE FINANCIAL PRODUCTS TO CERTAIN MUNICIPALITIES AND OTHER NON-PROFIT
ORGANIZATIONS ("COUNTERPARTIES") IN CERTAIN COMPETITIVELY BID TRANSACTIONS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/08/2011
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 20,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE CONSENT ORDER FOR A CIVIL MONEY PENALTY ENTERED ON DECEMBER 8, 2011 PROVIDED FOR THE CONTEMPORANEOUS PAYMENT OF A
CIVIL MONEY PENALTY IN THE AMOUNT OF $20,000,000.00, WHICH AMOUNT HAS BEEN PAID. PURSUANT TO A FURTHER AGREEMENT BY AND
BETWEEN THE OCC AND WELLS FARGO BANK,N.A. ALSO ENTERED INTO ON DECEMBER 8, 2011 ("AGREEMENT"), WELLS FARGO BANK, N.A.
AGREED TO DEPOSIT WITHIN 10 DAYS THE AMOUNT OF $14,518,013.00 INTO AN ACCOUNT FOR DISTRIBUTION TO CERTAIN ENTITIES IDENTIFIED
IN EXHIBIT A OF THE AGREEMENT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE OCC ALLEGED THAT WACHOVIA BANK WON BIDS FOR THE TEMPORARY INVESTMENT OF PROCEEDS FROM THE SALE OF TAX-EXEMPT MUNICIPAL
SECURITIES BY, AMONG OTHER THINGS, PARTICIPATING IN SCHEMES WITH OUTSIDE INDIVIDUALS TO AGREE ON BIDS AND TO ARTIFICIALLY SET
PRICES IN CONNECTION WITH THE SALE OF CERTAIN DERIVATIVE FINANCIAL PRODUCTS TO CERTAIN MUNICIPALITIES AND NON-PROFIT
ORGANIZATIONS, SUBMITTING FALSE OR SHAM COURTESY BIDS, COMMUNICATING WITH DIRECT COMPETITORS AND./OR COORDINATING WITH THIRD
PARTY BROKERS TO FIX BID PRICES, AND/OR COORDINATING WITH DIRECT COMPETITORS AND/OR THIRD PARTY BROKERS TO DETERMINE WHICH
BIDDER WOULD WIN A PARTICULAR TRANSACTION. WELLS FARGO BANK, N.A. RESOLVED THIS MATTER BY AGREEING TO THE SANCTIONS AND
RESTITUTION OUTLINED ABOVE AND FURTHER UNDERTAKINGS WITH RESPECT TO: ITS COMPLIANCE, TRAINING AND AUDIT PROGRAMS; ASSESSING AND
EVALUATING ITS COMPETITIVE BIDDING ACTIVITIES; AND PREPARING AND SUBMITTING ANNUAL REPORTS CONCERNING THE EFFECTIVENESS OF ITS
SUPERVISORY CONTROL POLICIES AND PROCEDURES.
DRP Pagesregulatory · block 1WELLS FARGO AND COMPANYPDF pages 434–435
- Advisory affiliate name — filed text
- WELLS FARGO AND COMPANY
- Regulator name — filed text
- FEDERAL RESERVE
- Monetary/Fine Amount — filed text
- $ 87,000,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
FEDERAL RESERVE CONSENT ORDER RE: BANK'S MORTGAGE FORECLOSURE PRACTICES.
Sanction detail — filed text
THE $87,000,000.00 CIVIL MONEY PENALTY WILL BE REDUCED BY THE AMOUNT OF BORROWER ASSISTANCE PROVIDED BY THE COMPANY OVER THE NEXT 2 YEARS AND WAIVED IN ITS ENTIRETY IF THAT ASSISTANCE IS $87,000000.00 OR GREATER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO AND COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FEDERAL RESERVE 2. Principal Sanction: p Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CEASE AND DESIST 3. Date Initiated (MM/DD/YYYY): 02/09/2012 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 12-010-CMP-HC 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FEDERAL RESERVE CONSENT ORDER RE: BANK'S MORTGAGE FORECLOSURE PRACTICES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 02/09/2012 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 87,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: THE ORDER OF ASSESSMENT OF A CIVIL MONEY PENALTY WAS ISSUED IN CONNECTION WITH THE RELATED CONSENT ORDER ISSUED UNDER DOCKET NO. 11-025-B-HC, DATED APRIL 4, 2011. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE $87,000,000.00 CIVIL MONEY PENALTY WILL BE REDUCED BY THE AMOUNT OF BORROWER ASSISTANCE PROVIDED BY THE COMPANY OVER THE NEXT 2 YEARS AND WAIVED IN ITS ENTIRETY IF THAT ASSISTANCE IS $87,000000.00 OR GREATER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 2WELLS FARGO BANK, N.A.PDF pages 435–437
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF THE CURRENCY
- Monetary/Fine Amount — filed text
- $ 83,000,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
WELLS FARGO BANK, N.A. ENGAGED IN UNSAFE OR UNSOUND BANKING PRACTICES IN CONNECTION WITH RESIDENTIAL MORTGAGE FORECLOSURES.
Sanction detail — filed text
THE $83,000000.00 CIVIL MONEY PENALTY WILL BE REDUCED BY THE AMOUNT OF BORROWER ASSISTANCE PROVIDED BY THE BANK OVER THE NEXT 3 YEARS AND WAIVED IN ITS ENTIRETY IF THAT ASSISTANCE IS $83,000000.00 OR GREATER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE COMPTROLLER OF THE CURRENCY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CEASE AND DESIST UNDERTAKING 3. Date Initiated (MM/DD/YYYY): 02/22/2012 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2012-042 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO BANK, N.A. ENGAGED IN UNSAFE OR UNSOUND BANKING PRACTICES IN CONNECTION WITH RESIDENTIAL MORTGAGE FORECLOSURES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 02/22/2012 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 83,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: THE AGREEMENT WAS ISSUED IN CONNECTION WITH THE RELATED CONSENT ORDER ISSUED UNDER DOCKET NO. 2011-051, DATED MARCH 31, 2012. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE $83,000000.00 CIVIL MONEY PENALTY WILL BE REDUCED BY THE AMOUNT OF BORROWER ASSISTANCE PROVIDED BY THE BANK OVER THE NEXT 3 YEARS AND WAIVED IN ITS ENTIRETY IF THAT ASSISTANCE IS $83,000000.00 OR GREATER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 3PDF pages 437–439
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
- Monetary/Fine Amount — filed text
- $ 2,100,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
FINRA RULE 2010, NASD RULES 2110, 2310, 3010 - WELLS FARGO ADVISORS, LLC FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH NASD AND FINRA RULES IN CONNECTION WITH THE SALE OF NON-TRADITIONAL EXCHANGE-TRADED FUNDS (ETFS) IN ACCOUNTS WHERE THE FIRM PROVIDED BROKERAGE SERVICES TO CERTAIN RETAIL CUSTOMERS AND THE FIRM FAILED TO PROVIDE ADEQUATE FORMAL TRAINING AND GUIDANCE TO ITS REGISTERED REPRESENTATIVES AND SUPERVISORS REGARDING NON-TRADITIONAL ETFS. THE FIRM ALLOWED ITS REGISTERED REPRESENTATIVES TO RECOMMEND A NON-TRADITIONAL ETF TO CUSTOMERS WITHOUT PERFORMING REASONABLE DILIGENCE TO UNDERSTAND THE RISKS AND FEATURES ASSOCIATED WITH IT. CERTAIN FIRM REGISTERED REPRESENTATIVES MADE UNSUITABLE RECOMMENDATION OF NON-TRADITIONAL ETFS TO CERTAIN CUSTOMERS WITH CONSERVATIVE INCOME OR CONSERVATIVE GROWTH & INCOME INVESTMENT OBJECTIVES AND/OR RISK TOLERANCES.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED, AND WITH ITS AFFILIATE WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC IS FINED $2.1 MILLION AND ORDERED TO PAY $641,489 IN RESTITUTION, JOINTLY AND SEVERALLY. A REGISTERED FIRM PRINCIPAL SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF RESTITUTION OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THE AWC. ANY UNDISTRIBUTED RESTITUTION SHALL BE FORWARDED TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY OR ABANDONED PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER LAST RESIDED. THE FIRM SHALL PROVIDE SATISFACTORY PROOF OF SUCH ACTION TO FINRA WITHIN 14 DAYS OF FORWARDING THE UNDISTRIBUTED RESTITUTION TO THE APPROPRIATE STATE AUTHORITY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE RESTITUTION 3. Date Initiated (MM/DD/YYYY): 05/01/2012 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 20090191139 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: NON-TRADITIONAL EXCHANGE TRADED FUNDS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FINRA RULE 2010, NASD RULES 2110, 2310, 3010 - WELLS FARGO ADVISORS, LLC FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH NASD AND FINRA RULES IN CONNECTION WITH THE SALE OF NON-TRADITIONAL EXCHANGE-TRADED FUNDS (ETFS) IN ACCOUNTS WHERE THE FIRM PROVIDED BROKERAGE SERVICES TO CERTAIN RETAIL CUSTOMERS AND THE FIRM FAILED TO PROVIDE ADEQUATE FORMAL TRAINING AND GUIDANCE TO ITS REGISTERED REPRESENTATIVES AND SUPERVISORS REGARDING NON-TRADITIONAL ETFS. THE FIRM ALLOWED ITS REGISTERED REPRESENTATIVES TO RECOMMEND A NON-TRADITIONAL ETF TO CUSTOMERS WITHOUT PERFORMING REASONABLE DILIGENCE TO UNDERSTAND THE RISKS AND FEATURES ASSOCIATED WITH IT. CERTAIN FIRM REGISTERED REPRESENTATIVES MADE UNSUITABLE RECOMMENDATION OF NON-TRADITIONAL ETFS TO CERTAIN CUSTOMERS WITH CONSERVATIVE INCOME OR CONSERVATIVE GROWTH & INCOME INVESTMENT OBJECTIVES AND/OR RISK TOLERANCES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: pp g y pp ( ) pp If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 05/01/2012 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,100,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED, AND WITH ITS AFFILIATE WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC IS FINED $2.1 MILLION AND ORDERED TO PAY $641,489 IN RESTITUTION, JOINTLY AND SEVERALLY. A REGISTERED FIRM PRINCIPAL SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF RESTITUTION OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THE AWC. ANY UNDISTRIBUTED RESTITUTION SHALL BE FORWARDED TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY OR ABANDONED PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER LAST RESIDED. THE FIRM SHALL PROVIDE SATISFACTORY PROOF OF SUCH ACTION TO FINRA WITHIN 14 DAYS OF FORWARDING THE UNDISTRIBUTED RESTITUTION TO THE APPROPRIATE STATE AUTHORITY. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 4MERLIN SECURITIES, LLCPDF pages 439–441
- Advisory affiliate name — filed text
- MERLIN SECURITIES, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 133068 This advisory affiliate is a Firm an Individual Registered: Yes No Name: MERLIN SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 5PDF pages 441–443
- Regulator name — filed text
- FLORIDA OFFICE OF FINANCIAL REGULATION ("OFR")
- Monetary/Fine Amount — filed text
- $ 30,000.00
- How was matter resolved — filed text
- Order
Other filed details
Description of allegations — filed text
ON DECEMBER 15, 2010, WELLS FARGO, A FEDERALLY COVERED INVESTMENT ADVISER, INFORMED THE OFFICE BY LETTER THAT AN ANOMALY IN ITS AUTOMATED SYSTEMS HAD CAUSED A NUMBER OF INDIVIDUALS TO ENGAGE IN INVESTMENT ADVISORY BUSINESS IN FLORIDA WITHOUT BENEFIT OF INVESTMENT ADVISER REPRESENTATIVE REGISTRATION. IN EARLY 2012, WELLS FARGO ADVISORS, LLC NOTIFIED THE OFFICE THAT IT HAD ADDITIONAL FINANCIAL ADVISORS, INCLUDING TWO OTHER REGISTERED ASSOCIATES, THAT POTENTIALLY NEEDED INVESTMENT ADVISER REPRESENTATIVE REGISTRATION IN FLORIDA. THE REGISTERED ASSOCIATAED ARE PROPERLY REGISTERED WITH THE OFFICE TO SELL SECURITIES. ON MARCH 16,2012, THE OFFICE ISSUED A LETTER TO DETERMINE IF THEY HAD ENGAGED IN INVESTMENT ADVISORY BUSINESS FROM OFFICES IN FLORIDA. IN RESPONSE TO THE OFFICE'S INQUIRY, A REGISTERED ASSOCIATE INDICATED THAT HE HAD ENGAGED IN BUSINESS FOR THREE MONTHS OUT OF THE YEAR SINCE 2008, AND ANOTHER REGISTERED ASSOCIATE INDICATED THAT HE HAD ENGAGED IN BUSINESS FOR TWO TO FOUR MONTHS PER YEAR SINCE 2009, PRIOR TO THEM EACH OBTAINING PROPER REGISTRATION IN FLORIDA.
Sanction detail — filed text
ON 2/12/2013, THE OFFICE OF FINANCIAL REGULATION ("OFFICE") ENTERED A FINAL ORDER ADOPTING THE STIPULATION AND CONSENT AGREEMENT IN THE MATTER OF WELLS FARGO ADVISORS, LLC, AND TWO OTHER REGISTERED ASSOCIATES ("RESPONDENTS"). RESPONDENTS NEITHER ADMITTED NOR DENIED THE FINDINGS BUT CONSENTED TO THE ENTRY OF FINDINGS BY THE OFFICE. WELLS FARGO ADVISORS, LLC AGREES TO CEASE AND DESIST FROM ANY AND ALL FUTURE VIOLATIONS OF CHAPTER 517, F.S. AND THE ADMINISTRATIVE RULES THEREUNDER AND AGREES TO PAY AN ADMINISTRATIVE FINE OF $30,000.00.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FLORIDA OFFICE OF FINANCIAL REGULATION ("OFR")
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
02/12/2013
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
0672-S-9/12
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON DECEMBER 15, 2010, WELLS FARGO, A FEDERALLY COVERED INVESTMENT ADVISER, INFORMED THE OFFICE BY LETTER THAT AN ANOMALY IN ITS
AUTOMATED SYSTEMS HAD CAUSED A NUMBER OF INDIVIDUALS TO ENGAGE IN INVESTMENT ADVISORY BUSINESS IN FLORIDA WITHOUT BENEFIT OF
INVESTMENT ADVISER REPRESENTATIVE REGISTRATION. IN EARLY 2012, WELLS FARGO ADVISORS, LLC NOTIFIED THE OFFICE THAT IT HAD ADDITIONAL
FINANCIAL ADVISORS, INCLUDING TWO OTHER REGISTERED ASSOCIATES, THAT POTENTIALLY NEEDED INVESTMENT ADVISER REPRESENTATIVE
REGISTRATION IN FLORIDA. THE REGISTERED ASSOCIATAED ARE PROPERLY REGISTERED WITH THE OFFICE TO SELL SECURITIES. ON MARCH 16,2012,
THE OFFICE ISSUED A LETTER TO DETERMINE IF THEY HAD ENGAGED IN INVESTMENT ADVISORY BUSINESS FROM OFFICES IN FLORIDA. IN RESPONSE
TO THE OFFICE'S INQUIRY, A REGISTERED ASSOCIATE INDICATED THAT HE HAD ENGAGED IN BUSINESS FOR THREE MONTHS OUT OF THE YEAR SINCE
2008, AND ANOTHER REGISTERED ASSOCIATE INDICATED THAT HE HAD ENGAGED IN BUSINESS FOR TWO TO FOUR MONTHS PER YEAR SINCE 2009,
PRIOR TO THEM EACH OBTAINING PROPER REGISTRATION IN FLORIDA.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
02/12/2013
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 30,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
ON 2/12/2013, THE OFFICE OF FINANCIAL REGULATION ("OFFICE") ENTERED A FINAL ORDER ADOPTING THE STIPULATION AND CONSENT
AGREEMENT IN THE MATTER OF WELLS FARGO ADVISORS, LLC, AND TWO OTHER REGISTERED ASSOCIATES ("RESPONDENTS"). RESPONDENTS
NEITHER ADMITTED NOR DENIED THE FINDINGS BUT CONSENTED TO THE ENTRY OF FINDINGS BY THE OFFICE. WELLS FARGO ADVISORS, LLC
AGREES TO CEASE AND DESIST FROM ANY AND ALL FUTURE VIOLATIONS OF CHAPTER 517, F.S. AND THE ADMINISTRATIVE RULES THEREUNDER
AND AGREES TO PAY AN ADMINISTRATIVE FINE OF $30,000.00.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 6PDF pages 443–444
- Regulator name — filed text
- NEW YORK DEPARTMENT OF FINANCIAL SERVICES
- Monetary/Fine Amount — filed text
- $ 50,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES ALLEGED THAT DURING THE APPROXIMATE PERIOD OF JANUARY 2007 THROUGH DECEMBER 2010 WELLS FARGO ADVISORS, LLC, AN UNLICENSED ENTITY, ACCEPTED INSURANCE COMMISSIONS FROM WELLS FARGO ADVISORS INSURANCE AGENCY LLC, IN VIOLATION OF NEW YORK INSURANCE LAW. THE DEPARTMENT FURTHER ALLEGED THAT BOTH WELLS FARGO ADVISORS LLC AND WELLS FARGO ADVISORS FINANCIAL NETWORK LLC PROVIDED MATERIALLY INCOMPLETE INFORMATION IN THEIR RESPECTIVE INSURANCE LICENSE APPLICATIONS SUBMITTED TO THE STATE ON OR ABOUT JANUARY 27, 2012.
Sanction detail — filed text
WELLS FARGO ADVISORS AND AFFILIATES PAID A $50,000 FINE AND AGREED TO TAKE ALL NECESSARY STEPS TO PREVENT THE REOCCURRENCE OF SIMILAR VIOLATIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK DEPARTMENT OF FINANCIAL SERVICES 2. Principal Sanction: Other Other Sanctions: STIPULATION 3. Date Initiated (MM/DD/YYYY): 02/27/2013 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2012-0184-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES ALLEGED THAT DURING THE APPROXIMATE PERIOD OF JANUARY 2007 THROUGH DECEMBER 2010 WELLS FARGO ADVISORS, LLC, AN UNLICENSED ENTITY, ACCEPTED INSURANCE COMMISSIONS FROM WELLS FARGO ADVISORS INSURANCE AGENCY LLC, IN VIOLATION OF NEW YORK INSURANCE LAW. THE DEPARTMENT FURTHER ALLEGED THAT BOTH WELLS FARGO ADVISORS LLC AND WELLS FARGO ADVISORS FINANCIAL NETWORK LLC PROVIDED MATERIALLY INCOMPLETE INFORMATION IN THEIR RESPECTIVE INSURANCE LICENSE APPLICATIONS SUBMITTED TO THE STATE ON OR ABOUT JANUARY 27, 2012. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 02/27/2013 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 50,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WELLS FARGO ADVISORS AND AFFILIATES PAID A $50,000 FINE AND AGREED TO TAKE ALL NECESSARY STEPS TO PREVENT THE REOCCURRENCE OF SIMILAR VIOLATIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 7PDF pages 444–446
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 50,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
FINRA BY-LAWS ARTICLE V, SECTION 2; FINRA RULES 1122, 2010; NASD RULES 2110, 3010, 3070, CAUSED VIOLATIONS OF FINRA RULE 3240(A), NASD RULE 2370(A): WELLS FARGO PERMITTED CERTAIN CUSTOMERS TO BORROW MONEY FROM THE MEMBER FIRM BY WITHDRAWING MORE FUNDS THAN WERE AVAILABLE IN THE CUSTOMERS' ACCOUNTS, THROUGH THE USE OF AMONG OTHER THINGS, ONLINE PAYMENTS, CHECKS, AND DEBIT CARDS. THE REGISTERED REPRESENTATIVES ASSIGNED TO THE ACCOUNTS, WITH THE CONCURRENCE OF THE BRANCH MANAGERS AND THE FIRM'S CREDIT AND MARGIN DEPARTMENT, DETERMINED WHETHER TO ALLOW THESE TYPES OF WITHDRAWALS TO GO THROUGH. IF THE OVERDRAFTS WERE ALLOWED TO OCCUR, THE CUSTOMERS WERE RESPONSIBLE FOR SATISFYING THE OVERDRAFT THROUGH A SAME DAY DEPOSIT OF FUNDS, WIRE TRANSFER, OR COLLATERAL OR SALE OF SECURITIES. ACCORDING TO THE FIRM'S POLICY, IF A CUSTOMER DID NOT SATISFY AN OVERDRAFT ON THE SAME DAY, THE DEBIT WOULD NOT BE HONORED. HOWEVER, DURING THE TIME PERIOD AT ISSUE, THE FIRM ALLOWED EXCEPTIONS TO THIS POLICY ON AN OCCASIONAL, THOUGH NOT FREQUENT, BASIS AND PERMITTED OVERDRAFTS IN SITUATIONS WHERE CUSTOMERS DID NOT COVER THE DEBIT ON THE SAME DAY, THEREBY LOANING MONEY TO THOSE CUSTOMERS. IN THOSE INSTANCES, IN ACCORDANCE WITH THE FIRM'S POLICIES AND PROCEDURES, IF THE OVERDRAFT WAS NOT REPAID AFTER A PERIOD OF TIME, THE UNSECURED DEBIT WAS CHARGED AGAINST THE REGISTERED REPRESENTATIVE'S PRODUCTION. ONCE AN OVERDRAFT WAS CHARGED AGAINST A REGISTERED REPRESENTATIVE'S PRODUCTION, THE REGISTERED REPRESENTATIVE COULD REQUEST THAT THE DEBT BE SENT TO COLLECTIONS, THROUGH THE FIRM, FOR RECOVERY FROM THE CUSTOMER. AMOUNTS RECOVERED FROM THE CUSTOMER WERE PAID TO THE REGISTERED REPRESENTATIVE, MINUS ANY COLLECTIONS EXPENSES. BY TRANSFERRING RESPONSIBILITY FOR THE LOAN TO REGISTERED REPRESENTATIVES AND ALLOWING REGISTERED REPRESENTATIVES TO OBTAIN REPAYMENT FROM THE CUSTOMERS, THE FIRM CAUSED REGISTERED REPRESENTATIVES TO LOAN MONEY TO CUSTOMERS. THE FIRM ALSO ALLOWED THE LOANS TO OCCUR WITHOUT ANY SYSTEM OR PROCEDURE IN PLACE TO DETERMINE WHETHER THE LOANS MET THE CONDITIONS OF FINRA RULE 3240(A) AND NASD RULE 2370(A). THEREFORE IT FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH FINRA AND NASD RULES. TWO CUSTOMERS ALLEGED IN WRITING THAT A REGISTERED REPRESENTATIVE HAD MADE JOURNAL TRANSFERS OF FUNDS TO OTHER CUSTOMERS WITHOUT THEIR AUTHORIZATION. THE FIRM SETTLED ONE COMPLAINT FOR $16,500 WHILE THE OTHER WAS RESOLVED WITHOUT A MONETARY SETTLEMENT. THE FIRM NEVER REPORTED EITHER OF THESE COMPLAINTS ON THE REGISTERED REPRESENTATIVE'S FORM U4, AND NEVER DISCLOSED THE SETTLEMENT OF THE SECOND COMPLAINT FOR MORE THAN $15,000. THE CUSTOMER COMPLAINTS ALLEGED MISAPPROPRIATION OF FUNDS WHICH REQUIRES DISCLOSURE UNDER NASD RULE 3070 WITHIN TEN DAYS. ONE COMPLAINT WAS NOT REPORTED UNTIL THREE AND ONE-HALF MONTHS AFTER IT WAS RECEIVED WHILE TO OTHER WAS NEVER REPORTED.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE IT IS CENSURED AND FINED $50,000. THE FIRM FURTHER UNDERTOOK AND AGREED TO CONDUCT A COMPREHENSIVE REVIEW OF ITS SYSTEMS, POLICIES AND PROCEDURES TO ENSURE THAT THOSE POLICIES AND PROCEDURES ARE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH FINRA RULES AND THE FEDERAL SECURITIES LAWS REGARDING BORROWING MONEY FROM, OR LENDING MONEY TO, CUSTOMERS BY REGISTERED REPRESENTATIVES. WITHIN 120 DAYS OF THE ISSUANCE OF A NOTICE OF ACCEPTANCE OF THIS AWC, AN OFFICER OF THE FIRM SHALL CERTIFY IN WRITING TO FINRA THAT (I) THE FIRM HAS ENGAGED IN THE COMPREHENSIVE REVIEW; AND (II) AS OF THE DATE OF THE CERTIFICATION, THE FIRM HAS IN PLACE POLICIES AND PROCEDURES TO REASONABLY DESIGNED TO ADDRESS AND CORRECT THE VIOLATIONS RELATING TO SUPERVISION DESCRIBED IN THIS AWC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE AND UNDERTAKING 3. Date Initiated (MM/DD/YYYY): 04/09/2013 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2010022380001 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: NA 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FINRA BY-LAWS ARTICLE V, SECTION 2; FINRA RULES 1122, 2010; NASD RULES 2110, 3010, 3070, CAUSED VIOLATIONS OF FINRA RULE 3240(A), NASD RULE 2370(A): WELLS FARGO PERMITTED CERTAIN CUSTOMERS TO BORROW MONEY FROM THE MEMBER FIRM BY WITHDRAWING MORE FUNDS THAN WERE AVAILABLE IN THE CUSTOMERS' ACCOUNTS, THROUGH THE USE OF AMONG OTHER THINGS, ONLINE PAYMENTS, CHECKS, AND DEBIT CARDS. THE REGISTERED REPRESENTATIVES ASSIGNED TO THE ACCOUNTS, WITH THE CONCURRENCE OF THE BRANCH MANAGERS AND THE FIRM'S CREDIT AND MARGIN DEPARTMENT, DETERMINED WHETHER TO ALLOW THESE TYPES OF WITHDRAWALS TO GO THROUGH. IF THE OVERDRAFTS WERE ALLOWED TO OCCUR, THE CUSTOMERS WERE RESPONSIBLE FOR SATISFYING THE OVERDRAFT THROUGH A SAME DAY DEPOSIT OF FUNDS, WIRE TRANSFER, OR COLLATERAL OR SALE OF SECURITIES. ACCORDING TO THE FIRM'S POLICY, IF A CUSTOMER DID NOT SATISFY AN OVERDRAFT ON THE SAME DAY, THE DEBIT WOULD NOT BE HONORED. HOWEVER, DURING THE TIME PERIOD AT ISSUE, THE FIRM ALLOWED EXCEPTIONS TO THIS POLICY ON AN OCCASIONAL, THOUGH NOT FREQUENT, BASIS AND PERMITTED OVERDRAFTS IN SITUATIONS WHERE CUSTOMERS DID NOT COVER THE DEBIT ON THE SAME DAY, THEREBY LOANING MONEY TO THOSE CUSTOMERS. IN THOSE INSTANCES, IN ACCORDANCE WITH THE FIRM'S POLICIES AND PROCEDURES, IF THE OVERDRAFT WAS NOT REPAID AFTER A PERIOD OF TIME, THE UNSECURED DEBIT WAS CHARGED AGAINST THE REGISTERED REPRESENTATIVE'S PRODUCTION. ONCE AN OVERDRAFT WAS CHARGED AGAINST A REGISTERED REPRESENTATIVE'S PRODUCTION, THE REGISTERED REPRESENTATIVE COULD REQUEST THAT THE DEBT BE SENT TO COLLECTIONS, THROUGH THE FIRM, FOR RECOVERY FROM THE CUSTOMER. AMOUNTS RECOVERED FROM THE CUSTOMER WERE PAID TO THE REGISTERED REPRESENTATIVE, MINUS ANY COLLECTIONS EXPENSES. BY TRANSFERRING RESPONSIBILITY FOR THE LOAN TO REGISTERED REPRESENTATIVES AND ALLOWING REGISTERED REPRESENTATIVES TO OBTAIN REPAYMENT FROM THE CUSTOMERS, THE FIRM CAUSED REGISTERED REPRESENTATIVES TO LOAN MONEY TO CUSTOMERS. THE FIRM ALSO ALLOWED THE LOANS TO OCCUR WITHOUT ANY SYSTEM OR PROCEDURE IN PLACE TO DETERMINE WHETHER THE LOANS MET THE CONDITIONS OF FINRA RULE 3240(A) AND NASD RULE 2370(A). THEREFORE IT FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH FINRA AND NASD RULES. TWO CUSTOMERS ALLEGED IN WRITING THAT A REGISTERED REPRESENTATIVE HAD MADE JOURNAL TRANSFERS OF FUNDS TO OTHER CUSTOMERS WITHOUT THEIR AUTHORIZATION. THE FIRM SETTLED ONE COMPLAINT FOR $16,500 WHILE THE OTHER WAS RESOLVED WITHOUT A MONETARY SETTLEMENT. THE FIRM NEVER REPORTED EITHER OF THESE COMPLAINTS ON THE REGISTERED REPRESENTATIVE'S FORM U4, AND NEVER DISCLOSED THE SETTLEMENT OF THE SECOND COMPLAINT FOR MORE THAN $15,000. THE CUSTOMER COMPLAINTS ALLEGED MISAPPROPRIATION OF FUNDS WHICH REQUIRES DISCLOSURE UNDER NASD RULE 3070 WITHIN TEN DAYS. ONE COMPLAINT WAS NOT REPORTED UNTIL THREE AND ONE-HALF MONTHS AFTER IT WAS RECEIVED WHILE TO OTHER WAS NEVER REPORTED. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 04/09/2013 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 50,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE IT IS CENSURED AND FINED $50,000. THE FIRM FURTHER UNDERTOOK AND AGREED TO CONDUCT A COMPREHENSIVE REVIEW OF ITS SYSTEMS, POLICIES AND PROCEDURES TO ENSURE THAT THOSE POLICIES AND PROCEDURES ARE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH FINRA RULES AND THE FEDERAL SECURITIES LAWS REGARDING BORROWING MONEY FROM, OR LENDING MONEY TO, CUSTOMERS BY REGISTERED REPRESENTATIVES. WITHIN 120 DAYS OF THE ISSUANCE OF A NOTICE OF ACCEPTANCE OF THIS AWC, AN OFFICER OF THE FIRM SHALL CERTIFY IN WRITING TO FINRA THAT (I) THE FIRM HAS ENGAGED IN THE COMPREHENSIVE REVIEW; AND (II) AS OF THE DATE OF THE CERTIFICATION, THE FIRM HAS IN PLACE POLICIES AND PROCEDURES TO REASONABLY DESIGNED TO ADDRESS AND CORRECT THE VIOLATIONS RELATING TO SUPERVISION DESCRIBED IN THIS AWC. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 8PDF pages 447–449
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 1,250,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
THIS ACTION RELATES TO CONDUCT THAT OCCURRED AT WELLS FARGO INVESTMENTS, LLC (CRD #10582). WELLS FARGO ADVISORS, LLC WAS NOT AFFILIATED WITH WELLS FARGO INVESTMENTS DURING THE RELEVANT PERIOD AND IS NAMED AS A RESPONDENT SOLELY AS SUCCESSOR IN LIABILITY FOR WELLS FARGO INVESTMENTS, LLC. FINRA RULE 2010, NASD RULES 2110, 2310, 3010: BETWEEN JANUARY 1, 2007 AND DECEMBER 31, 2008 WELLS FARGO INVESTMENTS REGISTERED REPRESENTATIVES MADE RECOMMENDATIONS TO CUSTOMERS TO PURCHASE FLOATING RATE LOAN FUNDS THAT WERE UNSUITABLE FOR THOSE CUSTOMERS IN LIGHT OF THEIR FINANCIAL SITUATIONS AND NEEDS. IN PARTICULAR, WELLS FARGO INVESTMENTS MADE NUMEROUS RECOMMENDATIONS TO CUSTOMERS WHOSE RISK TOLERANCES AND INVESTMENT OBJECTIVES WERE INCONSISTENT WITH THE RISKS AND FEATURES OF FLOATING RATE LOAN FUNDS. THE FLOATING RATE LOAN FUNDS SOLD BY WELLS FARGO INVESTMENTS WERE SUBJECT TO SIGNIFICANT CREDIT AND LIQUIDITY RISKS. ACCORDINGLY, THE FUNDS WERE NOT TYPICALLY SUITABLE FOR INVESTORS WITH AN INVESTMENT OBJECTIVE OF INCOME AND A CONSERVATIVE RISK TOLERANCE OR THOSE CUSTOMERS WHO WERE SEEKING TO PRESERVE PRINCIPAL, PARTICULARLY WHEN THOSE CUSTOMERS' PURCHASES CONSTITUTED A LARGE PERCENTAGE OF THEIR INVESTIBLE ASSETS OR LIQUID NET WORTH. MOREOVER, FLOATING RATE LOAN FUNDS, PARTICULARLY THOSE WITH RESTRICTIVE REDEMPTION POLICIES, WERE NOT TYPICALLY SUITABLE FOR INVESTORS WITH SHORT INVESTMENT TIME HORIZONS. BETWEEN 2007 AND EARLY 2009, THE NET ASSET VALUE OF THE TYPICAL FLOATING RATE LOAN FUNDS DECLINED SUBSTANTIALLY AND SINCE THAT TIME HAS PARTIALLY RECOVERED. HOWEVER, MANY WELLS FARGO INVESTMENTS CUSTOMERS FOR WHOM A FLOATING RATE LOAN FUND WAS UNSUITABLE SOLD THEIR HOLDINGS IN FLOATING RATE LOAN FUNDS AND INCURRED NET LOSSES. WELLS FARGO INVESTMENTS ALSO FAILED TO ESTABLISH AND MAINTAIN A SYSTEM FOR SUPERVISING ITS SALES OF FLOATING RATE LOAN FUNDS THAT WAS REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE SUITABILITY REQUIREMENTS OF NASD AND FINRA RULES. EVEN AFTER POTENTIAL CONCERNS WERE RAISED INTERNALLY, WELLS FARGO INVESTMENTS FAILED TO PROVIDE SUFFICIENT GUIDANCE OR TRAINING TO REGISTERED REPRESENTATIVES OR SUPERVISORS TO DETERMINE WHETHER FLOATING RATE LOAN FUNDS WERE SUITABLE FOR ITS CLIENTS AND THE CREDIT AND LIQUIDITY RISKS ASSOCIATED WITH FLOATING RATE FUNDS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE IT IS CENSURED, FINED $1,250,000 AND MUST PAY RESTITUTION TO CUSTOMERS IN THE AMOUNT OF $1,981,561.70. A REGISTERED PRINCIPAL ON BEHALF OF THE FIRM SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF RESTITUTION OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THE AWC. IF FOR ANY REASON THE FIRM CANNOT LOCATE ANY OF THE CUSTOMERS RECEIVING RESTITUTION AFTER REASONABLE AND DOCUMENTED EFFORTS WITHIN 120 DAYS FROM THE DATE THE AWC IS ACCEPTED, OR SUCH ADDITIONAL PERIOD AGREED TO BY FINRA, THE FIRM SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY OR ABANDONED PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER IS LAST KNOWN TO HAVE RESIDED. THE FIRM SHALL PROVIDE SATISFACTORY PROOF OF SUCH ACTION TO FINRA WITHIN 14 DAYS OF FORWARDING THE UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE STATE AUTHORITY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Other Sanctions: NA 3. Date Initiated (MM/DD/YYYY): 06/04/2013 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2008014350501 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: FLOATING RATE FUNDS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THIS ACTION RELATES TO CONDUCT THAT OCCURRED AT WELLS FARGO INVESTMENTS, LLC (CRD #10582). WELLS FARGO ADVISORS, LLC WAS NOT AFFILIATED WITH WELLS FARGO INVESTMENTS DURING THE RELEVANT PERIOD AND IS NAMED AS A RESPONDENT SOLELY AS SUCCESSOR IN LIABILITY FOR WELLS FARGO INVESTMENTS, LLC. FINRA RULE 2010, NASD RULES 2110, 2310, 3010: BETWEEN JANUARY 1, 2007 AND DECEMBER 31, 2008 WELLS FARGO INVESTMENTS REGISTERED REPRESENTATIVES MADE RECOMMENDATIONS TO CUSTOMERS TO PURCHASE FLOATING RATE LOAN FUNDS THAT WERE UNSUITABLE FOR THOSE CUSTOMERS IN LIGHT OF THEIR FINANCIAL SITUATIONS AND NEEDS. IN PARTICULAR, WELLS FARGO INVESTMENTS MADE NUMEROUS RECOMMENDATIONS TO CUSTOMERS WHOSE RISK TOLERANCES AND INVESTMENT OBJECTIVES WERE INCONSISTENT WITH THE RISKS AND FEATURES OF FLOATING RATE LOAN FUNDS. THE FLOATING RATE LOAN FUNDS SOLD BY WELLS FARGO INVESTMENTS WERE SUBJECT TO SIGNIFICANT CREDIT AND LIQUIDITY RISKS. ACCORDINGLY, THE FUNDS WERE NOT TYPICALLY SUITABLE FOR INVESTORS WITH AN INVESTMENT OBJECTIVE OF INCOME AND A CONSERVATIVE RISK TOLERANCE OR THOSE CUSTOMERS WHO WERE SEEKING TO PRESERVE PRINCIPAL, PARTICULARLY WHEN THOSE CUSTOMERS' PURCHASES CONSTITUTED A LARGE PERCENTAGE OF THEIR INVESTIBLE ASSETS OR LIQUID NET WORTH. MOREOVER, FLOATING RATE LOAN FUNDS, PARTICULARLY THOSE WITH RESTRICTIVE REDEMPTION POLICIES, WERE NOT TYPICALLY SUITABLE FOR INVESTORS WITH SHORT INVESTMENT TIME HORIZONS. BETWEEN 2007 AND EARLY 2009, THE NET ASSET VALUE OF THE TYPICAL FLOATING RATE LOAN FUNDS DECLINED SUBSTANTIALLY AND SINCE THAT TIME HAS PARTIALLY RECOVERED. HOWEVER, MANY WELLS FARGO INVESTMENTS CUSTOMERS FOR WHOM A FLOATING RATE LOAN FUND WAS UNSUITABLE SOLD THEIR HOLDINGS IN FLOATING RATE LOAN FUNDS AND INCURRED NET LOSSES. WELLS FARGO INVESTMENTS ALSO FAILED TO ESTABLISH AND MAINTAIN A SYSTEM FOR SUPERVISING ITS SALES OF FLOATING RATE LOAN FUNDS THAT WAS REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE SUITABILITY REQUIREMENTS OF NASD AND FINRA RULES. EVEN AFTER POTENTIAL CONCERNS WERE RAISED INTERNALLY, WELLS FARGO INVESTMENTS FAILED TO PROVIDE SUFFICIENT GUIDANCE OR TRAINING TO REGISTERED REPRESENTATIVES OR SUPERVISORS TO DETERMINE WHETHER FLOATING RATE LOAN FUNDS WERE SUITABLE FOR ITS CLIENTS AND THE CREDIT AND LIQUIDITY RISKS ASSOCIATED WITH FLOATING RATE FUNDS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 06/04/2013 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,250,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE IT IS CENSURED, FINED $1,250,000 AND MUST PAY RESTITUTION TO CUSTOMERS IN THE AMOUNT OF $1,981,561.70. A REGISTERED PRINCIPAL ON BEHALF OF THE FIRM SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF RESTITUTION OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THE AWC. IF FOR ANY REASON THE FIRM CANNOT LOCATE ANY OF THE CUSTOMERS RECEIVING RESTITUTION AFTER REASONABLE AND DOCUMENTED EFFORTS WITHIN 120 DAYS FROM THE DATE THE AWC IS ACCEPTED, OR SUCH ADDITIONAL PERIOD AGREED TO BY FINRA, THE FIRM SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY OR ABANDONED PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER IS LAST KNOWN TO HAVE RESIDED. THE FIRM SHALL PROVIDE SATISFACTORY PROOF OF SUCH ACTION TO FINRA WITHIN 14 DAYS OF FORWARDING THE UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE STATE AUTHORITY. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 9PDF pages 449–450
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 35,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WELLS FARGO ADVISORS, LLC IS THE SUCCESSOR OF WELLS FARGO INVESTMENTS. THE ALLEGATIONS RELATE SOLEY TO WELLS FARGO INVESTMENTS, LLC (CRD-10582)AND TRANSACTIONS AFFECTED BY IT, PRIOR TO JANUARY 2011, WHEN IT CEASED DOING BUSINESS. FINRA RULE 2010: IN 25 TRANSACTIONS, THE FIRM PURCHASED AGENCY SECURITIES FOR ITS OWN ACCOUNT FROM A CUSTOMER AND/OR SOLD AGENCY SECURITIES FOR ITS OWN ACCOUNT TO A CUSTOMER IN THE COURSE OF ITS BUSINESS AT AN AGGREGATE PRICE THAT WAS NOT FAIR AND REASONABLE, AND IN SO DOING FAILED TO OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE.
Sanction detail — filed text
WELLS FARGO ADVISORS, LLC IS THE SUCCESSOR OF WELLS FARGO INVESTMENTS. THE ALLEGATIONS RELATE SOLEY TO WELLS FARGO INVESTMENTS, LLC (CRD-10582)AND TRANSACTIONS AFFECTED BY IT, PRIOR TO JANUARY 2011, WHEN IT CEASED DOING BUSINESS. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM THROUGH ITS SUCCESSOR CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, IT IS CENSURED, FINED $35,000 AND ORDERED TO PAY $17,384.81, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS. A REGISTERED FIRM PRINCIPAL SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF THE RESTITUTION, OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION, TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THIS AWC. ANY UNDISTRIBUTED RESTITUTION AND INTEREST SHALL BE FORWARDED TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY OR ABANDONED PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER LAST RESIDED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/02/2013 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2011026083001 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AGENCY SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO ADVISORS, LLC IS THE SUCCESSOR OF WELLS FARGO INVESTMENTS. THE ALLEGATIONS RELATE SOLEY TO WELLS FARGO INVESTMENTS, LLC (CRD-10582)AND TRANSACTIONS AFFECTED BY IT, PRIOR TO JANUARY 2011, WHEN IT CEASED DOING BUSINESS. FINRA RULE 2010: IN 25 TRANSACTIONS, THE FIRM PURCHASED AGENCY SECURITIES FOR ITS OWN ACCOUNT FROM A CUSTOMER AND/OR SOLD AGENCY SECURITIES FOR ITS OWN ACCOUNT TO A CUSTOMER IN THE COURSE OF ITS BUSINESS AT AN AGGREGATE PRICE THAT WAS NOT FAIR AND REASONABLE, AND IN SO DOING FAILED TO OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 07/02/2013 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 35,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WELLS FARGO ADVISORS, LLC IS THE SUCCESSOR OF WELLS FARGO INVESTMENTS. THE ALLEGATIONS RELATE SOLEY TO WELLS FARGO INVESTMENTS, LLC (CRD-10582)AND TRANSACTIONS AFFECTED BY IT, PRIOR TO JANUARY 2011, WHEN IT CEASED DOING BUSINESS. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM THROUGH ITS SUCCESSOR CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, IT IS CENSURED, FINED $35,000 AND ORDERED TO PAY $17,384.81, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS. A REGISTERED FIRM PRINCIPAL SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF THE RESTITUTION, OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION, TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THIS AWC. ANY UNDISTRIBUTED RESTITUTION AND INTEREST SHALL BE FORWARDED TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY OR ABANDONED PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER LAST RESIDED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 10PDF pages 450–452
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 150,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
FINRA RULE 2010, NASD RULES 3010 AND 3012(A)(2)(B)(I): WELLS FARGO'S SUPERVISORY CONTROL SYSTEM FAILED TO INCLUDE A POLICY OR PROCEDURE REQUIRING A REVIEW TO DETECT OR PREVENT MULTIPLE TRANSMITTALS OF FUNDS FROM MULTIPLE CUSTOMERS GOING TO THE SAME THIRD PARTY ACCOUNTS. THE FIRM'S SYSTEM ALSO FAILED TO INCLUDE EXCEPTION REPORTS THAT WOULD HAVE IDENTIFIED MULTIPLE CUSTOMER WIRES GOING TO THE SAME THIRD PARTY ACCOUNT. CONSEQUENTLY, WELLS FARGO FAILED TO DETECT THAT A REGISTERED REPRESENTATIVE HAD INITIATED FUND TRANSFERS, TOTALING APPROXIMATELY $258,000, OUT OF TWO CUSTOMER ACCOUNTS, TO BANK ACCOUNTS THAT SHE OR HER FAMILY MEMBER APPARENTLY CONTROLLED. WELLS FARGO FAILED TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEM THAT WAS REASONABLY DESIGNED TO ADEQUATELY REVIEW AND MONITOR THE TRANSMITTALS OF FUNDS FROM THE ACCOUNTS OF CUSTOMERS TO THIRD PARTY ACCOUNTS AND OUTSIDE ENTITIES.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE IT IS CENSURED AND FINED $150,000. WELLS FARGO ADVISORS, LLC FULLY COMPENSATED THE AFFECTED CLIENTS, AND REPORTED THIS MATTER TO REGULATORS. THE FIRM ALSO REPORTED THE MATTER TO LAW ENFORCEMENT AND HAS COOPERATED WITH THEIR EFFORTS TO RESOLVE THIS MATTER."
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/12/2013 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2012031047501 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FINRA RULE 2010, NASD RULES 3010 AND 3012(A)(2)(B)(I): WELLS FARGO'S SUPERVISORY CONTROL SYSTEM FAILED TO INCLUDE A POLICY OR PROCEDURE REQUIRING A REVIEW TO DETECT OR PREVENT MULTIPLE TRANSMITTALS OF FUNDS FROM MULTIPLE CUSTOMERS GOING TO THE SAME THIRD PARTY ACCOUNTS. THE FIRM'S SYSTEM ALSO FAILED TO INCLUDE EXCEPTION REPORTS THAT WOULD HAVE IDENTIFIED MULTIPLE CUSTOMER WIRES GOING TO THE SAME THIRD PARTY ACCOUNT. CONSEQUENTLY, WELLS FARGO FAILED TO DETECT THAT A REGISTERED REPRESENTATIVE HAD INITIATED FUND TRANSFERS, TOTALING APPROXIMATELY $258,000, OUT OF TWO CUSTOMER ACCOUNTS, TO BANK ACCOUNTS THAT SHE OR HER FAMILY MEMBER APPARENTLY CONTROLLED. WELLS FARGO FAILED TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEM THAT WAS REASONABLY DESIGNED TO ADEQUATELY REVIEW AND MONITOR THE TRANSMITTALS OF FUNDS FROM THE ACCOUNTS OF CUSTOMERS TO THIRD PARTY ACCOUNTS AND OUTSIDE ENTITIES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 09/12/2013 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 150,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE IT IS CENSURED AND FINED $150,000. WELLS FARGO ADVISORS, LLC FULLY COMPENSATED THE AFFECTED CLIENTS, AND REPORTED THIS MATTER TO REGULATORS. THE FIRM ALSO REPORTED THE MATTER TO LAW ENFORCEMENT AND HAS COOPERATED WITH THEIR EFFORTS TO RESOLVE THIS MATTER." 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 11WELLS FARGO ADVISORS FINANCIAL NETWORK, LLCPDF pages 452–454
- Advisory affiliate name — filed text
- WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 1,500,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
IN DETERMINING THE APPROPRIATE SANCTIONS, FINRA CONSIDERED THAT THE FIRM DISCOVERED THE CIP-RELATED VIOLATIONS THROUGH THE FIRM'S COMPLIANCE RISK ANALYSIS SYSTEM (CRAS) TEST, INVESTIGATED THEIR CAUSES AND SCOPE, PERFORMED REMEDIATION CIP ON THE APPROXIMATELY 100,000 AFFECTED ACCOUNTS THAT REMAINED OPEN, MADE PROGRAMMING CHANGES TO THE CIP SYSTEM AND TO THE FIRM'S BETA IN AN EFFORT TO PREVENT RECURRENCES, AND REPORTED THE VIOLATIONS TO FINRA IN ACCORDANCE WITH RULE 4530(B).
Other filed details
Description of allegations — filed text
FINRA HAS ALLEGED POTENTIAL VIOLATIONS OF FINRA RULES 3310 AND 2010 AND NASD RULE 2110. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT FOR SEVERAL YEARS THE FIRM FAILED TO COMPLY FULLY WITH A KEY ASPECT OF THE ANTI-MONEY LAUNDERING ("AML") COMPLIANCE PROGRAM REQUIREMENTS FOR BROKER-DEALERS. TO SATISFY THOSE REQUIREMENTS, EVERY BROKER-DEALER MUST ESTABLISH AND MAINTAIN A CUSTOMER IDENTIFICATION PROGRAM ("CIP") UNDER WHICH IT VERIFIES THE IDENTITY OF EACH CUSTOMER OPENING A NEW ACCOUNT, AND, DURING THE RELEVANT PERIOD, THE FIRM'S CIP WAS DEFICIENT, IN THAT IT DID NOT SUBJECT CERTAIN NEW CUSTOMERS TO IDENTITY VERIFICATION. THE FINDINGS STATED THAT DURING THE RELEVANT PERIOD, WHEN THE FIRM'S TRANSACTION- PROCESSING SYSTEM, THE BETA SYSTEM, ASSIGNED CUSTOMER IDENTIFIERS TO NEW SECURITIES ACCOUNTS, IT SOMETIMES RECYCLED IDENTIFIERS PREVIOUSLY ASSIGNED TO ACCOUNTS THAT HAD BEEN CLOSED. WHEN THIS HAPPENED, THE CIP SYSTEM RECOGNIZED THE IDENTIFIERS AND TREATED THE NEW ACCOUNTS AS IF THEY HAD ALREADY GONE THROUGH THE CIP SYSTEM. THUS, EVEN THOUGH THE APPURTENANT CUSTOMER INFORMATION - SUCH AS CUSTOMER NAME, ADDRESS, TAX-IDENTIFICATION NUMBER, AND DATE OF BIRTH - WAS DIFFERENT FROM THE PREVIOUS INSTANCE OF IDENTITY VERIFICATION, THE CIP SYSTEM DID NOT SUBJECT THE CUSTOMERS ASSOCIATED WITH THESE NEW ACCOUNTS TO IDENTITY VERIFICATION. FOR THAT REASON, THE FIRM'S CIP SYSTEM DID NOT VERIFY THE IDENTITIES OF NEW CUSTOMERS WITH RECYCLED IDENTIFIERS. THIS RESULTED IN THE FIRMS' FAILURE TO CONDUCT CUSTOMER-IDENTITY VERIFICATION FOR NEARLY 220,000 ACCOUNTS DURING THE RELEVANT PERIOD. THE FINDINGS ALSO STATED THAT OF THE ACCOUNTS THAT WERE NOT SUBJECTED TO IDENTITY VERIFICATION, APPROXIMATELY 120,000 WERE ALREADY CLOSED WHEN THE PROBLEM CAME TO LIGHT. THESE ACCOUNTS WERE NEVER SUBJECTED TO IDENTITY VERIFICATION. THE ACCOUNTS THAT WERE STILL OPEN WHEN THE FIRM DISCOVERED THE DESIGN FLAW WERE SUBSEQUENTLY SENT THROUGH THE CIP PROCESS, WITH THE FIRM EVENTUALLY PROHIBITING FURTHER ACTIVITY IN 345 ACCOUNTS FOR WHICH IDENTITY VERIFICATION COULD NOT BE COMPLETED. IN DETERMINING THE APPROPRIATE SANCTIONS, FINRA CONSIDERED THAT THE FIRM DISCOVERED THE CIP-RELATED VIOLATIONS THROUGH THE FIRM'S COMPLIANCE RISK ANALYSIS SYSTEM (CRAS) TEST, INVESTIGATED THEIR CAUSES AND SCOPE, PERFORMED REMEDIATION CIP ON THE APPROXIMATELY 100,000 AFFECTED ACCOUNTS THAT REMAINED OPEN, MADE PROGRAMMING CHANGES TO THE CIP SYSTEM AND TO THE FIRM'S BETA IN AN EFFORT TO PREVENT RECURRENCES, AND REPORTED THE VIOLATIONS TO FINRA IN ACCORDANCE WITH RULE 4530(B).
Sanction detail — filed text
THE FIRM WAS CENSURED AND FINED, JOINTLY AND SEVERALLY, $1,500,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
11025
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO ADVISORS
FINANCIAL NETWORK, LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINRA
2.
Principal Sanction:
Other
Other Sanctions:
N/A
3.
Date Initiated (MM/DD/YYYY):
12/18/2014
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2012034123501
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
FINRA HAS ALLEGED POTENTIAL VIOLATIONS OF FINRA RULES 3310 AND 2010 AND NASD RULE 2110. WITHOUT ADMITTING OR DENYING THE FINDINGS,
THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT FOR SEVERAL YEARS THE FIRM FAILED TO COMPLY FULLY WITH A KEY
ASPECT OF THE ANTI-MONEY LAUNDERING ("AML") COMPLIANCE PROGRAM REQUIREMENTS FOR BROKER-DEALERS. TO SATISFY THOSE REQUIREMENTS,
EVERY BROKER-DEALER MUST ESTABLISH AND MAINTAIN A CUSTOMER IDENTIFICATION PROGRAM ("CIP") UNDER WHICH IT VERIFIES THE IDENTITY OF
EACH CUSTOMER OPENING A NEW ACCOUNT, AND, DURING THE RELEVANT PERIOD, THE FIRM'S CIP WAS DEFICIENT, IN THAT IT DID NOT SUBJECT
CERTAIN NEW CUSTOMERS TO IDENTITY VERIFICATION. THE FINDINGS STATED THAT DURING THE RELEVANT PERIOD, WHEN THE FIRM'S TRANSACTION-
PROCESSING SYSTEM, THE BETA SYSTEM, ASSIGNED CUSTOMER IDENTIFIERS TO NEW SECURITIES ACCOUNTS, IT SOMETIMES RECYCLED IDENTIFIERS
PREVIOUSLY ASSIGNED TO ACCOUNTS THAT HAD BEEN CLOSED. WHEN THIS HAPPENED, THE CIP SYSTEM RECOGNIZED THE IDENTIFIERS AND TREATED
THE NEW ACCOUNTS AS IF THEY HAD ALREADY GONE THROUGH THE CIP SYSTEM. THUS, EVEN THOUGH THE APPURTENANT CUSTOMER INFORMATION -
SUCH AS CUSTOMER NAME, ADDRESS, TAX-IDENTIFICATION NUMBER, AND DATE OF BIRTH - WAS DIFFERENT FROM THE PREVIOUS INSTANCE OF
IDENTITY VERIFICATION, THE CIP SYSTEM DID NOT SUBJECT THE CUSTOMERS ASSOCIATED WITH THESE NEW ACCOUNTS TO IDENTITY VERIFICATION.
FOR THAT REASON, THE FIRM'S CIP SYSTEM DID NOT VERIFY THE IDENTITIES OF NEW CUSTOMERS WITH RECYCLED IDENTIFIERS. THIS RESULTED IN
THE FIRMS' FAILURE TO CONDUCT CUSTOMER-IDENTITY VERIFICATION FOR NEARLY 220,000 ACCOUNTS DURING THE RELEVANT PERIOD. THE FINDINGS
ALSO STATED THAT OF THE ACCOUNTS THAT WERE NOT SUBJECTED TO IDENTITY VERIFICATION, APPROXIMATELY 120,000 WERE ALREADY CLOSED
WHEN THE PROBLEM CAME TO LIGHT. THESE ACCOUNTS WERE NEVER SUBJECTED TO IDENTITY VERIFICATION. THE ACCOUNTS THAT WERE STILL OPEN
WHEN THE FIRM DISCOVERED THE DESIGN FLAW WERE SUBSEQUENTLY SENT THROUGH THE CIP PROCESS, WITH THE FIRM EVENTUALLY PROHIBITING
FURTHER ACTIVITY IN 345 ACCOUNTS FOR WHICH IDENTITY VERIFICATION COULD NOT BE COMPLETED. IN DETERMINING THE APPROPRIATE
SANCTIONS, FINRA CONSIDERED THAT THE FIRM DISCOVERED THE CIP-RELATED VIOLATIONS THROUGH THE FIRM'S COMPLIANCE RISK ANALYSIS
SYSTEM (CRAS) TEST, INVESTIGATED THEIR CAUSES AND SCOPE, PERFORMED REMEDIATION CIP ON THE APPROXIMATELY 100,000 AFFECTED
ACCOUNTS THAT REMAINED OPEN, MADE PROGRAMMING CHANGES TO THE CIP SYSTEM AND TO THE FIRM'S BETA IN AN EFFORT TO PREVENT
RECURRENCES, AND REPORTED THE VIOLATIONS TO FINRA IN ACCORDANCE WITH RULE 4530(B).
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/18/2014
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 1,500,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE FIRM WAS CENSURED AND FINED, JOINTLY AND SEVERALLY, $1,500,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
IN DETERMINING THE APPROPRIATE SANCTIONS, FINRA CONSIDERED THAT THE FIRM DISCOVERED THE CIP-RELATED VIOLATIONS THROUGH THE FIRM'S
COMPLIANCE RISK ANALYSIS SYSTEM (CRAS) TEST, INVESTIGATED THEIR CAUSES AND SCOPE, PERFORMED REMEDIATION CIP ON THE APPROXIMATELY
100,000 AFFECTED ACCOUNTS THAT REMAINED OPEN, MADE PROGRAMMING CHANGES TO THE CIP SYSTEM AND TO THE FIRM'S BETA IN AN EFFORT TO
PREVENT RECURRENCES, AND REPORTED THE VIOLATIONS TO FINRA IN ACCORDANCE WITH RULE 4530(B).regulatory · block 12PDF pages 454–456
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
FINRA RULE 2010, NASD INTERPRETATIVE MATERIAL 2110-2 - WELLS FARGO ADVISORS,LLC FAILED TO CONTEMPORANEOUSLY EXECUTE CUSTOMER LIMIT ORDERS IN OVER-THE-COUNTER (OTC) SECURITIES AFTER IT TRADED EACH SUBJECT SECURITY FOR ITS OWN MARKET-MAKING ACCOUNT AT A PRICE THAT WOULD HAVE SATISFIED EACH CUSTOMER'S LIMIT ORDER.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS FINED $5,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/18/2013 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2011028036801 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Equity - OTC Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FINRA RULE 2010, NASD INTERPRETATIVE MATERIAL 2110-2 - WELLS FARGO ADVISORS,LLC FAILED TO CONTEMPORANEOUSLY EXECUTE CUSTOMER LIMIT ORDERS IN OVER-THE-COUNTER (OTC) SECURITIES AFTER IT TRADED EACH SUBJECT SECURITY FOR ITS OWN MARKET-MAKING ACCOUNT AT A PRICE THAT WOULD HAVE SATISFIED EACH CUSTOMER'S LIMIT ORDER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 11/18/2013 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS FINED $5,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 13PDF pages 456–458
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 20,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
FINRA RULE 2010, MSRB RULES G-17, G-30(A) - WELLS FARGO ADVISORS, LLC BOUGHT OR SOLD MUNICIPAL SECURITIES FOR ITS OWN ACCOUNT FROM CUSTOMERS AND/OR SOLD MUNICIPAL SECURITIES TO CUSTOMERS AT AN AGGREGATE PRICE (INCLUDING ANY MARKUP OR MARKDOWN) THAT WAS NOT FAIR AND REASONABLE, TAKING INTO CONSIDERATION ALL RELEVANT FACTORS, INCLUDING THE BEST JUDGMENT OF THE BROKER, DEALER, OR MUNICIPAL SECURITIES DEALER AS TO THE FAIR MARKET VALUE OF THE SECURITIES AT THE TIME OF THE TRANSACTION AND OF ANY SECURITIES EXCHANGED OR TRADED IN CONNECTION WITH THE TRANSACTION, THE EXPENSE INVOLVED IN EFFECTING THE TRANSACTION, THE FACT THAT THE BROKER, DEALER, OR MUNICIPAL SECURITIES IS ENTITLED TO A PROFIT, AND THE TOTAL DOLLAR AMOUNT OF THE TRANSACTION. THE FIRM SOLD AGENCY BONDS TO ITS CUSTOMERS AND FAILED TO SELL SUCH BONDS AT A PRICE THAT WAS FAIR, TAKING INTO CONSIDERATION ALL RELEVANT CIRCUMSTANCES, INCLUDING MARKET CONDITIONS WITH RESPECT TO EACH AT THE TIME OF THE TRANSACTION, THE EXPENSE INVOLVED, AND THAT THE FIRM WAS ENTITLED TO A PROFIT.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED, FINED $20,000, OF WHICH $10,000 IS FOR MSRB RULE VIOLATIONS, AND ORDERED TO PAY $8,660.93, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS. THE FIRM HAS ALREADY PAID FULL OR PARTIAL RESTITUTION FOR SEVERAL OF THE TRANSACTIONS. A REGISTERED FIRM PRINCIPAL SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF RESTITUTION OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THIS AWC. THE FIRM SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED-PROPERTY OR ABANDONED- PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER IS KNOWN TO HAVE LAST RESIDED. FINE PAID IN FULL ON JANUARY 8, 2014.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/23/2013 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2009020171701 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Debt - Municipal Other Product Types: AGENCY BONDS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FINRA RULE 2010, MSRB RULES G-17, G-30(A) - WELLS FARGO ADVISORS, LLC BOUGHT OR SOLD MUNICIPAL SECURITIES FOR ITS OWN ACCOUNT FROM CUSTOMERS AND/OR SOLD MUNICIPAL SECURITIES TO CUSTOMERS AT AN AGGREGATE PRICE (INCLUDING ANY MARKUP OR MARKDOWN) THAT WAS NOT FAIR AND REASONABLE, TAKING INTO CONSIDERATION ALL RELEVANT FACTORS, INCLUDING THE BEST JUDGMENT OF THE BROKER, DEALER, OR MUNICIPAL SECURITIES DEALER AS TO THE FAIR MARKET VALUE OF THE SECURITIES AT THE TIME OF THE TRANSACTION AND OF ANY SECURITIES EXCHANGED OR TRADED IN CONNECTION WITH THE TRANSACTION, THE EXPENSE INVOLVED IN EFFECTING THE TRANSACTION, THE FACT THAT THE BROKER, DEALER, OR MUNICIPAL SECURITIES IS ENTITLED TO A PROFIT, AND THE TOTAL DOLLAR AMOUNT OF THE TRANSACTION. THE FIRM SOLD AGENCY BONDS TO ITS CUSTOMERS AND FAILED TO SELL SUCH BONDS AT A PRICE THAT WAS FAIR, TAKING INTO CONSIDERATION ALL RELEVANT CIRCUMSTANCES, INCLUDING MARKET CONDITIONS WITH RESPECT TO EACH AT THE TIME OF THE TRANSACTION, THE EXPENSE INVOLVED, AND THAT THE FIRM WAS ENTITLED TO A PROFIT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/23/2013 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 20,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED, FINED $20,000, OF WHICH $10,000 IS FOR MSRB RULE VIOLATIONS, AND ORDERED TO PAY $8,660.93, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS. THE FIRM HAS ALREADY PAID FULL OR PARTIAL RESTITUTION FOR SEVERAL OF THE TRANSACTIONS. A REGISTERED FIRM PRINCIPAL SHALL SUBMIT SATISFACTORY PROOF OF PAYMENT OF RESTITUTION OR OF REASONABLE AND DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION TO FINRA NO LATER THAN 120 DAYS AFTER ACCEPTANCE OF THIS AWC. THE FIRM SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED-PROPERTY OR ABANDONED- PROPERTY FUND FOR THE STATE IN WHICH THE CUSTOMER IS KNOWN TO HAVE LAST RESIDED. FINE PAID IN FULL ON JANUARY 8, 2014. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 14PDF pages 458–460
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 10,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT SOLD AGENCY BONDS TO ITS CUSTOMERS AND FAILED TO BUY OR SELL SUCH BONDS AT A PRICE THAT WAS FAIR, TAKING INTO CONSIDERATION ALL RELEVANT CIRCUMSTANCES, INCLUDING MARKET CONDITIONS WITH RESPECT TO EACH AT THE TIME OF THE TRANSACTION, THE EXPENSE INVOLVED AND THAT THE FIRM WAS ENTITLED TO A PROFIT.
Sanction detail — filed text
SEE ABOVE
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/15/2014 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2012033330501 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: AGENCY BONDS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT SOLD AGENCY BONDS TO ITS CUSTOMERS AND FAILED TO BUY OR SELL SUCH BONDS AT A PRICE THAT WAS FAIR, TAKING INTO CONSIDERATION ALL RELEVANT CIRCUMSTANCES, INCLUDING MARKET CONDITIONS WITH RESPECT TO EACH AT THE TIME OF THE TRANSACTION, THE EXPENSE INVOLVED AND THAT THE FIRM WAS ENTITLED TO A PROFIT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 07/15/2014 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: ORDERED TO PAY RESTITUTION TO FIRM CUSTOMERS IN THE AMOUNT OF $5,032.12, PLUS INTEREST Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SEE ABOVE 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 15PDF pages 460–461
- Regulator name — filed text
- FINRA
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
******PLEASE REMOVE THIS DRP.****** ON 12-18-2014, FINRA ENFORCEMENT STAFF NOTIFIED THE FIRM THAT IT HAD DETERMINED THAT IT WILL NOT RECOMMEND THE COMMENCEMENT OF A DISCIPLINARY ACTION REGARDING THIS MATTER.
Other filed details
Description of allegations — filed text
FINRA ENFORCEMENT STAFF INFORMED THE FIRM THAT IT HAD MADE A PRELIMINARY DETERMINATION TO RECOMMEND THAT DISCIPLINARY ACTION BE BROUGHT AGAINST THE FIRM FOR VIOLATIONS OF NASD RULES 3011 AND 2110 AND FINRA RULE 2010 FOR FAILING TO IMPLEMENT POLICIES AND PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE BANK SECRECY ACT AND ITS IMPLEMENTING REGULATIONS TO DETECT AND CAUSE THE REPORTING OF SUSPICIOUS ACTIVITY. ON 12-18-2014, FINRA ENFORCEMENT STAFF NOTIFIED THE FIRM THAT IT HAD DETERMINED THAT IT WILL NOT RECOMMEND THE COMMENCEMENT OF A DISCIPLINARY ACTION REGARDING THIS MATTER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/15/2014 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 20100212725 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FINRA ENFORCEMENT STAFF INFORMED THE FIRM THAT IT HAD MADE A PRELIMINARY DETERMINATION TO RECOMMEND THAT DISCIPLINARY ACTION BE BROUGHT AGAINST THE FIRM FOR VIOLATIONS OF NASD RULES 3011 AND 2110 AND FINRA RULE 2010 FOR FAILING TO IMPLEMENT POLICIES AND PROCEDURES REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THE BANK SECRECY ACT AND ITS IMPLEMENTING REGULATIONS TO DETECT AND CAUSE THE REPORTING OF SUSPICIOUS ACTIVITY. ON 12-18-2014, FINRA ENFORCEMENT STAFF NOTIFIED THE FIRM THAT IT HAD DETERMINED THAT IT WILL NOT RECOMMEND THE COMMENCEMENT OF A DISCIPLINARY ACTION REGARDING THIS MATTER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 12/18/2014 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ******PLEASE REMOVE THIS DRP.****** ON 12-18-2014, FINRA ENFORCEMENT STAFF NOTIFIED THE FIRM THAT IT HAD DETERMINED THAT IT WILL NOT RECOMMEND THE COMMENCEMENT OF A DISCIPLINARY ACTION REGARDING THIS MATTER.
regulatory · block 16PDF pages 461–463
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 25,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WELLS FARGO ADVISORS, LLC ("WFA") IS THE SUCCESSOR TO WELLS FARGO INVESTMENTS, LLC ("WFI") (CRD-10582). THE ALLEGATIONS SOLELY INVOLVE WFI'S DISSEMINATION OF SALES LITERATURE THAT FAILED TO CONFORM TO THE CONTENT STANDARDS OF NASD RULE 2210 AND FINRA RULE 2010.
Sanction detail — filed text
WELLS FARGO ADVISORS, LLC ("WFA") IS THE SUCCESSOR TO WELLS FARGO INVESTMENTS, LLC ("WFI") (CRD-10582). THE ALLEGATIONS SOLEY INVOLVE WFI'S DISSEMINATION OF SALES LITERATURE THAT FAILED TO CONFORM TO THE CONTENT STANDARDS OF NASD RULE 2210 AND FINRA 2010. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM THROUGH ITS SUCCESSOR CONSENTED TO A CENSURE AND $25,000 MONETARY FINE. THE FIRM SENT PAYMENT TO FINRA ON OR ABOUT JUNE 11, 2014. FINE PAID JUNE 12, 2014
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINRA
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
06/02/2014
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2010023976502
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
y
p
y
g
y
g
y
(
pp
)
WELLS FARGO INVESTMENTS, LLC (CRD-10582)
6.
Principal Product Type:
Other
Other Product Types:
ETF
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WELLS FARGO ADVISORS, LLC ("WFA") IS THE SUCCESSOR TO WELLS FARGO INVESTMENTS, LLC ("WFI") (CRD-10582). THE ALLEGATIONS SOLELY
INVOLVE WFI'S DISSEMINATION OF SALES LITERATURE THAT FAILED TO CONFORM TO THE CONTENT STANDARDS OF NASD RULE 2210 AND FINRA RULE
2010.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
06/02/2014
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 25,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WELLS FARGO ADVISORS, LLC ("WFA") IS THE SUCCESSOR TO WELLS FARGO INVESTMENTS, LLC ("WFI") (CRD-10582). THE ALLEGATIONS SOLEY
INVOLVE WFI'S DISSEMINATION OF SALES LITERATURE THAT FAILED TO CONFORM TO THE CONTENT STANDARDS OF NASD RULE 2210 AND FINRA
2010. WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM THROUGH ITS SUCCESSOR CONSENTED TO A CENSURE AND $25,000
MONETARY FINE. THE FIRM SENT PAYMENT TO FINRA ON OR ABOUT JUNE 11, 2014. FINE PAID JUNE 12, 2014
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 17PDF pages 463–465
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 5,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
SEE SANCTION DETAILS IN 12.B.
Other filed details
Description of allegations — filed text
SEC ADMIN RELEASE 34-73175, IA RELEASE 40-3928/SEPTEMBER 22, 2014: THE SECURITIES AND EXCHANGE COMMISSION DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTIONS 15(B) AND 21C OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTIONS 203(E) AND 203(K) OF THE INVESTMENT ADVISERS ACT OF 1940 AGAINST WELLS FARGO ADVISORS, LLC ("WELLS FARGO ADVISORS" OR "RESPONDENT"). IN ANTICIPATION OF THE INSTITUTION OF THESE PROCEEDINGS,RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. WELLS FARGO ADVISORS ADMITS THE FINDINGS, ACKNOWLEDGES THAT ITS CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS, ADMITS THE COMMISSION'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THESE PROCEEDINGS, AND CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS. THIS CASE INVOLVES THE FAILURE OF WELLS FARGO ADVISORS TO ADEQUATELY ESTABLISH, MAINTAIN, AND ENFORCE POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT THE MISUSE OF MATERIAL NONPUBLIC INFORMATION, SPECIFICALLY, THE MATERIAL NONPUBLIC INFORMATION OBTAINED FROM ITS CUSTOMERS AND ITS ADVISORY CLIENTS. WELLS FARGO ADVISORS' POLICIES AND PROCEDURES TO PREVENT THE MISUSE OF MATERIAL NONPUBLIC INFORMATION WERE NOT REASONABLY DESIGNED TO ADDRESS THE RISK THAT ITS ASSOCIATED PERSONS COULD OBTAIN MATERIAL NONPUBLIC INFORMATION FROM ITS CUSTOMERS AND ADVISORY CLIENTS EVEN THOUGH THE FIRM EXPRESSLY IDENTIFIED THAT RISK IN MULTIPLE INTERNAL DOCUMENTS. THIS RISK MANIFESTED ITSELF IN 2010 WHEN ONE OF THE REGISTERED REPRESENTATIVES OF WELLS FARGO ADVISORS MISAPPROPRIATED INFORMATION FROM ONE OF HIS CUSTOMERS ABOUT A COMPANY'S SECURITIES, TRADED ON THE BASIS OF THAT INFORMATION,AND TIPPED OTHERS INCLUDING SEVERAL OF HIS WELLS FARGO ADVISORS CUSTOMERS. THE MANNER IN WHICH THE POLICIES AND PROCEDURES WERE DESIGNED AFFECTED THE COMPANY SECURITIES REVIEW. MULTIPLE UNITS WITHIN THE FIRM RECEIVED INDICATIONS SUGGESTING THAT THE REGISTERED REPRESENTATIVE WAS MISUSING MATERIAL NONPUBLIC INFORMATION OBTAINED FROM A CUSTOMER TO TRADE IN THE COMPANY'S SECURITIES. BECAUSE OF A LACK OF ASSIGNED RESPONSIBILITY OR COORDINATION, EACH OF THESE UNITS FAILED TO TAKE NEEDED ACTIONS. THE POLICIES AND PROCEDURES DESIGNED CAUSED RESPONDENT NOT TO RECOGNIZE SEVERAL RED FLAGS THAT ITS REPRESENTATIVE WAS ENGAGING IN INSIDER TRADING IN THE COMPANY'S SECURITIES. IN ADDITION THE RESPONDENT DID NOT EFFECTIVELY MAINTAIN AND ENFORCE THE POLICIES AND PROCEDURES. ADDITIONALLY, ALTHOUGH THE POLICIES AND PROCEDURES REQUIRED "DAILY REVIEW TO IDENTIFY SITUATIONS WHEN PROFIT OR AVOIDANCE OF LOSS COULD MOST LIKELY RESULT FROM TRADING PRIOR TO THE PUBLIC RELEASE OF INFORMATION," FOR A TEN MONTH PERIOD THE RETAIL CONTROL GROUP (RCG), A UNIT IN THE FIRM'S COMPLIANCE DEPARTMENT, FAILED TO PERFORM REVIEWS IN A TIMELY MANNER OF AT LEAST 40 INSTANCES OF POSSIBLE INSIDER TRADING FLAGGED FOR REVIEW. WHEN THE RESPONDENT PRODUCED DOCUMENTS, AS REQUESTED BY THE COMMISSION,RELATING TO REVIEWS OF TRADING BY THE REGISTERED REPRESENTATIVE WHO TRADED IN THE COMPANY'S SECURITIES, IN RESPONSE TO THE COMMISSION'S REQUEST,DOCUMENTS RELATING TO THE RCG REVIEW OF THE SECURITIES TRADING WERE NOT PRODUCED. RESPONDENT UNREASONABLY DELAYED,WITHOUT ANY EXPLANATION,FOR SIX MONTHS PRODUCING DOCUMENTS RELATING TO THE RCG REVIEW OF THE REPRESENTATIVE WHO TRADED IN THE COMPANY'S SECURITIES. WHEN THE DOCUMENTS WERE PRODUCED, THE FIRM FAILED TO PRODUCE AN ACCURATE RECORD OF THE REVIEW AS IT EXISTED AT THE TIME OF THE REQUEST. INSTEAD, IT PRODUCED A DOCUMENT THAT HAD BEEN ALTERED BY AN EMPLOYEE. WHEN QUESTIONS AROSE SURROUNDING THE ALTERED DOCUMENT, THE EMPLOYEE WAS PLACED ON ADMINISTRATIVE LEAVE AND EVENTUALLY TERMINATED. AS A RESULT, RESPONDENT WILLFULLY VIOLATED SECTIONS 15(G), 17(A), AND 17(B) OF THE EXCHANGE ACT AND RULE 17A-4(J) THEREUNDER AND SECTIONS 204(A) AND 204A OF THE ADVISERS ACT.
Sanction detail — filed text
RESPONDENT CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTIONS 15(G), 17(A), AND 17(B) OF THE EXCHANGE ACT AND RULE 17A-4(J) PROMULGATED THEREUNDER AND SECTIONS 204A AND 204(A) OF THE ADVISERS ACT. RESPONDENT IS CENSURED. RESPONDENT SHALL, WITHIN 10 DAYS OF THE ENTRY OF THIS ORDER, PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $5,000,000. WILLFULLY VIOLATED SECTIONS 15(G), 17(A), AND 17(B) OF THE EXCHANGE ACT AND RULE 17A-4(J) THEREUNDER AND SECTIONS 204(A) AND 204A OF THE ADVISERS ACT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
09/22/2014
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-16153
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEC ADMIN RELEASE 34-73175, IA RELEASE 40-3928/SEPTEMBER 22, 2014: THE SECURITIES AND EXCHANGE COMMISSION DEEMS IT APPROPRIATE
AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO
SECTIONS 15(B) AND 21C OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTIONS 203(E) AND 203(K) OF THE INVESTMENT ADVISERS ACT OF
1940 AGAINST WELLS FARGO ADVISORS, LLC ("WELLS FARGO ADVISORS" OR "RESPONDENT"). IN ANTICIPATION OF THE INSTITUTION OF THESE
PROCEEDINGS,RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. WELLS FARGO
ADVISORS ADMITS THE FINDINGS, ACKNOWLEDGES THAT ITS CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS, ADMITS THE COMMISSION'S
JURISDICTION OVER IT AND THE SUBJECT MATTER OF THESE PROCEEDINGS, AND CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING
ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS. THIS CASE INVOLVES THE FAILURE OF WELLS FARGO ADVISORS TO ADEQUATELY ESTABLISH,
MAINTAIN, AND ENFORCE POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT THE MISUSE OF MATERIAL NONPUBLIC INFORMATION,
SPECIFICALLY, THE MATERIAL NONPUBLIC INFORMATION OBTAINED FROM ITS CUSTOMERS AND ITS ADVISORY CLIENTS. WELLS FARGO ADVISORS'
POLICIES AND PROCEDURES TO PREVENT THE MISUSE OF MATERIAL NONPUBLIC INFORMATION WERE NOT REASONABLY DESIGNED TO ADDRESS THE
RISK THAT ITS ASSOCIATED PERSONS COULD OBTAIN MATERIAL NONPUBLIC INFORMATION FROM ITS CUSTOMERS AND ADVISORY CLIENTS EVEN
THOUGH THE FIRM EXPRESSLY IDENTIFIED THAT RISK IN MULTIPLE INTERNAL DOCUMENTS. THIS RISK MANIFESTED ITSELF IN 2010 WHEN ONE OF THE
REGISTERED REPRESENTATIVES OF WELLS FARGO ADVISORS MISAPPROPRIATED INFORMATION FROM ONE OF HIS CUSTOMERS ABOUT A COMPANY'S
SECURITIES, TRADED ON THE BASIS OF THAT INFORMATION,AND TIPPED OTHERS INCLUDING SEVERAL OF HIS WELLS FARGO ADVISORS CUSTOMERS.
THE MANNER IN WHICH THE POLICIES AND PROCEDURES WERE DESIGNED AFFECTED THE COMPANY SECURITIES REVIEW. MULTIPLE UNITS WITHIN
THE FIRM RECEIVED INDICATIONS SUGGESTING THAT THE REGISTERED REPRESENTATIVE WAS MISUSING MATERIAL NONPUBLIC INFORMATION
OBTAINED FROM A CUSTOMER TO TRADE IN THE COMPANY'S SECURITIES. BECAUSE OF A LACK OF ASSIGNED RESPONSIBILITY OR COORDINATION,
EACH OF THESE UNITS FAILED TO TAKE NEEDED ACTIONS. THE POLICIES AND PROCEDURES DESIGNED CAUSED RESPONDENT NOT TO RECOGNIZE
SEVERAL RED FLAGS THAT ITS REPRESENTATIVE WAS ENGAGING IN INSIDER TRADING IN THE COMPANY'S SECURITIES. IN ADDITION THE RESPONDENT
DID NOT EFFECTIVELY MAINTAIN AND ENFORCE THE POLICIES AND PROCEDURES. ADDITIONALLY, ALTHOUGH THE POLICIES AND PROCEDURES
REQUIRED "DAILY REVIEW TO IDENTIFY SITUATIONS WHEN PROFIT OR AVOIDANCE OF LOSS COULD MOST LIKELY RESULT FROM TRADING PRIOR TO
THE PUBLIC RELEASE OF INFORMATION," FOR A TEN MONTH PERIOD THE RETAIL CONTROL GROUP (RCG), A UNIT IN THE FIRM'S COMPLIANCE
DEPARTMENT, FAILED TO PERFORM REVIEWS IN A TIMELY MANNER OF AT LEAST 40 INSTANCES OF POSSIBLE INSIDER TRADING FLAGGED FOR REVIEW.
WHEN THE RESPONDENT PRODUCED DOCUMENTS, AS REQUESTED BY THE COMMISSION,RELATING TO REVIEWS OF TRADING BY THE REGISTERED
REPRESENTATIVE WHO TRADED IN THE COMPANY'S SECURITIES, IN RESPONSE TO THE COMMISSION'S REQUEST,DOCUMENTS RELATING TO THE RCG
REVIEW OF THE SECURITIES TRADING WERE NOT PRODUCED. RESPONDENT UNREASONABLY DELAYED,WITHOUT ANY EXPLANATION,FOR SIX MONTHS
PRODUCING DOCUMENTS RELATING TO THE RCG REVIEW OF THE REPRESENTATIVE WHO TRADED IN THE COMPANY'S SECURITIES. WHEN THE
DOCUMENTS WERE PRODUCED, THE FIRM FAILED TO PRODUCE AN ACCURATE RECORD OF THE REVIEW AS IT EXISTED AT THE TIME OF THE REQUEST.
INSTEAD, IT PRODUCED A DOCUMENT THAT HAD BEEN ALTERED BY AN EMPLOYEE. WHEN QUESTIONS AROSE SURROUNDING THE ALTERED DOCUMENT,
THE EMPLOYEE WAS PLACED ON ADMINISTRATIVE LEAVE AND EVENTUALLY TERMINATED. AS A RESULT, RESPONDENT WILLFULLY VIOLATED SECTIONS
15(G), 17(A), AND 17(B) OF THE EXCHANGE ACT AND RULE 17A-4(J) THEREUNDER AND SECTIONS 204(A) AND 204A OF THE ADVISERS ACT.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/22/2014
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 5,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
RESPONDENT CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTIONS 15(G), 17(A),
AND 17(B) OF THE EXCHANGE ACT AND RULE 17A-4(J) PROMULGATED THEREUNDER AND SECTIONS 204A AND 204(A) OF THE ADVISERS ACT.
RESPONDENT IS CENSURED. RESPONDENT SHALL, WITHIN 10 DAYS OF THE ENTRY OF THIS ORDER, PAY A CIVIL MONEY PENALTY IN THE AMOUNT
OF $5,000,000. WILLFULLY VIOLATED SECTIONS 15(G), 17(A), AND 17(B) OF THE EXCHANGE ACT AND RULE 17A-4(J) THEREUNDER AND
SECTIONS 204(A) AND 204A OF THE ADVISERS ACT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SEE SANCTION DETAILS IN 12.B.regulatory · block 18WELLS FARGO BANK, N.A.PDF pages 465–467
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- UNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
WELLS FARGO BANK, N.A., NEITHER ADMITS OR DENIES ANY ALLEGATIONS EXCEPT TO ESTABLISH THE BUREAU'S JURISDICTION OVER WELLS FARGO AND THE SUBJECT MATTER.
Other filed details
Description of allegations — filed text
THE COMPLAINT ALLEGES FROM 2009 THROUGH 2013, GENUINE TITLE, LLC PROVIDED WELLS FARGO LOAN OFFICERS MARKETING SERVICES THAT ASSISTED THE LOAN OFFICERS IN GENERATING BUSINESS AND INCREASING THE NUMBER OF LOANS WELLS FARGO ORIGINATED OR FINANCED. THE COMPLAINT ALLEGES THAT UNDER AGREEMENTS OR UNDERSTANDING BETWEEN GENUINE TITLE AND THE LOAN OFFICERS, THE LOAN OFFICERS REFERRED SETTLEMENT SERVICE BUSINESS TO GENUINE TITLE.
Sanction detail — filed text
WELLS FARGO IS ORDERED TO DISTRIBUTE AND ACKNOWLEDGE WITHIN 30 DAYS AND FOR FIVE (5) YEARS COPIES OF THE ORDER TO IT'S BOARD MEMBERS, EXECUTIVE OFFICERS, ALL MANAGEMENT PERSONNEL WITHIN ITS RETAIL SALES MORTGAGE ORIGINATION BUSINESS DOWN TO THE LEVEL OF HOME MORTGAGE CONSULTANT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) UNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU 2. Principal Sanction: Other Other Sanctions: CONSENT ORDER WITH CONDUCT PROVISION AND ORDER DISTRIBUTION AND ACKNOWLEDGEMENT. 3. Date Initiated (MM/DD/YYYY): 01/22/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2015-CFPB-0002 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: REAL ESTATE LOANS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE COMPLAINT ALLEGES FROM 2009 THROUGH 2013, GENUINE TITLE, LLC PROVIDED WELLS FARGO LOAN OFFICERS MARKETING SERVICES THAT ASSISTED THE LOAN OFFICERS IN GENERATING BUSINESS AND INCREASING THE NUMBER OF LOANS WELLS FARGO ORIGINATED OR FINANCED. THE COMPLAINT ALLEGES THAT UNDER AGREEMENTS OR UNDERSTANDING BETWEEN GENUINE TITLE AND THE LOAN OFFICERS, THE LOAN OFFICERS REFERRED SETTLEMENT SERVICE BUSINESS TO GENUINE TITLE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 01/22/2015 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: WELLS FARGO SHALL NOT GIVE OR ACCEPT ANY FEE, KICKBACK OR THING OF VALUE INVOLVING FEDERALLY RELATED MORTGAGE LOANS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WELLS FARGO IS ORDERED TO DISTRIBUTE AND ACKNOWLEDGE WITHIN 30 DAYS AND FOR FIVE (5) YEARS COPIES OF THE ORDER TO IT'S BOARD MEMBERS, EXECUTIVE OFFICERS, ALL MANAGEMENT PERSONNEL WITHIN ITS RETAIL SALES MORTGAGE ORIGINATION BUSINESS DOWN TO THE LEVEL OF HOME MORTGAGE CONSULTANT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WELLS FARGO BANK, N.A., NEITHER ADMITS OR DENIES ANY ALLEGATIONS EXCEPT TO ESTABLISH THE BUREAU'S JURISDICTION OVER WELLS FARGO AND THE SUBJECT MATTER.
regulatory · block 19WELLS FARGO BANK, N.APDF pages 467–469
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF THE CURRENCY
- Monetary/Fine Amount — filed text
- $ 4,000,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
THE OCC ALLEGED WELLS FARGO BANK, N.A. ENGAGED IN UNFAIR BILLING AND DECEPTIVE MARKETING PRACTICES WITH REGARD TO IDENTITY PROTECTION AND DEBT CANCELLATION PRODUCTS THAT RESULTED IN VIOLATIONS OF SECTION 5 OF THE FEDERAL TRADE COMMISSION ACT.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE OCC FINDINGS, WELLS FARGO BANK, N.A. ENTERED INTO A STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER AND A CONSENT ORDER PURSUANT TO WHICH WELLS FARGO BANK, N.A. WAS REQUIRED TO CEASE AND DESIST FROM VIOLATION OF SECTION 5 OF THE FTC ACT, PAY A CIVIL MONEY PENALTY OF $4,000,000 (PAID), MAKE REIMBURSEMENTS TO CONSUMERS AFTER A PLAN WAS DEVELOPED, AND ADDRESS MANAGEMENT OF THIRD-PARTIES PROVIDING SERVICES TO CONSUMERS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE COMPTROLLER OF THE CURRENCY 2. Principal Sanction: Cease and Desist Other Sanctions: CIVIL MONEY PENALTIES AND CUSTOMER REMEDIATION 3. Date Initiated (MM/DD/YYYY): 06/03/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AA-EC-2015-06 AND AA-EC-2015-13 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A. 6. Principal Product Type: Other Other Product Types: IDENTITY PROTECTION AND DEBT CANCELLATION 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE OCC ALLEGED WELLS FARGO BANK, N.A. ENGAGED IN UNFAIR BILLING AND DECEPTIVE MARKETING PRACTICES WITH REGARD TO IDENTITY PROTECTION AND DEBT CANCELLATION PRODUCTS THAT RESULTED IN VIOLATIONS OF SECTION 5 OF THE FEDERAL TRADE COMMISSION ACT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 06/03/2015 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 4,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE OCC FINDINGS, WELLS FARGO BANK, N.A. ENTERED INTO A STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER AND A CONSENT ORDER PURSUANT TO WHICH WELLS FARGO BANK, N.A. WAS REQUIRED TO CEASE AND DESIST FROM VIOLATION OF SECTION 5 OF THE FTC ACT, PAY A CIVIL MONEY PENALTY OF $4,000,000 (PAID), MAKE REIMBURSEMENTS TO CONSUMERS AFTER A PLAN WAS DEVELOPED, AND ADDRESS MANAGEMENT OF THIRD-PARTIES PROVIDING SERVICES TO CONSUMERS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 20WELLS FARGO BANK, N.A.PDF pages 469–471
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF THE CURRENCY
- Monetary/Fine Amount — filed text
- $ 70,000,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
WELLS FARGO BANK, N.A. FAILED TO COMPLY WITH CERTAIN PROVISIONS OF PRIOR OCC CONSENT ORDERS RELATING TO CERTAIN RESIDENTIAL MORTGAGE SERVICING PRACTICES FROM PRIOR CONSENT ORDERS. # 2016-055 (AA-EC-2016-30) ORDERS WELLS FARGO BANK, N.A. PAY A $ 70,000,000. CIVIL MONEY PENALTY.
Sanction detail — filed text
THE BANK NEITHER ADMITTED NOR DENIED ANY WRONGDOING WITH RESPECT TO THE FINDINGS IN THE CONSENT ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE COMPTROLLER OF THE CURRENCY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 03/31/2011 Exact Explanation If not exact, provide explanation: 6/16/2015 AMENDMENT DATE 05/24/2016 AMENDMENT DATE 4. Docket/Case Number: 2016-56 AMENDS 2011-051, 2013-132, 2015-067, AND AA-EC-11-19 TO TERMINATE. 2016-055 (AA-EC-2016-30) ORDER FOR CIVIL PENALTY 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A. 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO BANK, N.A. FAILED TO COMPLY WITH CERTAIN PROVISIONS OF PRIOR OCC CONSENT ORDERS RELATING TO CERTAIN RESIDENTIAL MORTGAGE SERVICING PRACTICES FROM PRIOR CONSENT ORDERS. # 2016-055 (AA-EC-2016-30) ORDERS WELLS FARGO BANK, N.A. PAY A $ 70,000,000. CIVIL MONEY PENALTY. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 05/24/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 70,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: THE AMENDED CONSENT ORDER TERMINATED PRIOR OCC MORTGAGE SERVICING-RELATED CONSENT ORDERS REGARDING PROVISIONS RELATING TO A COMPLIANCE COMMITTEE, COMPREHENSIVE ACTION PLAN, COMPLIANCE PROGRAM, MANAGEMENT INFORMATION SYSTEMS AND MORTGAGE SERVICING, AND IMPOSED CERTAIN RESIDENTIAL MORTGAGE SERVICING-RELATED BUSINESS RESTRICTIONS. THE CURRENT CONSENT ORDER IS A CONSENT ORDER FOR CIVIL MONEY PENALTY. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE BANK NEITHER ADMITTED NOR DENIED ANY WRONGDOING WITH RESPECT TO THE FINDINGS IN THE CONSENT ORDER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 21PDF pages 471–473
- Regulator name — filed text
- FINRA
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT DISADVANTAGED CERTAIN RETIREMENT PLAN AND CHARITABLE ORGANIZATION CUSTOMERS THAT WERE ELIGIBLE TO PURCHASE CLASS A SHARES IN CERTAIN MUTUAL FUNDS WITHOUT A FRONT-END SALES CHARGE. THE FINDINGS STATED THAT THESE CUSTOMERS WERE INSTEAD SOLD CLASS A SHARES WITH A FRONT-END SALES CHARGE OR CLASS B OR C SHARES WITH BACK-END SALES CHARGES AND HIGHER ONGOING FEES AND EXPENSES. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM AND PROCEDURES REASONABLY DESIGNED TO ENSURE THAT ELIGIBLE CUSTOMERS WHO PURCHASED MUTUAL FUND SHARES RECEIVED THE BENEFIT OF APPLICABLE SALES CHARGE WAIVERS. THE FIRM FAILED TO ADOPT ADEQUATE CONTROLS TO DETECT INSTANCES IN WHICH THEY DID NOT PROVIDE SALES CHARGE WAIVERS TO CUSTOMERS IN CONNECTION WITH THEIR MUTUAL FUND PURCHASES.
Sanction detail — filed text
THE FIRM IS CENSURED, ORDERED TO PROVIDE RESTITUTION TO CUSTOMERS, WHICH INCLUDES THE SALES CHARGE PAID, PLUS INTEREST, AND WITH RESPECT TO ANY ELIGIBLE CUSTOMER THAT PURCHASED CLASS B OR C SHARES AND STILL HOLDS SUCH SHARES IN AN ACCOUNT AT THE FIRM, IT SHALL OFFER SUCH CUSTOMER THE OPTION OF CONVERTING SUCH CLASS B OR C SHARES TO CLASS A SHARES. IF AN ELIGIBLE FUND DOES NOT PERMIT CONVERSION OF CLASS B OR C SHARES TO CLASS A SHARES, THE ELIGIBLE CUSTOMER SHALL BE PROVIDED THE OPTION OF REPLACING CLASS B OR C SHARES WITH AN EQUIVALENT VALUE OF CLASS A SHARES OFFERED BY ANOTHER ELIGIBLE FUND. THE FIRM SHALL CAUSE SUCH CONVERSION TO OCCUR AT NO EXPENSE TO THE CUSTOMER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): 07/06/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2014042689901 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Mutual Fund(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT DISADVANTAGED CERTAIN RETIREMENT PLAN AND CHARITABLE ORGANIZATION CUSTOMERS THAT WERE ELIGIBLE TO PURCHASE CLASS A SHARES IN CERTAIN MUTUAL FUNDS WITHOUT A FRONT-END SALES CHARGE. THE FINDINGS STATED THAT THESE CUSTOMERS WERE INSTEAD SOLD CLASS A SHARES WITH A FRONT-END SALES CHARGE OR CLASS B OR C SHARES WITH BACK-END SALES CHARGES AND HIGHER ONGOING FEES AND EXPENSES. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM AND PROCEDURES REASONABLY DESIGNED TO ENSURE THAT ELIGIBLE CUSTOMERS WHO PURCHASED MUTUAL FUND SHARES RECEIVED THE BENEFIT OF APPLICABLE SALES CHARGE WAIVERS. THE FIRM FAILED TO ADOPT ADEQUATE CONTROLS TO DETECT INSTANCES IN WHICH THEY DID NOT PROVIDE SALES CHARGE WAIVERS TO CUSTOMERS IN CONNECTION WITH THEIR MUTUAL FUND PURCHASES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 07/06/2015 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM IS CENSURED, ORDERED TO PROVIDE RESTITUTION TO CUSTOMERS, WHICH INCLUDES THE SALES CHARGE PAID, PLUS INTEREST, AND WITH RESPECT TO ANY ELIGIBLE CUSTOMER THAT PURCHASED CLASS B OR C SHARES AND STILL HOLDS SUCH SHARES IN AN ACCOUNT AT THE FIRM, IT SHALL OFFER SUCH CUSTOMER THE OPTION OF CONVERTING SUCH CLASS B OR C SHARES TO CLASS A SHARES. IF AN ELIGIBLE FUND DOES NOT PERMIT CONVERSION OF CLASS B OR C SHARES TO CLASS A SHARES, THE ELIGIBLE CUSTOMER SHALL BE PROVIDED THE OPTION OF REPLACING CLASS B OR C SHARES WITH AN EQUIVALENT VALUE OF CLASS A SHARES OFFERED BY ANOTHER ELIGIBLE FUND. THE FIRM SHALL CAUSE SUCH CONVERSION TO OCCUR AT NO EXPENSE TO THE CUSTOMER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 22PDF pages 473–475
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 500,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT MADE UNSUITABLE RECOMMENDATIONS TO RETAIL CUSTOMERS TO PURCHASE STRUCTURED REPACKAGED ASSET-BACKED TRUST SECURITIES (STRATS), A COMPLEX STRUCTURED PRODUCT THAT PAID A FLOATING RATE OF PERIODIC INCOME UP TO A MINIMUM OR MAXIMUM RATE, BASED ON THE STRATS TRUST'S INTEREST IN A CAPITAL SECURITY ISSUED BY A FINANCIAL INSTITUTION AND THE STRATS TRUST'S INTEREST IN AN INTEREST RATE SWAP CONTRACT. THE FIRM SOLD APPROXIMATELY $12 MILLION WORTH OF THE STRATS TO ITS RETAIL CUSTOMERS, IN BOTH PRIMARY AND SECONDARY MARKETS. ALTHOUGH THE FIRM PROVIDED ITS SALES-FORCE TRAINING ON STRUCTURED PRODUCTS, NONE OF THIS TRAINING RELATED SPECIFICALLY TO THE UNIQUE FEATURES AND RISKS OF THE STRATS. ADDITIONALLY, ALTHOUGH THE FIRM'S INTRANET PAGE DEDICATED TO FIXED INCOME PRODUCTS PROVIDED BASIC INFORMATION CONCERNING THE STRATS, IT DID NOT PROVIDE ANY INFORMATION CONCERNING THE RISKS OF INVESTING IN THESE PRODUCTS, AND SPECIFICALLY DID NOT ADDRESS THE RISKS TO CUSTOMER PRINCIPAL IN THE EVENT OF A REDEMPTION OF THE UNDERLYING CAPITAL SECURITY. UNDER THE TERMS OF THE PROSPECTUS FOR THE STRATS, THE AMOUNT PAID TO A CUSTOMER IN THE EVENT OF A TERMINATION WAS THE PROCEEDS OF THE REDEMPTION OF UNDERLYING CAPITAL SECURITY PLUS ACCRUED INTEREST AND LESS THE SWAP TERMINATION FEE. IN CERTAIN CIRCUMSTANCES, THE CUSTOMER WOULD FACE A SUBSTANTIAL RISK OF LOSS OF PRINCIPAL UPON TERMINATION OF THE STRATS DUE TO THE AMOUNT OF THE SWAP TERMINATION FEE. THE FIRM'S REGISTERED REPRESENTATIVES GENERALLY WERE NOT FAMILIAR WITH SUCH RISKS OF INVESTING IN THE STRATS AND WERE CONSEQUENTLY UNABLE TO EXPLAIN SUCH RISKS WHEN RECOMMENDING THE PRODUCT TO THE FIRM'S RETAIL CUSTOMERS. EVENTUALLY, THE FINANCIAL INSTITUTION REDEEMED THE UNDERLYING CAPITAL SECURITY, CAUSING THE STRATS TO BE TERMINATED. THE FINANCIAL INSTITUTION REDEEMED THE UNDERLYING CAPITAL SECURITY AT PAR VALUE PLUS ACCRUED INTEREST. BASED ON THE TERMS OF THE[NTC] STRATS, CUSTOMERS RECEIVED THE PROCEEDS OF THE REDEMPTION [NTC] OF THE UNDERLYING CAPITAL SECURITY LESS THE SWAP TERMINATION FEE PAID. AS A RESULT, AT THE TIME OF THE STRATS' TERMINATION, MANY CUSTOMERS HOLDING THE STRATS RECEIVED LESS, AND IN SOME CASES SIGNIFICANTLY LESS, THAN THE AMOUNT THEY PAID FOR THE STRATS. NEVERTHELESS, THE FIRM'S REGISTERED REPRESENTATIVES DID NOT COMPREHEND THE RISKS TO CUSTOMERS OF INVESTING IN THE STRATS AND THUS LACKED A REASONABLE BASIS FOR RECOMMENDING THESE PRODUCTS TO THE FIRM'S RETAIL CUSTOMERS. THE FINDINGS STATED THAT THE FIRM MADE AVAILABLE TO ITS SALES-FORCE CERTAIN INTERNAL-USE ONLY DOCUMENTS REGARDING THE STRATS. THESE DOCUMENTS DID NOT CONTAIN ADEQUATE DESCRIPTIONS OF THE PRODUCT, NOR DID THEY DISCLOSE THE DEGREE TO WHICH STRATS CUSTOMERS COULD LOSE PRINCIPAL IF THE UNDERLYING CAPITAL SECURITY WAS REDEEMED. ACCORDINGLY, THE FIRM'S INTERNAL-USE ONLY COMMUNICATIONS WERE NOT FAIR AND BALANCED AND DID NOT PROVIDE A SOUND BASIS FOR EVALUATING THE FACTS SURROUNDING THE STRATS OR ITS RISKS. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN SUPERVISORY PROCEDURES, INCLUDING TRAINING OF ITS REGISTERED REPRESENTATIVES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH FINRA SUITABILITY STANDARDS. THE FIRM'S SUPERVISORY SYSTEM FOR THE SALE OF STRATS WAS NOT REASONABLY DESIGNED BECAUSE IT FAILED TO INCLUDE ADEQUATE TRAINING FOR THE FIRM'S SALES-FORCE REGARDING THE RISKS OF INVESTING IN THE PRODUCT. THE FIRM DID NOT PROVIDE PRODUCT SPECIFIC TRAINING TO ITS REGISTERED REPRESENTATIVES, AND THE INTERNAL-USE ONLY MATERIALS MADE AVAILABLE TO ITS REGISTERED REPRESENTATIVES DID NOT ADEQUATE INFORM ITS REPRESENTATIVES ABOUT THE RISKS OF INVESTING IN THE STRATS.
Sanction detail — filed text
THE FIRM WAS CENSURED, FINED $500,000, AND ORDERED TO PAY $241,974.34, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Censure Other Sanctions: FINE 3. Date Initiated (MM/DD/YYYY): 08/03/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2012033568901 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: STRUCTURED REPACKAGED ASSET-BACKED TRUST SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT MADE UNSUITABLE RECOMMENDATIONS TO RETAIL CUSTOMERS TO PURCHASE STRUCTURED REPACKAGED ASSET-BACKED TRUST SECURITIES (STRATS), A COMPLEX STRUCTURED PRODUCT THAT PAID A FLOATING RATE OF PERIODIC INCOME UP TO A MINIMUM OR MAXIMUM RATE, BASED ON THE STRATS TRUST'S INTEREST IN A CAPITAL SECURITY ISSUED BY A FINANCIAL INSTITUTION AND THE STRATS TRUST'S INTEREST IN AN INTEREST RATE SWAP CONTRACT. THE FIRM SOLD APPROXIMATELY $12 MILLION WORTH OF THE STRATS TO ITS RETAIL CUSTOMERS, IN BOTH PRIMARY AND SECONDARY MARKETS. ALTHOUGH THE FIRM PROVIDED ITS SALES-FORCE TRAINING ON STRUCTURED PRODUCTS, NONE OF THIS TRAINING RELATED SPECIFICALLY TO THE UNIQUE FEATURES AND RISKS OF THE STRATS. ADDITIONALLY, ALTHOUGH THE FIRM'S INTRANET PAGE DEDICATED TO FIXED INCOME PRODUCTS PROVIDED BASIC INFORMATION CONCERNING THE STRATS, IT DID NOT PROVIDE ANY INFORMATION CONCERNING THE RISKS OF INVESTING IN THESE PRODUCTS, AND SPECIFICALLY DID NOT ADDRESS THE RISKS TO CUSTOMER PRINCIPAL IN THE EVENT OF A REDEMPTION OF THE UNDERLYING CAPITAL SECURITY. UNDER THE TERMS OF THE PROSPECTUS FOR THE STRATS, THE AMOUNT PAID TO A CUSTOMER IN THE EVENT OF A TERMINATION WAS THE PROCEEDS OF THE REDEMPTION OF UNDERLYING CAPITAL SECURITY PLUS ACCRUED INTEREST AND LESS THE SWAP TERMINATION FEE. IN CERTAIN CIRCUMSTANCES, THE CUSTOMER WOULD FACE A SUBSTANTIAL RISK OF LOSS OF PRINCIPAL UPON TERMINATION OF THE STRATS DUE TO THE AMOUNT OF THE SWAP TERMINATION FEE. THE FIRM'S REGISTERED REPRESENTATIVES GENERALLY WERE NOT FAMILIAR WITH SUCH RISKS OF INVESTING IN THE STRATS AND WERE CONSEQUENTLY UNABLE TO EXPLAIN SUCH RISKS WHEN RECOMMENDING THE PRODUCT TO THE FIRM'S RETAIL CUSTOMERS. EVENTUALLY, THE FINANCIAL INSTITUTION REDEEMED THE UNDERLYING CAPITAL SECURITY, CAUSING THE STRATS TO BE TERMINATED. THE FINANCIAL INSTITUTION REDEEMED THE UNDERLYING CAPITAL SECURITY AT PAR VALUE PLUS ACCRUED INTEREST. BASED ON THE TERMS OF THE[NTC] STRATS, CUSTOMERS RECEIVED THE PROCEEDS OF THE REDEMPTION [NTC] OF THE UNDERLYING CAPITAL SECURITY LESS THE SWAP TERMINATION FEE PAID. AS A RESULT, AT THE TIME OF THE STRATS' TERMINATION, MANY CUSTOMERS HOLDING THE STRATS RECEIVED LESS, AND IN SOME CASES SIGNIFICANTLY LESS, THAN THE AMOUNT THEY PAID FOR THE STRATS. NEVERTHELESS, THE FIRM'S REGISTERED REPRESENTATIVES DID NOT COMPREHEND THE RISKS TO CUSTOMERS OF INVESTING IN THE STRATS AND THUS LACKED A REASONABLE BASIS FOR RECOMMENDING THESE PRODUCTS TO THE FIRM'S RETAIL CUSTOMERS. THE FINDINGS STATED THAT THE FIRM MADE AVAILABLE TO ITS SALES-FORCE CERTAIN INTERNAL-USE ONLY DOCUMENTS REGARDING THE STRATS. THESE DOCUMENTS DID NOT CONTAIN ADEQUATE DESCRIPTIONS OF THE PRODUCT, NOR DID THEY DISCLOSE THE DEGREE TO WHICH STRATS CUSTOMERS COULD LOSE PRINCIPAL IF THE UNDERLYING CAPITAL SECURITY WAS REDEEMED. ACCORDINGLY, THE FIRM'S INTERNAL-USE ONLY COMMUNICATIONS WERE NOT FAIR AND BALANCED AND DID NOT PROVIDE A SOUND BASIS FOR EVALUATING THE FACTS SURROUNDING THE STRATS OR ITS RISKS. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN SUPERVISORY PROCEDURES, INCLUDING TRAINING OF ITS REGISTERED REPRESENTATIVES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH FINRA SUITABILITY STANDARDS. THE FIRM'S SUPERVISORY SYSTEM FOR THE SALE OF STRATS WAS NOT REASONABLY DESIGNED BECAUSE IT FAILED TO INCLUDE ADEQUATE TRAINING FOR THE FIRM'S SALES-FORCE REGARDING THE RISKS OF INVESTING IN THE PRODUCT. THE FIRM DID NOT PROVIDE PRODUCT SPECIFIC TRAINING TO ITS REGISTERED REPRESENTATIVES, AND THE INTERNAL-USE ONLY MATERIALS MADE AVAILABLE TO ITS REGISTERED REPRESENTATIVES DID NOT ADEQUATE INFORM ITS REPRESENTATIVES ABOUT THE RISKS OF INVESTING IN THE STRATS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 08/03/2015 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 500,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: PLUS INTEREST ON THE RESTITUTION Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED, FINED $500,000, AND ORDERED TO PAY $241,974.34, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 23PDF pages 475–477
- Regulator name — filed text
- COMMONWEALTH OF VIRGINIA
- Monetary/Fine Amount — filed text
- $ 150,000.00
- How was matter resolved — filed text
- Order
Other filed details
Description of allegations — filed text
THE DIVISION ALLEGES THAT WFA COMMITTED MULTIPLE VIOLATIONS OF (I) RULE 21 VAC 5-20-260 B BY FAILING TO EXERCISE DILIGENT SUPERVISION OVER SECURITIES ACTIVITIES OF ITS AGENT; (II) RULE 21 VAC 5-20-260 D (2) BY FAILING TO MONITOR AND CONDUCT FREQUENT EXAMINATIONS OF ALL CUSTOMER ACCOUNTS TO DETECT AND PREVENT IRREGULARITIES OR ABUSES; AND (III)RULE 21 VAC 5-20-260 D BY FAILING TO ENFORCE ITS WRITTEN POLICIES AND PROCEDURES.
Sanction detail — filed text
MONETARY FINE OF $150,000. WELLS FARGO ADVISORS AGREED TO PAY $55,000 TO DEFRAY THE COST OF INVESTIGATION.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMONWEALTH OF VIRGINIA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 09/11/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: SEC-2014-00035 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE DIVISION ALLEGES THAT WFA COMMITTED MULTIPLE VIOLATIONS OF (I) RULE 21 VAC 5-20-260 B BY FAILING TO EXERCISE DILIGENT SUPERVISION OVER SECURITIES ACTIVITIES OF ITS AGENT; (II) RULE 21 VAC 5-20-260 D (2) BY FAILING TO MONITOR AND CONDUCT FREQUENT EXAMINATIONS OF ALL CUSTOMER ACCOUNTS TO DETECT AND PREVENT IRREGULARITIES OR ABUSES; AND (III)RULE 21 VAC 5-20-260 D BY FAILING TO ENFORCE ITS WRITTEN POLICIES AND PROCEDURES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 09/11/2015 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 150,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: WELLS FARGO ADVISORS AGREED TO PAY $55,000 TO DEFRAY THE COST OF INVESTIGATION. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: MONETARY FINE OF $150,000. WELLS FARGO ADVISORS AGREED TO PAY $55,000 TO DEFRAY THE COST OF INVESTIGATION. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 24WELLS FARGO BANK, N.A. ON BEHALF OF WELLS FARGO FINANCIAL CREDIT SERVICES OF NEW YORK, INC.PDF pages 477–479
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A. ON BEHALF OF WELLS FARGO FINANCIAL CREDIT SERVICES OF NEW YORK, INC.
- Regulator name — filed text
- NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES
- Monetary/Fine Amount — filed text
- $ 2,000,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
A FORMER AFFILIATE OF WELLS FARGO BANK, N.A. WAS ALLEGED TO HAVE OFFERED CREDIT CARDS TO NEW YORK STATE RESIDENTS SECURED BY RESIDENTIAL REAL ESTATE AND ORIGINATED RESIDENTIAL MORTGAGES IN A MANNER INCONSISTENT WITH NEW YORK LAW.
Sanction detail — filed text
THE BANK AGREED TO RELEASE SECURITY INTERESTS RELATING TO THE CREDIT CARDS SECURED BY RESIDENTIAL PROPERTY IN NEW YORK, PROVIDE INTEREST REFUNDS AND RATE REDUCTION TO SOME BORROWERS, CONSIDER LOAN MODIFICATIONS, AND PAY A PENALTY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. ON BEHALF OF WELLS FARGO FINANCIAL CREDIT SERVICES OF NEW YORK, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CUSTOMER REMEDIATION AND RESTITUTION 3. Date Initiated (MM/DD/YYYY): 01/15/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: NONE 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A. 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): A FORMER AFFILIATE OF WELLS FARGO BANK, N.A. WAS ALLEGED TO HAVE OFFERED CREDIT CARDS TO NEW YORK STATE RESIDENTS SECURED BY RESIDENTIAL REAL ESTATE AND ORIGINATED RESIDENTIAL MORTGAGES IN A MANNER INCONSISTENT WITH NEW YORK LAW. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 01/15/2015 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE BANK AGREED TO RELEASE SECURITY INTERESTS RELATING TO THE CREDIT CARDS SECURED BY RESIDENTIAL PROPERTY IN NEW YORK, PROVIDE INTEREST REFUNDS AND RATE REDUCTION TO SOME BORROWERS, CONSIDER LOAN MODIFICATIONS, AND PAY A PENALTY. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 25WELLS FARGO BANK, N.A., MUNICIPAL PRODUCTS GROUPPDF pages 479–480
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A., MUNICIPAL PRODUCTS GROUP
- Regulator name — filed text
- SECURITIES EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 440,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS OR VIOLATIONS OF SECURITIES LAWS OR RULES, WELLS FARGO BANK, N.A. MUNICIPAL PRODUCTS GROUP AGREES TO THE OFFER OF SETTLEMENT AND THIS ORDER.
Other filed details
Description of allegations — filed text
THE SECURITIES AND EXCHANGE COMMISSION (SEC) ALLEGED WELLS FARGO BANK, N.A. MUNICIPAL PRODUCTS GROUP (WFBNA MPG) CONDUCTED INADEQUATE DUE DILIGENCE IN CERTAIN OFFERINGS AND AS A RESULT, FAILED TO FORM A REASONABLE BASIS FOR BELIEVING THE TRUTHFULNESS OF CERTAIN MATERIAL REPRESENTATIONS IN OFFICIAL STATEMENTS ISSUED IN CONNECTION WITH THOSE OFFERINGS. THIS RESULTED IN WFBNA MPG OFFERING AND SELLING MUNICIPAL SECURITIES ON THE BASIS OF MATERIALLY MISLEADING DISCLOSURE DOCUMENTS. THE SEC ALLEGES WFBNA MPG VIOLATED SECTION 17(A)(2) OF THE SECURITIES ACT OF 1933.
Sanction detail — filed text
THIS ACTION RESULTED FROM A VOLUNTARY SELF-REPORT SUBMITTED TO THE SEC BY WELLS FARGO BANK, N.A. MUNICIPAL PRODUCTS GROUP PURSUANT TO THE SEC'S MUNICIPALITIES CONTINUING DISCLOSURE COOPERATION INITIATIVE ("MCDC"; SEE HTTPS://WWW.SEC.GOV/DIVISIONS/ENFORCE/MUNICIPALITIES-CONTINUING-DISCLOSURE-COOPERATION-INITIATIVE.SHTML). STANDARD MCDC SETTLEMENT TERMS AS DESCRIBED IN THE SEC'S MCDC WEB PAGE WERE IMPOSED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N.A.,
MUNICIPAL PRODUCTS GROUP
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
SECURITIES EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions:
MONETARY FINE OF $440,000.00
3.
Date Initiated (MM/DD/YYYY):
02/02/2016
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-17096
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO BANK, N.A., MUNICIPAL PRODUCTS GROUP
6.
Principal Product Type:
Other
Other Product Types:
MUNICIPAL SECURITIES OFFERINGS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION (SEC) ALLEGED WELLS FARGO BANK, N.A. MUNICIPAL PRODUCTS GROUP (WFBNA MPG) CONDUCTED
INADEQUATE DUE DILIGENCE IN CERTAIN OFFERINGS AND AS A RESULT, FAILED TO FORM A REASONABLE BASIS FOR BELIEVING THE TRUTHFULNESS OF
CERTAIN MATERIAL REPRESENTATIONS IN OFFICIAL STATEMENTS ISSUED IN CONNECTION WITH THOSE OFFERINGS. THIS RESULTED IN WFBNA MPG
OFFERING AND SELLING MUNICIPAL SECURITIES ON THE BASIS OF MATERIALLY MISLEADING DISCLOSURE DOCUMENTS. THE SEC ALLEGES WFBNA MPG
VIOLATED SECTION 17(A)(2) OF THE SECURITIES ACT OF 1933.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
02/02/2016
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 440,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THIS ACTION RESULTED FROM A VOLUNTARY SELF-REPORT SUBMITTED TO THE SEC BY WELLS FARGO BANK, N.A. MUNICIPAL PRODUCTS GROUP
PURSUANT TO THE SEC'S MUNICIPALITIES CONTINUING DISCLOSURE COOPERATION INITIATIVE ("MCDC"; SEE
HTTPS://WWW.SEC.GOV/DIVISIONS/ENFORCE/MUNICIPALITIES-CONTINUING-DISCLOSURE-COOPERATION-INITIATIVE.SHTML). STANDARD MCDC
SETTLEMENT TERMS AS DESCRIBED IN THE SEC'S MCDC WEB PAGE WERE IMPOSED.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING THE FINDINGS OR VIOLATIONS OF SECURITIES LAWS OR RULES, WELLS FARGO BANK, N.A. MUNICIPAL PRODUCTS
GROUP AGREES TO THE OFFER OF SETTLEMENT AND THIS ORDER.regulatory · block 26WELLS FARGO SECURITIES, LLCPDF pages 481–482
- Advisory affiliate name — filed text
- WELLS FARGO SECURITIES, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 126292 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 27PDF pages 482–484
- Regulator name — filed text
- VERMONT DEPARTMENT OF FINANCIAL REGULATION
- Monetary/Fine Amount — filed text
- $ 300,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS. THEREFORE, THE FIRM IS CENSURED AND FINED $300,000.
Other filed details
Description of allegations — filed text
THE STATE OF VERMONT DEPARTMENT OF FINANCIAL REGULATION ALLEGED THAT WELLS FARGO ADVISORS, LLC FAILED TO REASONABLY SUPERVISE A REGISTERED REPRESENTATIVE WITH REGARD TO THE USE OF INVESTMENTS IN NON-TRADITIONAL ETFS; FAILED TO ESTABLISH AND MAINTAIN AN ADEQUATE SUPERVISORY SYSTEM IN CONNECTION WITH THE SALE OF AND INVESTMENT IN NON-TRADITIONAL ETFS; FAILED TO FOLLOW WRITTEN SUPERVISORY PROCEDURES WITH RESPECT TO THE USE OF AND INVESTMENT IN NON-TRADITIONAL ETFS; AND ALLOWED A REGISTERED REPRESENTATIVE TO RECOMMEND UNSUITABLE PRODUCTS TO A CUSTOMER, ALL IN VIOLATION OF 9 VSA SECTION 5412(D)(9).
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS. THEREFORE, THE FIRM IS CENSURED AND FINED $300,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) VERMONT DEPARTMENT OF FINANCIAL REGULATION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE 3. Date Initiated (MM/DD/YYYY): 06/28/2016 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 16-25-S 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: NON-TRADITIONAL ETFS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE STATE OF VERMONT DEPARTMENT OF FINANCIAL REGULATION ALLEGED THAT WELLS FARGO ADVISORS, LLC FAILED TO REASONABLY SUPERVISE A REGISTERED REPRESENTATIVE WITH REGARD TO THE USE OF INVESTMENTS IN NON-TRADITIONAL ETFS; FAILED TO ESTABLISH AND MAINTAIN AN ADEQUATE SUPERVISORY SYSTEM IN CONNECTION WITH THE SALE OF AND INVESTMENT IN NON-TRADITIONAL ETFS; FAILED TO FOLLOW WRITTEN SUPERVISORY PROCEDURES WITH RESPECT TO THE USE OF AND INVESTMENT IN NON-TRADITIONAL ETFS; AND ALLOWED A REGISTERED REPRESENTATIVE TO RECOMMEND UNSUITABLE PRODUCTS TO A CUSTOMER, ALL IN VIOLATION OF 9 VSA SECTION 5412(D)(9). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 06/28/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 300,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS. THEREFORE, THE FIRM IS CENSURED AND FINED $300,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS. THEREFORE, THE FIRM IS CENSURED AND FINED $300,000.
regulatory · block 28WELLS FARGO BANK, N.A.PDF pages 484–486
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- COMPTROLLER OF THE CURRENCY (OCC)
- Monetary/Fine Amount — filed text
- $ 35,000,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. ("WFBNA") CONSENTED TO THE ENTRY OF AN ORDER THAT ITS COMMUNITY BANK GROUP HAD UNSAFE OR UNSOUND PRACTICES IN RISK MANAGEMENT AND OVERSIGHT OF SALES PRACTICES, AND UNSAFE OR UNSOUND SALES PRACTICES BY SELLING UNWANTED DEPOSIT OR CREDIT CARD ACCOUNTS, THE UNAUTHORIZED OPENING OF SUCH ACCOUNTS, THE TRANSFER OF FUNDS TO UNAUTHORIZED ACCOUNTS, AND UNAUTHORIZED CREDIT INQUIRIES TO OPEN THE ACCOUNTS.
Sanction detail — filed text
FINE PAID OF $35,000,000.00
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
COMPTROLLER OF THE CURRENCY (OCC)
2.
Principal Sanction:
Cease and Desist
Other Sanctions:
COMPLIANCE AND RISK MANAGEMENT PLAN; PAY REIMBURSEMENT TO AFFECTED CONSUMERS; CIVIL MONEY PENALTY.
3.
Date Initiated (MM/DD/YYYY):
09/06/2016
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
AA-EC-2016-66 AND AA-EC-2016-67
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO BANK, N.A.
6.
Principal Product Type:
Banking Products (Other than CD(s))
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. ("WFBNA") CONSENTED TO THE ENTRY OF AN ORDER THAT ITS COMMUNITY
BANK GROUP HAD UNSAFE OR UNSOUND PRACTICES IN RISK MANAGEMENT AND OVERSIGHT OF SALES PRACTICES, AND UNSAFE OR UNSOUND SALES
PRACTICES BY SELLING UNWANTED DEPOSIT OR CREDIT CARD ACCOUNTS, THE UNAUTHORIZED OPENING OF SUCH ACCOUNTS, THE TRANSFER OF
FUNDS TO UNAUTHORIZED ACCOUNTS, AND UNAUTHORIZED CREDIT INQUIRIES TO OPEN THE ACCOUNTS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/06/2016
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 35,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
ESTABLISH A COMPLIANCE PLAN; CREATE RISK MANAGEMENT AND AUDIT OVERSIGHT, PROVIDE REIMBURSEMENT PLAN AND ASSESSMENT.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
FINE PAID OF $35,000,000.00
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 29WELLS FARGO BANK, N.A.PDF pages 486–488
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
- Monetary/Fine Amount — filed text
- $ 3,600,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. ("WFBNA") CONSENTED TO THE ENTRY OF AN ORDER THAT UNDER CERTAIN SCENARIOS AND IN CERTAIN TIMEFRAMES ITS EDUCATION FINANCIAL SERVICES BUSINESS (EFS)ALLOCATED PARTIAL PAYMENTS, AGGREGATED PARTIAL PAYMENTS, AND CHARGED LATE FEES IN WAYS THAT WERE ALLEGED TO BE UNLAWFUL.
Sanction detail — filed text
$3,600,000.00 FINE PAID
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
2.
Principal Sanction:
Cease and Desist
Other Sanctions:
COMPLIANCE PLAN, REMEDIATION TO BORROWERS, PAY CIVIL MONEY PENALTIES OF $3,600,000 AND PROVIDE A QUARTERLY/ANNUAL TRACKING
REPORT TO CFPB.
3.
Date Initiated (MM/DD/YYYY):
08/20/2016
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2016-CFPB-0013
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO BANK, N.A.
6.
Principal Product Type:
Other
Other Product Types:
STUDENT LOAN SERVICING
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. ("WFBNA") CONSENTED TO THE ENTRY OF AN ORDER THAT UNDER CERTAIN
SCENARIOS AND IN CERTAIN TIMEFRAMES ITS EDUCATION FINANCIAL SERVICES BUSINESS (EFS)ALLOCATED PARTIAL PAYMENTS, AGGREGATED PARTIAL
PAYMENTS, AND CHARGED LATE FEES IN WAYS THAT WERE ALLEGED TO BE UNLAWFUL.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
08/20/2016
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 3,600,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
DEVELOP COMPLIANCE PLAN AND MONITORING.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
$3,600,000.00 FINE PAID
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 30WELLS FARGO BANK, N.A.PDF pages 488–490
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
- Monetary/Fine Amount — filed text
- $ 100,000,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. ("WFBNA") CONSENTED TO THE ENTRY OF AN ORDER THAT ITS COMMUNITY BANK GROUP ENGAGED IN UNFAIR AND ABUSIVE PRACTICES BY OPENING DEPOSIT ACCOUNTS, TRANSFERRING FUNDS BETWEEN ACCOUNTS, APPLYING FOR CREDIT CARDS, ISSUING DEBIT CARDS AND ENROLLING CUSTOMERS IN ON-LINE BANKING SERVICES WITHOUT THE CUSTOMERS' CONSENT.
Sanction detail — filed text
$100,000,000.00 FINE PAID
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CIVIL MONEY PENALTIES OF $100,000,000.00; COMPLIANCE AND REDRESS PLANS; INDEPENDENT CONSULTANT REVIEW, PAY REDRESS TO AFFECTED
CONSUMERS.
3.
Date Initiated (MM/DD/YYYY):
09/04/2016
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2016-CFPB-0015
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO BANK, N.A.
6.
Principal Product Type:
Banking Products (Other than CD(s))
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. ("WFBNA") CONSENTED TO THE ENTRY OF AN ORDER THAT ITS COMMUNITY
BANK GROUP ENGAGED IN UNFAIR AND ABUSIVE PRACTICES BY OPENING DEPOSIT ACCOUNTS, TRANSFERRING FUNDS BETWEEN ACCOUNTS, APPLYING
FOR CREDIT CARDS, ISSUING DEBIT CARDS AND ENROLLING CUSTOMERS IN ON-LINE BANKING SERVICES WITHOUT THE CUSTOMERS' CONSENT.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/04/2016
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 100,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
DEVELOP COMPLIANCE PLAN AND MONITORING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
$100,000,000.00 FINE PAID
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 31WELLS FARGO BANK, N. A.PDF pages 490–491
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N. A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC)
- Monetary/Fine Amount — filed text
- $ 20,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
N/A
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. (WFBNA) CONSENTS TO THE FINDING THAT BETWEEN 2007 AND 2014, WFBNA FAILED TO ACCURATELY DISCLOSE SOME SERVICE MEMBER'S MILITARY STATUS IN AFFIDAVITS FILED IN EVICTION PROCEEDINGS AND BETWEEN 2006 AND 2011, FAILED TO OBTAIN COURT ORDERS PRIOR TO REPOSSESING SERVICES MEMBER'S AUTOMOBILES.
Sanction detail — filed text
$20,000,000.00 FINE PAID
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N. A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC) 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: ESTABLISH A COMPLIANCE COMMITTEE, CREATE A COMPREHENSIVE ACTION PLAN AND DEVELOP A WRITTEN SCRA COMPLIANCE PROGRAM AND PROVIDE REMEDIATION FOR ELIGIBLE SCRA-PROTECTED SERVICE MEMBERS. 3. Date Initiated (MM/DD/YYYY): 09/29/2016 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AA-EC-2016-68 & AA-EC-2016-69 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A. 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. (WFBNA) CONSENTS TO THE FINDING THAT BETWEEN 2007 AND 2014, WFBNA FAILED TO ACCURATELY DISCLOSE SOME SERVICE MEMBER'S MILITARY STATUS IN AFFIDAVITS FILED IN EVICTION PROCEEDINGS AND BETWEEN 2006 AND 2011, FAILED TO OBTAIN COURT ORDERS PRIOR TO REPOSSESING SERVICES MEMBER'S AUTOMOBILES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 09/29/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 20,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: ESTABLISH A COMPLIANCE COMMITTEE, CREATE A COMPREHENSIVE ACTION PLAN AND DEVELOP A WRITTEN SCRA COMPLIANCE PROGRAM. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $20,000,000.00 FINE PAID 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). N/A
regulatory · block 32WELLS FARGO BANK, N. A.PDF pages 491–493
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N. A.
- Regulator name — filed text
- COMMODITY FUTURES TRADING COMMISSION (CFTC)
- Monetary/Fine Amount — filed text
- $ 400,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
N/A
Other filed details
Description of allegations — filed text
THE CFTC FOUND THAT BETWEEN MARCH 1, 2013 AND NOVEMBER 13, 2015, EVERY LARGE TRADER REPORT ("LTR") SUBMITTED BY WELLS FARGO BANK, N.A. FAILED TO MEET THE PART 20 REQUIREMENTS. LTRS SUBMITTED BY THE BANK OMITTED REQUIRED DATA ELEMENTS AND REPORTED CERTAIN DATA IN A MANNER THAT DID NOT CONFORM TO THE SPECIFICATIONS REQUIRED BY THE CFTC. ACCORDINGLY, THE BANK VIOLATED SECTION 4S(F)(1)(A) OF THE COMMODITY EXCHANGE ACT, 7 U.S.C. SEC. 6S(F)(1)(A) (2012), AND REGULATIONS 20.4 AND 20.7, 17 C.F.R. SECS. 20.4 AND 20.7 (2015). WITHOUT ADMITTING OR DENYING THE FINDINGS, THE BANK CONSENTED TO ENTRY OF THE CFTC'S ORDER.
Sanction detail — filed text
$400,000.00 FINE PAID
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N. A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
COMMODITY FUTURES TRADING COMMISSION (CFTC)
2.
Principal Sanction:
Cease and Desist
Other Sanctions:
CIVIL MONETARY FINE OF $400,000.
3.
Date Initiated (MM/DD/YYYY):
09/27/2016
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
CFTC DOCKET NO 16-32
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO BANK, N.A.
6.
Principal Product Type:
Other
Other Product Types:
COMMODITY SWAPS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE CFTC FOUND THAT BETWEEN MARCH 1, 2013 AND NOVEMBER 13, 2015, EVERY LARGE TRADER REPORT ("LTR") SUBMITTED BY WELLS FARGO BANK,
N.A. FAILED TO MEET THE PART 20 REQUIREMENTS. LTRS SUBMITTED BY THE BANK OMITTED REQUIRED DATA ELEMENTS AND REPORTED CERTAIN DATA
IN A MANNER THAT DID NOT CONFORM TO THE SPECIFICATIONS REQUIRED BY THE CFTC. ACCORDINGLY, THE BANK VIOLATED SECTION 4S(F)(1)(A) OF
THE COMMODITY EXCHANGE ACT, 7 U.S.C. SEC. 6S(F)(1)(A) (2012), AND REGULATIONS 20.4 AND 20.7, 17 C.F.R. SECS. 20.4 AND 20.7 (2015). WITHOUT
ADMITTING OR DENYING THE FINDINGS, THE BANK CONSENTED TO ENTRY OF THE CFTC'S ORDER.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/27/2016
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 400,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
WELLS FARGO BANK, N.A. HAS REVIEWED AND IS REVISING ITS REPORTING SYSTEMS FOR LTRS TO ADDRESS THE ERRORS AND WILL CONTINUE
TO MONITOR ITS LTRS AND PROVIDE MONTHLY STATUS REPORTS TO CFTC'S OFFICE OF DATA & TECHNOLOGY AND/OR THE CFTC'S DIVISION OF
MARKET OVERSIGHT FOR ONE YEAR. AFTER WELLS FARGO BANK, N.A. HAS REVISED ITS REPORTING SYSTEMS, BUT NO LATER THAN 15 MONTHS
AFTER SEPTEMBER 27, 2016, WELLS FARGO MUST SUBMIT REPLACEMENT DATA BACK TO MARCH 1, 2013.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
$400,000.00 FINE PAID
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
N/Aregulatory · block 33PDF pages 493–495
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 42,500.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
N/A
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT EFFECTED 39 CUSTOMER TRANSACTIONS IN A MUNICIPAL SECURITY IN AN AMOUNT LOWER THAN THE MINIMUM DENOMINATION OF THE ISSUE WHICH WERE NOT SUBJECT TO AN EXCEPTION UNDER THE RULE. THE FINDINGS STATED THAT THE FIRM FAILED TO DISCLOSE ALL MATERIAL FACTS CONCERNING 39 MUNICIPAL SECURITIES TRANSACTIONS AT OR PRIOR TO THE TIME OF TRADE. SPECIFICALLY, THE FIRM FAILED TO INFORM ITS CUSTOMER THAT THE MUNICIPAL SECURITIES TRANSACTION WAS IN AN AMOUNT BELOW THE MINIMUM DENOMINATION OF THE ISSUE, OR THAT THE MUNICIPAL SECURITIES CONTAINED A RESALE RESTRICTION WHICH COULD AFFECT THE LIQUIDITY OF THE CUSTOMER'S POSITION.
Sanction detail — filed text
THE FIRM WAS CENSURED, FINED $42,500, AND REQUIRED TO OFFER RESCISSION TO THE CUSTOMERS WHO PURCHASED THE SECURITIES AT EITHER THE ORIGINAL PURCHASE PRICE OR THE CURRENT FAIR MARKET VALUE, WHICHEVER IS HIGHER. THE OFFER OF RESCISSION SHALL REMAIN OPEN WITH THE AFFECTED CUSTOMER FOR A PERIOD OF 60 DAYS. FINES PAID IN FULL ON NOVEMBER 8, 2016.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/20/2016 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2015046578401 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Debt - Municipal Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT EFFECTED 39 CUSTOMER TRANSACTIONS IN A MUNICIPAL SECURITY IN AN AMOUNT LOWER THAN THE MINIMUM DENOMINATION OF THE ISSUE WHICH WERE NOT SUBJECT TO AN EXCEPTION UNDER THE RULE. THE FINDINGS STATED THAT THE FIRM FAILED TO DISCLOSE ALL MATERIAL FACTS CONCERNING 39 MUNICIPAL SECURITIES TRANSACTIONS AT OR PRIOR TO THE TIME OF TRADE. SPECIFICALLY, THE FIRM FAILED TO INFORM ITS CUSTOMER THAT THE MUNICIPAL SECURITIES TRANSACTION WAS IN AN AMOUNT BELOW THE MINIMUM DENOMINATION OF THE ISSUE, OR THAT THE MUNICIPAL SECURITIES CONTAINED A RESALE RESTRICTION WHICH COULD AFFECT THE LIQUIDITY OF THE CUSTOMER'S POSITION. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 10/20/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 42,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: REQUIRED TO OFFER RESCISSION TO CUSTOMERS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED, FINED $42,500, AND REQUIRED TO OFFER RESCISSION TO THE CUSTOMERS WHO PURCHASED THE SECURITIES AT EITHER THE ORIGINAL PURCHASE PRICE OR THE CURRENT FAIR MARKET VALUE, WHICHEVER IS HIGHER. THE OFFER OF RESCISSION SHALL REMAIN OPEN WITH THE AFFECTED CUSTOMER FOR A PERIOD OF 60 DAYS. FINES PAID IN FULL ON NOVEMBER 8, 2016. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). N/A
regulatory · block 34WELLS FARGO ADVISORS FINANCIAL NETWORK, LLCPDF pages 495–497
- Advisory affiliate name — filed text
- WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 1,000,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM AND ITS AFFILIATE CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT THEY FAILED TO ESTABLISH, MAINTAIN, AND ENFORCE REASONABLE SUPERVISORY SYSTEMS FOR THE USE OF CONSOLIDATED REPORTS GENERATED BY THEIR REGISTERED REPRESENTATIVES THROUGH A PARTICULAR APPLICATION (THE APPLICATION) THAT THE FIRMS MADE AVAILABLE TO THEIR REGISTERED REPRESENTATIVES. THE FINDINGS STATED THAT THE FIRM AND ITS AFFILIATE PERMITTED THEIR REGISTERED REPRESENTATIVES TO USE UP TO 10 OR MORE DIFFERENT APPLICATIONS TO CREATE CONSOLIDATED REPORTS, INCLUDING THE APPLICATION. THE APPLICATION WAS THE MOST WIDELY USED CONSOLIDATED REPORTING APPLICATION AT THE FIRMS. THE FINDINGS ALSO STATED THAT WHEN PREPARING APPLICATION REPORTS, THE FIRMS' REPRESENTATIVES WERE PERMITTED TO MANUALLY ENTER INFORMATION REGARDING CUSTOMERS' EXTERNAL ACCOUNTS, ASSETS AND LIABILITIES INTO A CENTRALIZED ASSETS AND LIABILITIES TABLE, WHICH THE FIRMS MAINTAINED. THE APPLICATION WOULD PULL THAT INFORMATION FROM THE TABLE TO POPULATE THE APPLICATION REPORTS, INCLUDING THOSE THAT WERE THEN SENT TO THE FIRMS' CUSTOMERS. THE FIRMS REVIEWED A RANDOM SAMPLING OF ONLY 2 PERCENT OF THE APPLICATION REPORTS. THE FIRM AND ITS AFFILIATE DID NOT, AND HAD NO SYSTEM IN PLACE TO, REVIEW THE CONTENTS OF THE APPLICATION REPORTS, INCLUDING INFORMATION ABOUT CUSTOMERS' HOLDINGS AWAY FROM THE FIRMS. THE FINDINGS ALSO INCLUDED THAT THE FIRMS' SUPERVISORY SYSTEMS AND PROCEDURES WERE INADEQUATE BECAUSE THERE WAS NO MECHANISM ALLOWING THEIR REPRESENTATIVES TO DESIGNATE WHICH APPLICATION REPORTS WERE ACTUALLY PROVIDED TO CUSTOMERS. THE FIRMS COULD NOT DISTINGUISH BETWEEN DRAFT APPLICATION REPORTS AND REPORTS THAT WERE COMPLETED AND SENT TO CUSTOMERS, WHICH SHOULD HAVE BEEN SUBJECTED TO THE FIRMS' SUPERVISORY SYSTEMS DESIGNED TO REVIEW CUSTOMER COMMUNICATIONS.
Sanction detail — filed text
THE FIRM WAS CENSURED AND FINED $1,000,000, JOINTLY AND SEVERALLY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 11025 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/05/2016 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2015043740201 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM AND ITS AFFILIATE CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT THEY FAILED TO ESTABLISH, MAINTAIN, AND ENFORCE REASONABLE SUPERVISORY SYSTEMS FOR THE USE OF CONSOLIDATED REPORTS GENERATED BY THEIR REGISTERED REPRESENTATIVES THROUGH A PARTICULAR APPLICATION (THE APPLICATION) THAT THE FIRMS MADE AVAILABLE TO THEIR REGISTERED REPRESENTATIVES. THE FINDINGS STATED THAT THE FIRM AND ITS AFFILIATE PERMITTED THEIR REGISTERED REPRESENTATIVES TO USE UP TO 10 OR MORE DIFFERENT APPLICATIONS TO CREATE CONSOLIDATED REPORTS, INCLUDING THE APPLICATION. THE APPLICATION WAS THE MOST WIDELY USED CONSOLIDATED REPORTING APPLICATION AT THE FIRMS. THE FINDINGS ALSO STATED THAT WHEN PREPARING APPLICATION REPORTS, THE FIRMS' REPRESENTATIVES WERE PERMITTED TO MANUALLY ENTER INFORMATION REGARDING CUSTOMERS' EXTERNAL ACCOUNTS, ASSETS AND LIABILITIES INTO A CENTRALIZED ASSETS AND LIABILITIES TABLE, WHICH THE FIRMS MAINTAINED. THE APPLICATION WOULD PULL THAT INFORMATION FROM THE TABLE TO POPULATE THE APPLICATION REPORTS, INCLUDING THOSE THAT WERE THEN SENT TO THE FIRMS' CUSTOMERS. THE FIRMS REVIEWED A RANDOM SAMPLING OF ONLY 2 PERCENT OF THE APPLICATION REPORTS. THE FIRM AND ITS AFFILIATE DID NOT, AND HAD NO SYSTEM IN PLACE TO, REVIEW THE CONTENTS OF THE APPLICATION REPORTS, INCLUDING INFORMATION ABOUT CUSTOMERS' HOLDINGS AWAY FROM THE FIRMS. THE FINDINGS ALSO INCLUDED THAT THE FIRMS' SUPERVISORY SYSTEMS AND PROCEDURES WERE INADEQUATE BECAUSE THERE WAS NO MECHANISM ALLOWING THEIR REPRESENTATIVES TO DESIGNATE WHICH APPLICATION REPORTS WERE ACTUALLY PROVIDED TO CUSTOMERS. THE FIRMS COULD NOT DISTINGUISH BETWEEN DRAFT APPLICATION REPORTS AND REPORTS THAT WERE COMPLETED AND SENT TO CUSTOMERS, WHICH SHOULD HAVE BEEN SUBJECTED TO THE FIRMS' SUPERVISORY SYSTEMS DESIGNED TO REVIEW CUSTOMER COMMUNICATIONS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/05/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED AND FINED $1,000,000, JOINTLY AND SEVERALLY. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 35PDF pages 497–499
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 1,500,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT, WITH TWO OTHER FIRMS, FAILED TO MAINTAIN APPROXIMATELY ONE MILLION ELECTRONIC BROKERAGE RECORDS IN NON-ERASABLE AND NON-REWRITABLE FORMAT, KNOWN AS WORM "WRITE ONCE, READ MANY" FORMAT. THE FINDINGS STATED THAT WORM IS INTENDED TO PREVENT THE ALTERATION OR DESTRUCTION OF BROKER-DEALER RECORDS STORED ELECTRONICALLY. THE FINDINGS ALSO STATED THAT FOR APPROXIMATELY 1.5 MILLION ACCOUNTS, THE FIRM, WITH THE OTHER TWO FIRMS, FAILED TO PRESERVE CUSTOMER ACCOUNT FORM TEMPLATES CONTAINING THE TERMS AND CONDITIONS RELATED TO THE OPENING AND MAINTENANCE OF THE ACCOUNTS. THE FINDINGS ALSO INCLUDED THAT THE FIRM, WITH ONE OF THE OTHER FIRMS, FAILED TO RETAIN CERTAIN COMMUNICATIONS, INCLUDING 77,280 REJECT LETTERS AND 78,200 FULFILLMENT LETTERS. FINRA FOUND THAT THE FIRM FAILED TO NOTIFY FINRA, ITS DESIGNATED EXAMINING AUTHORITY, AT LEAST 90 DAYS PRIOR TO USING NEW STORAGE MEDIA TO STORE ELECTRONIC BROKER-DEALER RECORDS. FINRA ALSO FOUND THAT THE FIRM FAILED TO IMPLEMENT AN AUDIT SYSTEM FOR THOSE RECORDS THEY FAILED TO MAINTAIN IN WORM FORMAT. IN ADDITION, FINRA DETERMINED THAT THE FIRM FAILED TO PROVIDE ITS THIRD-PARTY VENDORS FULL ACCESS TO, AND THE ABILITY TO DOWNLOAD INFORMATION FROM, ITS ELECTRONIC STORAGE SYSTEMS. MOREOVER, FINRA FOUND THAT THE FIRM FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM, AND FAILED TO ENFORCE WRITTEN PROCEDURES, CONCERNING THE FIRM'S READY ACCESS TO ELECTRONIC BROKER-DEALER RECORDS AND ITS STORAGE OF SUCH RECORDS IN WORM FORMAT.
Sanction detail — filed text
THE FIRM WAS CENSURED, FINED $1,500,000, JOINTLY AND SEVERALLY, AND IS REQUIRED TO REVIEW ITS POLICIES AND PROCEDURES RELATED TO THE ADEQUACY OF ITS RELEVANT POLICIES AND PROCEDURES (WRITTEN OR OTHERWISE), INCLUDING A DESCRIPTION OF THE REMEDIAL MEASURES LEADING TO FULL COMPLIANCE, RELATING TO THE CONDUCT ADDRESSED IN THE AWC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 11025 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (For individuals, Last, First, Middle) CRD Number: 17344 This advisory affiliate is a Firm an Individual Registered: Yes No Name: FIRST CLEARING, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): 12/21/2016 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016050274801 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT, WITH TWO OTHER FIRMS, FAILED TO MAINTAIN APPROXIMATELY ONE MILLION ELECTRONIC BROKERAGE RECORDS IN NON-ERASABLE AND NON-REWRITABLE FORMAT, KNOWN AS WORM "WRITE ONCE, READ MANY" FORMAT. THE FINDINGS STATED THAT WORM IS INTENDED TO PREVENT THE ALTERATION OR DESTRUCTION OF BROKER-DEALER RECORDS STORED ELECTRONICALLY. THE FINDINGS ALSO STATED THAT FOR APPROXIMATELY 1.5 MILLION ACCOUNTS, THE FIRM, WITH THE OTHER TWO FIRMS, FAILED TO PRESERVE CUSTOMER ACCOUNT FORM TEMPLATES CONTAINING THE TERMS AND CONDITIONS RELATED TO THE OPENING AND MAINTENANCE OF THE ACCOUNTS. THE FINDINGS ALSO INCLUDED THAT THE FIRM, WITH ONE OF THE OTHER FIRMS, FAILED TO RETAIN CERTAIN COMMUNICATIONS, INCLUDING 77,280 REJECT LETTERS AND 78,200 FULFILLMENT LETTERS. FINRA FOUND THAT THE FIRM FAILED TO NOTIFY FINRA, ITS DESIGNATED EXAMINING AUTHORITY, AT LEAST 90 DAYS PRIOR TO USING NEW STORAGE MEDIA TO STORE ELECTRONIC BROKER-DEALER RECORDS. FINRA ALSO FOUND THAT THE FIRM FAILED TO IMPLEMENT AN AUDIT SYSTEM FOR THOSE RECORDS THEY FAILED TO MAINTAIN IN WORM FORMAT. IN ADDITION, FINRA DETERMINED THAT THE FIRM FAILED TO PROVIDE ITS THIRD-PARTY VENDORS FULL ACCESS TO, AND THE ABILITY TO DOWNLOAD INFORMATION FROM, ITS ELECTRONIC STORAGE SYSTEMS. MOREOVER, FINRA FOUND THAT THE FIRM FAILED TO IMPLEMENT AN ADEQUATE SUPERVISORY SYSTEM, AND FAILED TO ENFORCE WRITTEN PROCEDURES, CONCERNING THE FIRM'S READY ACCESS TO ELECTRONIC BROKER-DEALER RECORDS AND ITS STORAGE OF SUCH RECORDS IN WORM FORMAT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/21/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,500,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED, FINED $1,500,000, JOINTLY AND SEVERALLY, AND IS REQUIRED TO REVIEW ITS POLICIES AND PROCEDURES RELATED TO THE ADEQUACY OF ITS RELEVANT POLICIES AND PROCEDURES (WRITTEN OR OTHERWISE), INCLUDING A DESCRIPTION OF THE REMEDIAL MEASURES LEADING TO FULL COMPLIANCE, RELATING TO THE CONDUCT ADDRESSED IN THE AWC 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 36WELLS FARGO FUNDS DISTRIBUTOR, LLCPDF pages 499–501
- Advisory affiliate name — filed text
- WELLS FARGO FUNDS DISTRIBUTOR, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 133366 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO FUNDS DISTRIBUTOR, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 37PDF pages 501–503
- Regulator name — filed text
- NEW YORK STOCK EXCHANGE, INC
- Monetary/Fine Amount — filed text
- $ 120,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Other filed details
Description of allegations — filed text
EVEREN SECURITIES, INC. (CHANGED ITS NAME TO FIRST UNION SECURITIES, INC.) 1. VIOLATED EXCHANGE RULE 440 AND SEC REGS 240.17A-3 AND A-4; 2. VIOLATED RULE 342.
Sanction detail — filed text
CENSURE AND FINE OF $120,000.00
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STOCK EXCHANGE, INC 2. Principal Sanction: Censure Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 06/01/1999 Exact Explanation If not exact, provide explanation: EXACT DATE NOT KNOWN 4. Docket/Case Number: HPD#99-91 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): EVEREN SECURITIES, INC. (CHANGED ITS NAME TO FIRST UNION SECURITIES, INC.) 1. VIOLATED EXCHANGE RULE 440 AND SEC REGS 240.17A-3 AND A-4; 2. VIOLATED RULE 342. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 07/14/1999 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 120,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CENSURE AND FINE OF $120,000.00 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 38WELLS FARGO BANK, N.A.PDF pages 503–504
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- U.S.A., DEPARTMENT OF THE TREASURY, COMPTROLLER OF THE CURRENCY (OCC)
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
7.THE OCC FOUND THAT WELLS FARGO BANK, N.A. ("WFBNA") FAILED TO MAKE ACCEPTABLE SUBSTANTIAL PROGRESS TOWARD CORRECTING PREVIOUSLY IDENTIFIED BSA/AML PROBLEMS RELATING TO DUE DILIGENCE PRACTICES AND CUSTOMER RISK ASSESSMENT IN THE WHOLESALE BANKING GROUP RESULTING IN A VIOLATION OF 12 USC 1818(S); AND CRITICAL INTERNAL CONTROL DEFICIENCIES IN THE WHOLESALE BANKING GROUP'S BSA/AML COMPLIANCE PROGRAM RESULTED IN AN INTERNAL CONTROL PILLAR VIOLATION (12 CFR 21.21(D)(1)).
Sanction detail — filed text
WELLS FARGO BANK, N.A. BOARD OF DIRECTORS CONSENTED TO THE ISSUANCE OF THE CONSENT ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
U.S.A., DEPARTMENT OF THE TREASURY, COMPTROLLER OF THE CURRENCY (OCC)
2.
Principal Sanction:
Cease and Desist
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
12/18/2015
Exact
Explanation
If not exact, provide explanation:
PUBLICLY RELEASED
4.
Docket/Case Number:
AA-EC-2015-79
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
WHOLESALE BANKING GROUP
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
7.THE OCC FOUND THAT WELLS FARGO BANK, N.A. ("WFBNA") FAILED TO MAKE ACCEPTABLE SUBSTANTIAL PROGRESS TOWARD CORRECTING
PREVIOUSLY IDENTIFIED BSA/AML PROBLEMS RELATING TO DUE DILIGENCE PRACTICES AND CUSTOMER RISK ASSESSMENT IN THE WHOLESALE
BANKING GROUP RESULTING IN A VIOLATION OF 12 USC 1818(S); AND CRITICAL INTERNAL CONTROL DEFICIENCIES IN THE WHOLESALE BANKING
GROUP'S BSA/AML COMPLIANCE PROGRAM RESULTED IN AN INTERNAL CONTROL PILLAR VIOLATION (12 CFR 21.21(D)(1)).
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
12/18/2015
Exact
Explanation
If not exact, provide explanation:
PUBLICLY RELEASED
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
WFBNA SHALL APPOINT AND MAINTAIN A COMPLIANCE COMMITTEE AND SHALL SUBMIT AND IMPLEMENT A PLAN CONTAINING A DETAILED
DESCRIPTION OF THE ACTIONS NECESSARY AND APPROPRIATE TO ACHIEVE FULL COMPLIANCE WITH THE ORDER.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WELLS FARGO BANK, N.A. BOARD OF DIRECTORS CONSENTED TO THE ISSUANCE OF THE CONSENT ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 39PDF pages 504–506
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 35,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM WAS CENSURED, FINED $35,000, AND UNDERTAKES TO REVISE ITS WSPS TO ADDRESS THE DEFICIENCIES DESCRIBED IN THE AWC.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT 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. THE FINDINGS STATED THAT THE FIRM FAILED TO SHOW THE CORRECT TIME OF EXECUTION ON THE MEMORANDUM OF BROKERAGE ORDERS AND FAILED TO SHOW THE CORRECT TIME OF ENTRY ON THE MEMORANDUM OF BROKERAGE ORDERS. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO REPORT THE CORRECT TIME OF EXECUTION TO THE OTC REPORTING FACILITY (OTCRF) LAST SALE REPORTS OF TRANSACTIONS IN DESIGNATED SECURITIES. THE FINDINGS ALSO INCLUDED THAT THE FIRM'S SUPERVISORY SYSTEM DID NOT PROVIDE FOR SUPERVISION REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH RESPECT TO THE APPLICABLE SECURITIES LAWS AND REGULATIONS, AND FINRA RULES, CONCERNING OTC ORDER PROTECTION. THE FIRM'S WRITTEN SUPERVISORY PROCEDURES (WSPS) FAILED TO PROVIDE FOR THE MINIMUM REQUIREMENTS FOR ADEQUATE WSPS CONCERNING OTC ORDER PROTECTION.
Sanction detail — filed text
THE FIRM WAS CENSURED, FINED $35,000, AND UNDERTAKES TO REVISE ITS WSPS TO ADDRESS THE DEFICIENCIES DESCRIBED IN THE AWC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/06/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2012035222801 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: UNSPECIFIED SECURITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT 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. THE FINDINGS STATED THAT THE FIRM FAILED TO SHOW THE CORRECT TIME OF EXECUTION ON THE MEMORANDUM OF BROKERAGE ORDERS AND FAILED TO SHOW THE CORRECT TIME OF ENTRY ON THE MEMORANDUM OF BROKERAGE ORDERS. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO REPORT THE CORRECT TIME OF EXECUTION TO THE OTC REPORTING FACILITY (OTCRF) LAST SALE REPORTS OF TRANSACTIONS IN DESIGNATED SECURITIES. THE FINDINGS ALSO INCLUDED THAT THE FIRM'S SUPERVISORY SYSTEM DID NOT PROVIDE FOR SUPERVISION REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH RESPECT TO THE APPLICABLE SECURITIES LAWS AND REGULATIONS, AND FINRA RULES, CONCERNING OTC ORDER PROTECTION. THE FIRM'S WRITTEN SUPERVISORY PROCEDURES (WSPS) FAILED TO PROVIDE FOR THE MINIMUM REQUIREMENTS FOR ADEQUATE WSPS CONCERNING OTC ORDER PROTECTION. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 05/06/2015 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 35,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED, FINED $35,000, AND UNDERTAKES TO REVISE ITS WSPS TO ADDRESS THE DEFICIENCIES DESCRIBED IN THE AWC. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM WAS CENSURED, FINED $35,000, AND UNDERTAKES TO REVISE ITS WSPS TO ADDRESS THE DEFICIENCIES DESCRIBED IN THE AWC.
regulatory · block 40WACHOVIA SECURITIES (ARGENTINA), LLCPDF pages 506–508
- Advisory affiliate name — filed text
- WACHOVIA SECURITIES (ARGENTINA), LLC
- Regulator name — filed text
- COMISIÓN NACIONAL DE VALORES
- Monetary/Fine Amount — filed text
- $ 27,500.00
- How was matter resolved — filed text
- Other
Other filed details
Description of allegations — filed text
IT WAS ASSERTED THAT WACHOVIA SECURITIES (ARGENTINA), LLC, HAD ENGAGED IN UNAUTHORIZED OFFERING OF REGULATED SECURITIES/INVESTMENT SERVICES TO THE PUBLIC OF ARGENTINA BY LISTING THE ADDRESS AND PHONE NUMBER OF ITS ARGENTINE BRANCH OFFICE LOCATION ON THE "GLOBAL OFFICE LOCATOR PAGE" OF THE PUBLIC WEBSITE OF ITS PARENT, WACHOVIA SECURITIES, LLC.
Sanction detail — filed text
CIVIL AND ADMINISTRATIVE PENALTIES AND FINES. PAID AUGUST 2012.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WACHOVIA SECURITIES (ARGENTINA), LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMISIÓN NACIONAL DE VALORES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/24/2012 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IT WAS ASSERTED THAT WACHOVIA SECURITIES (ARGENTINA), LLC, HAD ENGAGED IN UNAUTHORIZED OFFERING OF REGULATED SECURITIES/INVESTMENT SERVICES TO THE PUBLIC OF ARGENTINA BY LISTING THE ADDRESS AND PHONE NUMBER OF ITS ARGENTINE BRANCH OFFICE LOCATION ON THE "GLOBAL OFFICE LOCATOR PAGE" OF THE PUBLIC WEBSITE OF ITS PARENT, WACHOVIA SECURITIES, LLC. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 05/24/2012 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 27,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CIVIL AND ADMINISTRATIVE PENALTIES AND FINES. PAID AUGUST 2012. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 41PDF pages 508–510
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 20,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM WAS CENSURED, FINED $20,000 AND REQUIRED TO PAY RESTITUTION IN THE TOTAL AMOUNT OF $4,543.08, PLUS INTEREST.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO EXECUTE 50 MARKET ORDERS IN PREFERRED SECURITIES FULLY AND PROMPTLY. THE FINDINGS STATED THAT IN 19 OF THOSE 50 TRANSACTIONS, THE FIRM FAILED TO USE REASONABLE DILIGENCE TO ASCERTAIN THE BEST INTER-DEALER MARKET AND FAILED TO BUY OR SELL IN SUCH MARKET SO THAT THE RESULTANT PRICE TO ITS CUSTOMER WAS AS FAVORABLE AS POSSIBLE UNDER PREVAILING MARKET CONDITIONS.
Sanction detail — filed text
THE FIRM WAS CENSURED, FINED $20,000 AND REQUIRED TO PAY RESTITUTION IN THE TOTAL AMOUNT OF $4,543.08, PLUS INTEREST.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/07/2017 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016049925401 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Equity Listed (Common & Preferred Stock) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO EXECUTE 50 MARKET ORDERS IN PREFERRED SECURITIES FULLY AND PROMPTLY. THE FINDINGS STATED THAT IN 19 OF THOSE 50 TRANSACTIONS, THE FIRM FAILED TO USE REASONABLE DILIGENCE TO ASCERTAIN THE BEST INTER-DEALER MARKET AND FAILED TO BUY OR SELL IN SUCH MARKET SO THAT THE RESULTANT PRICE TO ITS CUSTOMER WAS AS FAVORABLE AS POSSIBLE UNDER PREVAILING MARKET CONDITIONS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 04/07/2017 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 20,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: INTEREST Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED, FINED $20,000 AND REQUIRED TO PAY RESTITUTION IN THE TOTAL AMOUNT OF $4,543.08, PLUS INTEREST. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM WAS CENSURED, FINED $20,000 AND REQUIRED TO PAY RESTITUTION IN THE TOTAL AMOUNT OF $4,543.08, PLUS INTEREST.
regulatory · block 42PDF pages 510–512
- Regulator name — filed text
- MISSOURI
- Monetary/Fine Amount — filed text
- $ 25,672.17
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
RESPONDENT SHALL MAINTAIN AND ENFORCE PROCEDURES AND SYSTEMS FOR SUPERVISING THE ACTIVITIES OF AGENTS, EMPLOYEES, AND MISSOURI OFFICE OPERATIONS IN A MANNER REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE STATE AND FEDERAL SECURITIES LAWS AND REGULATIONS, AND THE RULES OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY.
Other filed details
Description of allegations — filed text
RESPONDENT FAILED TO REASONABLY SUPERVISE THE IRA DISTRIBUTIONS FROM 08/07/2001 TO 07/29/2007 IN VIOLATION OF SECTION 409.4-412(D) (9)
Sanction detail — filed text
RESPONDENT SHALL MAINTAIN AND ENFORCE PROCEDURES AND SYSTEMS FOR SUPERVISING THE ACTIVITIES OF AGENTS, EMPLOYEES, AND MISSOURI OFFICE OPERATIONS IN A MANNER REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE STATE AND FEDERAL SECURITIES LAWS AND REGULATIONS, AND THE RULES OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MISSOURI 2. Principal Sanction: Other Other Sanctions: MONETARY FINE - $24,672.17 TO THE MISSOURI SECRETARY OF STATE INVESTOR EDUCATION AND PROTECTION FUND 3. Date Initiated (MM/DD/YYYY): 02/16/2017 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AP-17-01 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): A.G. EDWARDS & SONS, INC. 6. Principal Product Type: Other Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): RESPONDENT FAILED TO REASONABLY SUPERVISE THE IRA DISTRIBUTIONS FROM 08/07/2001 TO 07/29/2007 IN VIOLATION OF SECTION 409.4-412(D) (9) 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 02/16/2017 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 25,672.17 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: RESPONDENT SHALL MAINTAIN AND ENFORCE PROCEDURES AND SYSTEMS FOR SUPERVISING THE ACTIVITIES OF AGENTS, EMPLOYEES, AND MISSOURI OFFICE OPERATIONS IN A MANNER REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE STATE AND FEDERAL SECURITIES LAWS AND REGULATIONS, AND THE RULES OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). RESPONDENT SHALL MAINTAIN AND ENFORCE PROCEDURES AND SYSTEMS FOR SUPERVISING THE ACTIVITIES OF AGENTS, EMPLOYEES, AND MISSOURI OFFICE OPERATIONS IN A MANNER REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE STATE AND FEDERAL SECURITIES LAWS AND REGULATIONS, AND THE RULES OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY.
regulatory · block 43WELLS FARGO ADVISORS FINANCIAL NETWORK, LLCPDF pages 512–514
- Advisory affiliate name — filed text
- WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
- Regulator name — filed text
- FINRA
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
IN DETERMINING TO RESOLVE THIS MATTER WITHOUT THE IMPOSITION OF A FINE, FINRA TOOK THE FOLLOWING INTO CONSIDERATION: (I) PRIOR TO DETECTION BY FINRA, THE FIRM CORRECTED ITS SUPERVISORY DEFICIENCIES RELATING TO VOLATILITY ETPS; (II) THE FIRM WAS PREVIOUSLY FINED $2.1 MILLION - AFTER THE MISCONDUCT AND ITS REMEDIATION HEREIN - FOR SIMILAR VIOLATIONS RELATING TO NON-TRADITIONAL ETPS; AND, (III) THE FIRM PROVIDED SUBSTANTIAL ASSISTANCE TO FINRA BY, AMONG OTHER THINGS, ENGAGING AT ITS OWN EXPENSE A CONSULTING FIRM TO REVIEW, COMPILE, AND CALCULATE LARGE AMOUNTS OF DATA PERTAINING TO SALES OF VOLATILITY ETPS FOR USE IN DETERMINING THE APPROPRIATE RESTITUTION TO BE PROVIDED.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT CERTAIN FIRM REGISTERED REPRESENTATIVES RECOMMENDED VOLATILITY-LINKED EXCHANGE-TRADED PRODUCTS (VOLATILITY ETPS) TO BROKERAGE CUSTOMERS WITHOUT FULLY UNDERSTANDING THEIR RISKS AND FEATURES. THE FINDINGS STATED THAT THE FIRM FAILED TO VET OR PLACE RESTRICTIONS ON RECOMMENDATIONS AND PURCHASES OF VOLATILITY ETPS, AND AS A RESULT, THESE PRODUCTS WERE MADE AVAILABLE TO RETAIL BROKERAGE CUSTOMERS REGARDLESS OF RISK PROFILE AND INVESTMENT OBJECTIVE. CERTAIN FIRM REPRESENTATIVES MISTAKENLY BELIEVED THAT VOLATILITY ETPS COULD BE USED AS A LONG-TERM HEDGE ON THEIR CUSTOMERS' EQUITY POSITIONS IN THE EVENT OF A MARKET DOWNTURN. IN FACT, VOLATILITY ETPS ARE GENERALLY SHORT-TERM TRADING PRODUCTS THAT DEGRADE SIGNIFICANTLY OVER TIME AND SHOULD NOT BE USED AS PART OF A LONG-TERM BUY-AND-HOLD INVESTMENT STRATEGY. ACCORDINGLY, IN THOSE INSTANCES, THE REPRESENTATIVES DID NOT HAVE A REASONABLE BASIS TO RECOMMEND VOLATILITY ETPS AS SUITABLE TO CUSTOMERS WITH CONSERVATIVE OR MODERATE RISK PROFILES AND INVESTMENT OBJECTIVES AND THE REPRESENTATIVES FURTHER FAILED TO APPROPRIATELY RECOMMEND THE EXIT OF THESE POSITIONS WITHIN A TIMELY MANNER. IN SOME INSTANCES, CUSTOMERS INCURRED SIGNIFICANT LOSSES. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN POLICIES AND PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH NASD RULE 2310 IN CONNECTION WITH ITS SALE OF VOLATILITY ETPS. ALTHOUGH THE FIRM SHOULD HAVE BEEN AWARE OF THE COMPLEXITY AND UNIQUE RISKS AND FEATURES ASSOCIATED WITH VOLATILITY ETPS, THE FIRM FAILED TO IMPLEMENT A REASONABLE SYSTEM TO SUPERVISE ITS REPRESENTATIVES' SOLICITED SALES OF VOLATILITY ETPS. THE FINDINGS ALSO INCLUDED THAT THE FIRM'S SUPERVISORY SYSTEMS ALSO DID NOT INCLUDE REASONABLE TRAINING FOR REGISTERED REPRESENTATIVES AND SUPERVISORS REGARDING THE FEATURES AND RISKS ASSOCIATED WITH VOLATILITY ETPS. BECAUSE THE FIRM FAILED TO ESTABLISH AND PROVIDE REASONABLE GUIDANCE, TRAINING OR TOOLS TO EDUCATE ITS REGISTERED REPRESENTATIVES AND SUPERVISORS ABOUT VOLATILITY ETPS, CERTAIN RETAIL BROKERAGE CUSTOMERS WERE UNINFORMED ABOUT THE FEATURES AND RISKS ASSOCIATED WITH VOLATILITY ETPS PRIOR TO PURCHASING THEM.
Sanction detail — filed text
THE FIRM WAS CENSURED AND ORDERED TO JOINTLY AND SEVERALLY PAY $3,411,478.78 IN RESTITUTION TO CUSTOMERS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 11025 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): 10/16/2017 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2014042465601 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: VOLATILITY-LINKED EXCHANGE-TRADED PRODUCTS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT CERTAIN FIRM REGISTERED REPRESENTATIVES RECOMMENDED VOLATILITY-LINKED EXCHANGE-TRADED PRODUCTS (VOLATILITY ETPS) TO BROKERAGE CUSTOMERS WITHOUT FULLY UNDERSTANDING THEIR RISKS AND FEATURES. THE FINDINGS STATED THAT THE FIRM FAILED TO VET OR PLACE RESTRICTIONS ON RECOMMENDATIONS AND PURCHASES OF VOLATILITY ETPS, AND AS A RESULT, THESE PRODUCTS WERE MADE AVAILABLE TO RETAIL BROKERAGE CUSTOMERS REGARDLESS OF RISK PROFILE AND INVESTMENT OBJECTIVE. CERTAIN FIRM REPRESENTATIVES MISTAKENLY BELIEVED THAT VOLATILITY ETPS COULD BE USED AS A LONG-TERM HEDGE ON THEIR CUSTOMERS' EQUITY POSITIONS IN THE EVENT OF A MARKET DOWNTURN. IN FACT, VOLATILITY ETPS ARE GENERALLY SHORT-TERM TRADING PRODUCTS THAT DEGRADE SIGNIFICANTLY OVER TIME AND SHOULD NOT BE USED AS PART OF A LONG-TERM BUY-AND-HOLD INVESTMENT STRATEGY. ACCORDINGLY, IN THOSE INSTANCES, THE REPRESENTATIVES DID NOT HAVE A REASONABLE BASIS TO RECOMMEND VOLATILITY ETPS AS SUITABLE TO CUSTOMERS WITH CONSERVATIVE OR MODERATE RISK PROFILES AND INVESTMENT OBJECTIVES AND THE REPRESENTATIVES FURTHER FAILED TO APPROPRIATELY RECOMMEND THE EXIT OF THESE POSITIONS WITHIN A TIMELY MANNER. IN SOME INSTANCES, CUSTOMERS INCURRED SIGNIFICANT LOSSES. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN POLICIES AND PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH NASD RULE 2310 IN CONNECTION WITH ITS SALE OF VOLATILITY ETPS. ALTHOUGH THE FIRM SHOULD HAVE BEEN AWARE OF THE COMPLEXITY AND UNIQUE RISKS AND FEATURES ASSOCIATED WITH VOLATILITY ETPS, THE FIRM FAILED TO IMPLEMENT A REASONABLE SYSTEM TO SUPERVISE ITS REPRESENTATIVES' SOLICITED SALES OF VOLATILITY ETPS. THE FINDINGS ALSO INCLUDED THAT THE FIRM'S SUPERVISORY SYSTEMS ALSO DID NOT INCLUDE REASONABLE TRAINING FOR REGISTERED REPRESENTATIVES AND SUPERVISORS REGARDING THE FEATURES AND RISKS ASSOCIATED WITH VOLATILITY ETPS. BECAUSE THE FIRM FAILED TO ESTABLISH AND PROVIDE REASONABLE GUIDANCE, TRAINING OR TOOLS TO EDUCATE ITS REGISTERED REPRESENTATIVES AND SUPERVISORS ABOUT VOLATILITY ETPS, CERTAIN RETAIL BROKERAGE CUSTOMERS WERE UNINFORMED ABOUT THE FEATURES AND RISKS ASSOCIATED WITH VOLATILITY ETPS PRIOR TO PURCHASING THEM. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 10/16/2017 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED AND ORDERED TO JOINTLY AND SEVERALLY PAY $3,411,478.78 IN RESTITUTION TO CUSTOMERS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). IN DETERMINING TO RESOLVE THIS MATTER WITHOUT THE IMPOSITION OF A FINE, FINRA TOOK THE FOLLOWING INTO CONSIDERATION: (I) PRIOR TO DETECTION BY FINRA, THE FIRM CORRECTED ITS SUPERVISORY DEFICIENCIES RELATING TO VOLATILITY ETPS; (II) THE FIRM WAS PREVIOUSLY FINED $2.1 MILLION - AFTER THE MISCONDUCT AND ITS REMEDIATION HEREIN - FOR SIMILAR VIOLATIONS RELATING TO NON-TRADITIONAL ETPS; AND, (III) THE FIRM PROVIDED SUBSTANTIAL ASSISTANCE TO FINRA BY, AMONG OTHER THINGS, ENGAGING AT ITS OWN EXPENSE A CONSULTING FIRM TO REVIEW, COMPILE, AND CALCULATE LARGE AMOUNTS OF DATA PERTAINING TO SALES OF VOLATILITY ETPS FOR USE IN DETERMINING THE APPROPRIATE RESTITUTION TO BE PROVIDED.
regulatory · block 44PDF pages 514–515
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 30,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM WAS CENSURED AND FINED $30,000. FINES PAID IN FULL ON NOVEMBER 17, 2017.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REPORT TO TRACE THE CORRECT TIME OF TRADE EXECUTION FOR 88 TRANSACTIONS IN TRACE-ELIGIBLE SECURITIZED PRODUCTS. THE FINDINGS STATED THAT THE FIRM FAILED TO REPORT TO TRACE 148 TRANSACTIONS IN TRACE-ELIGIBLE SECURITIZED PRODUCTS WITHIN 15 MINUTES OF THE TIME OF EXECUTION.
Sanction detail — filed text
THE FIRM WAS CENSURED AND FINED $30,000. FINES PAID IN FULL ON NOVEMBER 17, 2017.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): 11/06/2017 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016051812801 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: SECURITIZED PRODUCTS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REPORT TO TRACE THE CORRECT TIME OF TRADE EXECUTION FOR 88 TRANSACTIONS IN TRACE-ELIGIBLE SECURITIZED PRODUCTS. THE FINDINGS STATED THAT THE FIRM FAILED TO REPORT TO TRACE 148 TRANSACTIONS IN TRACE-ELIGIBLE SECURITIZED PRODUCTS WITHIN 15 MINUTES OF THE TIME OF EXECUTION. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 11/06/2017 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 30,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED AND FINED $30,000. FINES PAID IN FULL ON NOVEMBER 17, 2017. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM WAS CENSURED AND FINED $30,000. FINES PAID IN FULL ON NOVEMBER 17, 2017.
regulatory · block 45PDF pages 516–517
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 3,500,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
IN DETERMINING TO ACCEPT WELLS FARGO ADVISORS' OFFER, THE COMMISSION CONSIDERED VOLUNTARY REMEDIAL ACTS PROMPTLY UNDERTAKEN BY RESPONDENT, INCLUDING THE FIRM'S RETAINING A THIRD PARTY AML COMPLIANCE FIRM TO REVIEW CERTAIN OF ITS SAR INVESTIGATIONS DURING THE SUMMER OF 2014. IN DETERMINING WHETHER TO ACCEPT THE OFFER, THE COMMISSION HAS ALSO CONSIDERED THE UNDERTAKINGS ENUMERATED IN THE ORDER. IN VIEW OF THE FOREGOING, THE COMMISSION DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST TO IMPOSE THE SANCTIONS AGREED TO IN RESPONDENT WELLS FARGO ADVISORS' OFFER. ACCORDINGLY, PURSUANT TO SECTIONS 15(B) AND 21C OF THE EXCHANGE ACT IT IS HEREBY ORDERED THAT: RESPONDENT CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 PROMULGATED THEREUNDER; RESPONDENT IS CENSURED; AND RESPONDENT SHALL, WITHIN 30 DAYS OF THE ENTRY OF THIS ORDER, PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $3,500,000.00 TO THE SEC.
Other filed details
Description of allegations — filed text
SEC ADMIN RELEASE 34-82054, NOVEMBER 13, 2017: THE SEC DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTIONS 15(B) AND 21C OF THE SECURITIES EXCHANGE ACT OF 1934 AGAINST WELLS FARGO ADVISORS, LLC. IN ANTICIPATION OF THE INSTITUTION OF THESE PROCEEDINGS, RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. SOLELY FOR THE PURPOSE OF THESE PROCEEDINGS AND ANY OTHER PROCEEDINGS BROUGHT BY OR ON BEHALF OF THE COMMISSION, OR TO WHICH THE COMMISSION IS A PARTY, AND WITHOUT ADMITTING OR DENYING THE FINDINGS HEREIN, EXCEPT AS TO THE COMMISSION'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THESE PROCEEDINGS, WHICH ARE ADMITTED, RESPONDENT CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTIONS 15(B) AND 21C OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS AND A CEASE- AND-DESIST ORDER. ON THE BASIS OF THIS ORDER AND RESPONDENT'S OFFER, THE COMMISSION FINDS THAT THESE PROCEEDINGS ARISE OUT OF WELLS FARGO ADVISORS' FAILURE TO FILE OR TIMELY FILE A NUMBER OF SUSPICIOUS ACTIVITY REPORTS ("SARS") FROM APPROXIMATELY MARCH 2012 THROUGH JUNE 2013. THE MAJORITY OF THESE FAILURES INVOLVED THE FAILURE TO TIMELY FILE SARS ON ONGOING SUSPICIOUS ACTIVITY THAT CONTINUED AFTER AN INITIAL SAR FILING BY WELLS FARGO ADVISORS ON RELATED SUSPICIOUS ACTIVITY. AT THE TIME, WELLS FARGO ADVISORS' ANTI-MONEY LAUNDERING ("AML") POLICIES AND PROCEDURES REQUIRED THE FILING OF SARS PURSUANT TO THE REQUIREMENTS OF THE BANK SECRECY ACT ("BSA"), INCLUDING THE FILING OF SARS RELATED TO CONTINUING SUSPICIOUS ACTIVITY. DESPITE THESE REQUIREMENTS, WELLS FARGO ADVISORS FAILED TO FILE OR TIMELY FILE AT LEAST 50 SARS, A MAJORITY OF WHICH RELATED TO CONTINUING SUSPICIOUS ACTIVITY OCCURRING IN ACCOUNTS HELD AT WELLS FARGO ADVISORS' U.S. BRANCH OFFICES THAT FOCUSED ON INTERNATIONAL CUSTOMERS. AS A RESULT OF THIS CONDUCT, WELLS FARGO ADVISORS WILLFULLY VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 THEREUNDER.
Sanction detail — filed text
RESPONDENT IS ORDERED TO CEASE AND DESIST; IS CENSURED; AND SHALL PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $3,500,000.00.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions:
CENSURE, CIVIL MONEY PENALTY
3.
Date Initiated (MM/DD/YYYY):
11/13/2017
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-18279
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO ADVISORS
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEC ADMIN RELEASE 34-82054, NOVEMBER 13, 2017: THE SEC DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE
AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTIONS 15(B) AND 21C OF THE SECURITIES EXCHANGE ACT
OF 1934 AGAINST WELLS FARGO ADVISORS, LLC. IN ANTICIPATION OF THE INSTITUTION OF THESE PROCEEDINGS, RESPONDENT HAS SUBMITTED AN
OFFER OF SETTLEMENT WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. SOLELY FOR THE PURPOSE OF THESE PROCEEDINGS AND ANY OTHER
PROCEEDINGS BROUGHT BY OR ON BEHALF OF THE COMMISSION, OR TO WHICH THE COMMISSION IS A PARTY, AND WITHOUT ADMITTING OR DENYING
THE FINDINGS HEREIN, EXCEPT AS TO THE COMMISSION'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THESE PROCEEDINGS, WHICH ARE
ADMITTED, RESPONDENT CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS PURSUANT
TO SECTIONS 15(B) AND 21C OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-
AND-DESIST ORDER. ON THE BASIS OF THIS ORDER AND RESPONDENT'S OFFER, THE COMMISSION FINDS THAT THESE PROCEEDINGS ARISE OUT OF
WELLS FARGO ADVISORS' FAILURE TO FILE OR TIMELY FILE A NUMBER OF SUSPICIOUS ACTIVITY REPORTS ("SARS") FROM APPROXIMATELY MARCH
2012 THROUGH JUNE 2013. THE MAJORITY OF THESE FAILURES INVOLVED THE FAILURE TO TIMELY FILE SARS ON ONGOING SUSPICIOUS ACTIVITY THAT
CONTINUED AFTER AN INITIAL SAR FILING BY WELLS FARGO ADVISORS ON RELATED SUSPICIOUS ACTIVITY. AT THE TIME, WELLS FARGO ADVISORS'
ANTI-MONEY LAUNDERING ("AML") POLICIES AND PROCEDURES REQUIRED THE FILING OF SARS PURSUANT TO THE REQUIREMENTS OF THE BANK
SECRECY ACT ("BSA"), INCLUDING THE FILING OF SARS RELATED TO CONTINUING SUSPICIOUS ACTIVITY. DESPITE THESE REQUIREMENTS, WELLS
FARGO ADVISORS FAILED TO FILE OR TIMELY FILE AT LEAST 50 SARS, A MAJORITY OF WHICH RELATED TO CONTINUING SUSPICIOUS ACTIVITY
OCCURRING IN ACCOUNTS HELD AT WELLS FARGO ADVISORS' U.S. BRANCH OFFICES THAT FOCUSED ON INTERNATIONAL CUSTOMERS. AS A RESULT OF
THIS CONDUCT, WELLS FARGO ADVISORS WILLFULLY VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 THEREUNDER.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
11/13/2017
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 3,500,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
RESPONDENT IS ORDERED TO CEASE AND DESIST; IS CENSURED; AND SHALL PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $3,500,000.00.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
IN DETERMINING TO ACCEPT WELLS FARGO ADVISORS' OFFER, THE COMMISSION CONSIDERED VOLUNTARY REMEDIAL ACTS PROMPTLY UNDERTAKEN
BY RESPONDENT, INCLUDING THE FIRM'S RETAINING A THIRD PARTY AML COMPLIANCE FIRM TO REVIEW CERTAIN OF ITS SAR INVESTIGATIONS DURING
THE SUMMER OF 2014. IN DETERMINING WHETHER TO ACCEPT THE OFFER, THE COMMISSION HAS ALSO CONSIDERED THE UNDERTAKINGS
ENUMERATED IN THE ORDER. IN VIEW OF THE FOREGOING, THE COMMISSION DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST TO IMPOSE THE
SANCTIONS AGREED TO IN RESPONDENT WELLS FARGO ADVISORS' OFFER. ACCORDINGLY, PURSUANT TO SECTIONS 15(B) AND 21C OF THE EXCHANGE
ACT IT IS HEREBY ORDERED THAT: RESPONDENT CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS
OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 PROMULGATED THEREUNDER; RESPONDENT IS CENSURED; AND RESPONDENT SHALL,
WITHIN 30 DAYS OF THE ENTRY OF THIS ORDER, PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $3,500,000.00 TO THE SEC.regulatory · block 46PDF pages 518–519
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 20,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM WAS CENSURED AND FINED $20,000.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT EXECUTED SHORT SALE ORDERS IN OVER-THE-COUNTER (OTC) EQUITY SECURITIES AND IMPROPERLY MARKED THE ORDERS AS SHORT EXEMPT. THE FINDINGS STATED THAT THE FIRM EXECUTED SHORT SALE TRANSACTIONS IN OTC EQUITY SECURITIES AND INCORRECTLY REPORTED THE TRANSACTIONS TO THE OTC REPORTING FACILITY WITH SHORT EXEMPT MODIFIERS.
Sanction detail — filed text
THE FIRM WAS CENSURED AND FINED $20,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/07/2017 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016049334801 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Equity - OTC Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT EXECUTED SHORT SALE ORDERS IN OVER-THE-COUNTER (OTC) EQUITY SECURITIES AND IMPROPERLY MARKED THE ORDERS AS SHORT EXEMPT. THE FINDINGS STATED THAT THE FIRM EXECUTED SHORT SALE TRANSACTIONS IN OTC EQUITY SECURITIES AND INCORRECTLY REPORTED THE TRANSACTIONS TO THE OTC REPORTING FACILITY WITH SHORT EXEMPT MODIFIERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/07/2017 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 20,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED AND FINED $20,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM WAS CENSURED AND FINED $20,000.
regulatory · block 47PDF pages 519–521
- Regulator name — filed text
- STATE OF ILLINOIS, ILLINOIS SECURITIES DEPARTMENT
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
NOTICE OF HEARING WAS ISSUED DECEMBER 21, 2017. CONSENT ORDER WAS ISSUED DECEMBER 21, 2017.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND THE ENTRY OF FINDINGS THAT IT RECEIVED, REVIEWED AND/OR ANALYZED DOCUMENTS AND INFORMATION FROM A FINANCIAL ADVISORY FIRM CONCERNING CERTAIN MONEY MANAGER STRATEGIES THAT CONTAINED INFORMATION THAT WAS LATER FOUND TO BE FALSE AND MISLEADING. THE FINDINGS STATED THAT THE FIRM INCLUDED THE FINANCIAL ADVISORY FIRM'S MONEY MANAGER STRATEGIES IN CERTAIN OF ITS EXTERNALLY MANAGED SEPARATELY MANAGED ACCOUNT PROGRAMS, BUT THE FIRM DID NOT UTILIZE INACCURATE HISTORICAL PERFORMANCE DATA IN CONNECTION WITH ITS DECISION TO ONBOARD THE MONEY MANAGER STRATEGIES AND THE FIRM DID NOT INCORPORATE INACCURATE PERFORMANCE DATA IN ITS ADVERTISEMENTS OR PROGRAM MARKETING MATERIALS.
Sanction detail — filed text
MONETARY PAYMENT $270,000.00
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF ILLINOIS, ILLINOIS SECURITIES DEPARTMENT 2. Principal Sanction: Other Other Sanctions: NOTICE OF HEARING 3. Date Initiated (MM/DD/YYYY): 12/17/2017 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 1500252 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: SEPARATELY MANAGED ACCOUNT PRODUCT 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND THE ENTRY OF FINDINGS THAT IT RECEIVED, REVIEWED AND/OR ANALYZED DOCUMENTS AND INFORMATION FROM A FINANCIAL ADVISORY FIRM CONCERNING CERTAIN MONEY MANAGER STRATEGIES THAT CONTAINED INFORMATION THAT WAS LATER FOUND TO BE FALSE AND MISLEADING. THE FINDINGS STATED THAT THE FIRM INCLUDED THE FINANCIAL ADVISORY FIRM'S MONEY MANAGER STRATEGIES IN CERTAIN OF ITS EXTERNALLY MANAGED SEPARATELY MANAGED ACCOUNT PROGRAMS, BUT THE FIRM DID NOT UTILIZE INACCURATE HISTORICAL PERFORMANCE DATA IN CONNECTION WITH ITS DECISION TO ONBOARD THE MONEY MANAGER STRATEGIES AND THE FIRM DID NOT INCORPORATE INACCURATE PERFORMANCE DATA IN ITS ADVERTISEMENTS OR PROGRAM MARKETING MATERIALS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 12/21/2017 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: MONETARY PAYMENT $270,000.00 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). NOTICE OF HEARING WAS ISSUED DECEMBER 21, 2017. CONSENT ORDER WAS ISSUED DECEMBER 21, 2017.
regulatory · block 48WELLS FARGO & COMPANYPDF pages 521–523
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE ORDER TO CEASE AND DESIST AND TO TAKE AFFIRMATIVE ACTION TO TAKE STEPS TO ENSURE THE BANK COMPLIES WITH CONSENT ORDERS ISSUED BY THE OCC AND CFPB, WITHIN SIXTY DAYS, SUBMIT A WRITTEN PLAN TO FURTHER ENHANCE THE EFFECTIVENESS IN CARRYING OUT OVERSIGHT AND GOVERNANCE OF WFC, IMPROVE ITS OVERSIGHT OF SENIOR MANAGEMENT INCLUDING AN EFFECTIVE RISK TOLERANCE PROGRAM AND RISK IDENTIFICATION AND ESCALATION FRAMEWORK. FOLLOWING THE ADOPTION FO THE PLANS AND IMPROVEMENTS, WFC SHALL CONDUCT BY SEPTEMBER 30, 2018 AND INDEPENDENT REVIEW OF THE BOARD'S IMPROVEMENTS, ENHANCEMENTS TO THE FIRM'S COMPLIANCE AND OPERATIONAL RISK MANAGEMENT PROGRAM. WFC MUST CONDUCT A SECOND INDEPENDENT REVIEW INTO WFC'S "BUSINESS-AS-USUAL PRACTICES AND OPERATIONS TO ASSESS THE EFFICACY AND SUSTAINABILITY OF THE IMPROVEMENTS. BOTH REVIEWS MUST BE CONDUCTED BY THIRD PARTY EXPERTS WITH RESULTS SUBMITTED TO THE FEDERAL RESERVE WITHIN 30 DAYS OF COMPLETION OF THE REPORTS. WFC IS RESTRICTED, WITHOUT PRIOR WRITTEN APPROVAL, TO TAKE ANY ACTION THAT WOULD CAUSE THE AVERAGE OF WFC'S TOTAL CONSOLIDATED ASSETS FOR THE CURRENT AND PRECEDING QUARTER TO EXCEED A SPECIFIED LEVEL AS DESCRIBED MORE FULLY IN THE ORDER.
Sanction detail — filed text
RESTRICTED, WITHOUT PRIOR WRITTEN APPROVAL, FROM EXCEEDING CERTAIN ASSET LEVELS AS DESCRIBED MORE FULLY IN THE ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2. Principal Sanction: Cease and Desist Other Sanctions: INDEPENDENT REVIEWS 3. Date Initiated (MM/DD/YYYY): 02/02/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 18-007-B-HC 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO & COMPANY (WFC) 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE ORDER TO CEASE AND DESIST AND TO TAKE AFFIRMATIVE ACTION TO TAKE STEPS TO ENSURE THE BANK COMPLIES WITH CONSENT ORDERS ISSUED BY THE OCC AND CFPB, WITHIN SIXTY DAYS, SUBMIT A WRITTEN PLAN TO FURTHER ENHANCE THE EFFECTIVENESS IN CARRYING OUT OVERSIGHT AND GOVERNANCE OF WFC, IMPROVE ITS OVERSIGHT OF SENIOR MANAGEMENT INCLUDING AN EFFECTIVE RISK TOLERANCE PROGRAM AND RISK IDENTIFICATION AND ESCALATION FRAMEWORK. FOLLOWING THE ADOPTION FO THE PLANS AND IMPROVEMENTS, WFC SHALL CONDUCT BY SEPTEMBER 30, 2018 AND INDEPENDENT REVIEW OF THE BOARD'S IMPROVEMENTS, ENHANCEMENTS TO THE FIRM'S COMPLIANCE AND OPERATIONAL RISK MANAGEMENT PROGRAM. WFC MUST CONDUCT A SECOND INDEPENDENT REVIEW INTO WFC'S "BUSINESS-AS-USUAL PRACTICES AND OPERATIONS TO ASSESS THE EFFICACY AND SUSTAINABILITY OF THE IMPROVEMENTS. BOTH REVIEWS MUST BE CONDUCTED BY THIRD PARTY EXPERTS WITH RESULTS SUBMITTED TO THE FEDERAL RESERVE WITHIN 30 DAYS OF COMPLETION OF THE REPORTS. WFC IS RESTRICTED, WITHOUT PRIOR WRITTEN APPROVAL, TO TAKE ANY ACTION THAT WOULD CAUSE THE AVERAGE OF WFC'S TOTAL CONSOLIDATED ASSETS FOR THE CURRENT AND PRECEDING QUARTER TO EXCEED A SPECIFIED LEVEL AS DESCRIBED MORE FULLY IN THE ORDER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 02/02/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: TWO INDEPENDENT THIRD PARTY WRITTEN REVIEWS OF THE WFC BOARD AND BUSINESS PRACTICES AND OPERATIONS NO LATER THAN SEPTEMBER 30, 2018. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: RESTRICTED, WITHOUT PRIOR WRITTEN APPROVAL, FROM EXCEEDING CERTAIN ASSET LEVELS AS DESCRIBED MORE FULLY IN THE ORDER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 49PDF pages 523–525
- Regulator name — filed text
- CALIFORNIA DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 10,345,816.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
THE CALIFORNIA DEPARTMENT OF INSURANCE FILED A DISCIPLINARY ACTION FOR ALLEGED IMPROPER SALES PRACTICES BETWEEN 2008 AND 2016 CONCERNING THE BANK'S ONLINE INSURANCE REFERRAL PROGRAM FOR RENTERS AND SIMPLIFIED-ISSUE TERM LIFE INSURANCE. THE INSURANCE PRODUCTS WERE OFFERED BY REFERRAL THROUGH THIRD-PARTY CARRIERS AMERICAN MODERN INSURANCE GROUP, ASSURANT, GREAT WEST FINANCIAL, AND PRUDENTIAL INSURANCE COMPANY. THE CALIFORNIA DEPARTMENT OF INSURANCE ALLEGES THAT WELLS FARGO'S ACTIONS ARE GROUNDS FOR SUSPENDING OR REVOKING THE INSURANCE LICENSES FOR WELLS FARGO BANK, N.A. AND WELLS FARGO INSURANCE, INC.
Sanction detail — filed text
$5,000,000 OF THE PENALTY SHALL BE PAID WITHIN 30 DAYS OF THE EFFECTIVE DATE, AND $345,816 WILL BE TO COVER ANY AND ALL ATTORNEY FEES, COSTS AND/OR EXPENSES RECOVERABLE. AND THE REMAINING $5,000,000 SHALL BE PAYABLE ONLY IF, AFTER A PERIOD OF NO LESS THAN TWO YEARS FOLLOWING THE LAST OF THE RESPECTIVE EXPIRATION DATES OF ITS LICENSES, WELLS FARGO FILES AN APPLICATION WITH THE DEPARTMENT FOR REISSUANCE OF EITHER OF ITS LICENSES, OR APPLIES FOR ANY LICENSE, AND THE INSURANCE COMMISSIONER GRANTS ANY SUCH LICENSES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO INSURANCE, INC. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) CALIFORNIA DEPARTMENT OF INSURANCE 2. Principal Sanction: Other Other Sanctions: ADMINISTRATIVE PROCEEDING INITIATED 3. Date Initiated (MM/DD/YYYY): 11/30/2017 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: LA2016000665-AP 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A AND WELLS FARGO INSURANCE, INC. 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE CALIFORNIA DEPARTMENT OF INSURANCE FILED A DISCIPLINARY ACTION FOR ALLEGED IMPROPER SALES PRACTICES BETWEEN 2008 AND 2016 CONCERNING THE BANK'S ONLINE INSURANCE REFERRAL PROGRAM FOR RENTERS AND SIMPLIFIED-ISSUE TERM LIFE INSURANCE. THE INSURANCE PRODUCTS WERE OFFERED BY REFERRAL THROUGH THIRD-PARTY CARRIERS AMERICAN MODERN INSURANCE GROUP, ASSURANT, GREAT WEST FINANCIAL, AND PRUDENTIAL INSURANCE COMPANY. THE CALIFORNIA DEPARTMENT OF INSURANCE ALLEGES THAT WELLS FARGO'S ACTIONS ARE GROUNDS FOR SUSPENDING OR REVOKING THE INSURANCE LICENSES FOR WELLS FARGO BANK, N.A. AND WELLS FARGO INSURANCE, INC. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 01/02/2019 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,345,816.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: CEASE TRANSACTING NEW BUSINESS IN CALIFORNIA, MAY CONTINUE TO RECEIVE COMMISSIONS AND PROVIDE SERVICES FOR EXISTING BUSINESS, UNTIL LICENSES EXPIRES FOR WFBNA ON SEPTEMBER 30, 2020, AND WFI, INC. ON JULY 31, 2020. UPON EXPIRATION NEITHER SHALL APPLY FOR INSURANCE LICENSES FOR A PERIOD OF NO LESS THAN 2 YEARS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $5,000,000 OF THE PENALTY SHALL BE PAID WITHIN 30 DAYS OF THE EFFECTIVE DATE, AND $345,816 WILL BE TO COVER ANY AND ALL ATTORNEY FEES, COSTS AND/OR EXPENSES RECOVERABLE. AND THE REMAINING $5,000,000 SHALL BE PAYABLE ONLY IF, AFTER A PERIOD OF NO LESS THAN TWO YEARS FOLLOWING THE LAST OF THE RESPECTIVE EXPIRATION DATES OF ITS LICENSES, WELLS FARGO FILES AN APPLICATION WITH THE DEPARTMENT FOR REISSUANCE OF EITHER OF ITS LICENSES, OR APPLIES FOR ANY LICENSE, AND THE INSURANCE COMMISSIONER GRANTS ANY SUCH LICENSES. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 50WELLS FARGO BANK, N.A.PDF pages 525–527
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- BUREAU OF CONSUMER FINANCIAL PROTECTION
- Monetary/Fine Amount — filed text
- $ 500,000,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS OF FACT OR CONCLUSIONS OF LAW, THE BANK CONSENTED TO THE ISSUANCE OF AN ORDER IN WHICH THE CFPB FOUND THAT THE BANK ENGAGED IN UNFAIR ACTS OR PRACTICES IN VIOLATION OF SECTIONS 1031(C) AND 1036(A)(1)(B) OF THE CONSUMER FINANCIAL PROTECTION ACT OF 2010 (CFPA) FOR CERTAIN SPECIFIED ACTS AND PRACTICES RELATED TO: (1) THE BANK'S FAILURE TO FOLLOW THE MORTGAGE-INTEREST-RATE-LOCK PROCESS IT EXPLAINED TO SOME PROSPECTIVE BORROWERS; AND (2) THE BANK'S FORCE-PLACED AUTOMOBILE COLLATERAL PROTECTION INSURANCE (CPI) PROGRAM. IN ADDITION TO ORDERING THE BANK TO STOP ENGAGING IN THE SPECIFIED ACTS AND PRACTICES, THE ORDER FURTHER REQUIRES THE BANK TO: (1) MAINTAIN A COMPLIANCE COMMITTEE RESPONSIBLE FOR MONITORING AND OVERSEEING THE BANK'S COMPLIANCE WITH THE PROVISIONS OF THE ORDER; (2) SUBMIT AN ACCEPTABLE ENTERPRISE-WIDE COMPLIANCE RISK MANAGEMENT PLAN DESIGNED TO ENSURE THE BANK'S ACTS AND PRACTICES COMPLY WITH FEDERAL CONSUMER FINANCIAL LAW AND THE TERMS OF THE ORDER, A STAFFING ASSESSMENT FOR THE COMPLIANCE RISK MANAGEMENT PROGRAM, AND A PLAN TO ENHANCE THE INTERNAL AUDIT PROGRAM WITH RESPECT TO COMPLIANCE; (3) ESTABLISH A COMPREHENSIVE REMEDIATION PROGRAM FOR REMEDIATION ACTIVITIES CONDUCTED BY THE BANK AND ESTABLISH REMEDIATION PLANS ADDRESSING THE CPI AND MORTGAGE-INTEREST-RATE-LOCK FINDINGS IN THE ORDER; (4) PAY A CIVIL MONEY PENALTY OF $1 BILLION, FOR WHICH ONLY $500 MILLION MUST BE PAID TO THE CFPB AS THE CFPB IS TREATING THE PAYMENT OF THE $500 MILLION OCC PENALTY AS PARTIAL SATISFACTION OF THE PENALTY; AND (5) COMPLY WITH VARIOUS REPORTING AND APPROVAL REQUIREMENTS.
Sanction detail — filed text
$500,000,000. FINE
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) BUREAU OF CONSUMER FINANCIAL PROTECTION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: RESTITUTION DISGORGEMENT CEASE AND DESIST 3. Date Initiated (MM/DD/YYYY): 04/20/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2018-BCFP-0001 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS OF FACT OR CONCLUSIONS OF LAW, THE BANK CONSENTED TO THE ISSUANCE OF AN ORDER IN WHICH THE CFPB FOUND THAT THE BANK ENGAGED IN UNFAIR ACTS OR PRACTICES IN VIOLATION OF SECTIONS 1031(C) AND 1036(A)(1)(B) OF THE CONSUMER FINANCIAL PROTECTION ACT OF 2010 (CFPA) FOR CERTAIN SPECIFIED ACTS AND PRACTICES RELATED TO: (1) THE BANK'S FAILURE TO FOLLOW THE MORTGAGE-INTEREST-RATE-LOCK PROCESS IT EXPLAINED TO SOME PROSPECTIVE BORROWERS; AND (2) THE BANK'S FORCE-PLACED AUTOMOBILE COLLATERAL PROTECTION INSURANCE (CPI) PROGRAM. IN ADDITION TO ORDERING THE BANK TO STOP ENGAGING IN THE SPECIFIED ACTS AND PRACTICES, THE ORDER FURTHER REQUIRES THE BANK TO: (1) MAINTAIN A COMPLIANCE COMMITTEE RESPONSIBLE FOR MONITORING AND OVERSEEING THE BANK'S COMPLIANCE WITH THE PROVISIONS OF THE ORDER; (2) SUBMIT AN ACCEPTABLE ENTERPRISE-WIDE COMPLIANCE RISK MANAGEMENT PLAN DESIGNED TO ENSURE THE BANK'S ACTS AND PRACTICES COMPLY WITH FEDERAL CONSUMER FINANCIAL LAW AND THE TERMS OF THE ORDER, A STAFFING ASSESSMENT FOR THE COMPLIANCE RISK MANAGEMENT PROGRAM, AND A PLAN TO ENHANCE THE INTERNAL AUDIT PROGRAM WITH RESPECT TO COMPLIANCE; (3) ESTABLISH A COMPREHENSIVE REMEDIATION PROGRAM FOR REMEDIATION ACTIVITIES CONDUCTED BY THE BANK AND ESTABLISH REMEDIATION PLANS ADDRESSING THE CPI AND MORTGAGE-INTEREST-RATE-LOCK FINDINGS IN THE ORDER; (4) PAY A CIVIL MONEY PENALTY OF $1 BILLION, FOR WHICH ONLY $500 MILLION MUST BE PAID TO THE CFPB AS THE CFPB IS TREATING THE PAYMENT OF THE $500 MILLION OCC PENALTY AS PARTIAL SATISFACTION OF THE PENALTY; AND (5) COMPLY WITH VARIOUS REPORTING AND APPROVAL REQUIREMENTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/20/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 500,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: ESTABLISH ENTERPRISE-WIDE COMPLIANCE RISK MANAGEMENT PLAN, ESTABLISH A COMPREHENSIVE REMEDIATION PROGRAM, AND ENHANCE THE INTERNAL AUDIT PLAN FOR COMPLIANCE Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $500,000,000. FINE 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 51WELLS FARGO BANK, N.A.PDF pages 527–529
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC)
- Monetary/Fine Amount — filed text
- $ 500,000,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE BANK CONSENTED TO THE ISSUANCE OF AN ORDER IN WHICH THE OCC FOUND THAT THE BANK FAILED TO IMPLEMENT AND MAINTAIN AN ENTERPRISE-WIDE COMPLIANCE RISK MANAGEMENT PROGRAM COMMENSURATE WITH THE BANK'S SIZE, COMPLEXITY, AND RISK PROFILE. THE OCC FOUND THAT THE DEFICIENCIES IN THE BANK'S ENTERPRISE-WIDE COMPLIANCE RISK MANAGEMENT PROGRAM, WHICH WERE IDENTIFIED DURING THE OCC'S ONGOING SUPERVISION OF THE BANK, CONSTITUTED RECKLESS UNSAFE OR UNSOUND PRACTICES RESULTING IN VIOLATIONS OF THE UNFAIR ACTS OR PRACTICES PROVISION OF SECTION 5 OF THE FEDERAL TRADE COMMISSION ACT. THE OCC ALSO FOUND THAT DEFICIENCIES IN THE BANK'S AUTOMOBILE COLLATERAL PROTECTION INSURANCE (CPI) PROGRAM AND MORTGAGE INTEREST RATE LOCK EXTENSION FEE PRACTICES CONSTITUTED UNFAIR ACTS OR PRACTICES AND WERE UNSAFE OR UNSOUND. THE ORDER REQUIRES THE BANK TO: (1) MAINTAIN A COMPLIANCE COMMITTEE RESPONSIBLE FOR MONITORING AND OVERSEEING THE BANK'S COMPLIANCE WITH THE PROVISIONS OF THE ORDER; (2) DEVELOP AND EXECUTE A COMPLIANCE RISK MANAGEMENT PLAN, A CONSENT ORDER ACTION PLAN, A STAFFING ASSESSMENT FOR THE COMPLIANCE RISK MANAGEMENT PROGRAM, AND A PLAN TO ENHANCE THE INTERNAL AUDIT PROGRAM WITH RESPECT TO COMPLIANCE; (3) ESTABLISH A COMPREHENSIVE REMEDIATION PROGRAM FOR REMEDIATION ACTIVITIES CONDUCTED BY THE BANK AND ESTABLISH REMEDIATION PLANS ADDRESSING CPI AND MORTGAGE INTEREST RATE LOCK EXTENSION FEES; (4) PAY A CIVIL MONEY PENALTY OF $500,000,000; AND (5) COMPLY WITH VARIOUS REPORTING AND APPROVAL REQUIREMENTS.
Sanction detail — filed text
$500,000,000.00 FINE
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC) 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: RESTITUTION DISGORGEMENT CEASE AND DESIST 3. Date Initiated (MM/DD/YYYY): 04/20/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AA-EC-2018-15 & AA-EC-2018-16 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE BANK CONSENTED TO THE ISSUANCE OF AN ORDER IN WHICH THE OCC FOUND THAT THE BANK FAILED TO IMPLEMENT AND MAINTAIN AN ENTERPRISE-WIDE COMPLIANCE RISK MANAGEMENT PROGRAM COMMENSURATE WITH THE BANK'S SIZE, COMPLEXITY, AND RISK PROFILE. THE OCC FOUND THAT THE DEFICIENCIES IN THE BANK'S ENTERPRISE-WIDE COMPLIANCE RISK MANAGEMENT PROGRAM, WHICH WERE IDENTIFIED DURING THE OCC'S ONGOING SUPERVISION OF THE BANK, CONSTITUTED RECKLESS UNSAFE OR UNSOUND PRACTICES RESULTING IN VIOLATIONS OF THE UNFAIR ACTS OR PRACTICES PROVISION OF SECTION 5 OF THE FEDERAL TRADE COMMISSION ACT. THE OCC ALSO FOUND THAT DEFICIENCIES IN THE BANK'S AUTOMOBILE COLLATERAL PROTECTION INSURANCE (CPI) PROGRAM AND MORTGAGE INTEREST RATE LOCK EXTENSION FEE PRACTICES CONSTITUTED UNFAIR ACTS OR PRACTICES AND WERE UNSAFE OR UNSOUND. THE ORDER REQUIRES THE BANK TO: (1) MAINTAIN A COMPLIANCE COMMITTEE RESPONSIBLE FOR MONITORING AND OVERSEEING THE BANK'S COMPLIANCE WITH THE PROVISIONS OF THE ORDER; (2) DEVELOP AND EXECUTE A COMPLIANCE RISK MANAGEMENT PLAN, A CONSENT ORDER ACTION PLAN, A STAFFING ASSESSMENT FOR THE COMPLIANCE RISK MANAGEMENT PROGRAM, AND A PLAN TO ENHANCE THE INTERNAL AUDIT PROGRAM WITH RESPECT TO COMPLIANCE; (3) ESTABLISH A COMPREHENSIVE REMEDIATION PROGRAM FOR REMEDIATION ACTIVITIES CONDUCTED BY THE BANK AND ESTABLISH REMEDIATION PLANS ADDRESSING CPI AND MORTGAGE INTEREST RATE LOCK EXTENSION FEES; (4) PAY A CIVIL MONEY PENALTY OF $500,000,000; AND (5) COMPLY WITH VARIOUS REPORTING AND APPROVAL REQUIREMENTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 04/20/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 500,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: ESTABLISH ENTERPRISE-WIDE COMPLIANCE RISK MANAGEMENT PLAN, ESTABLISH A COMPREHENSIVE REMEDIATION PROGRAM, AND ENHANCE THE INTERNAL AUDIT PLAN FOR COMPLIANCE Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $500,000,000.00 FINE 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 52PDF pages 529–531
- Regulator name — filed text
- STATE OF NEVADA SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 8,000.00
- How was matter resolved — filed text
- Order
Other filed details
Description of allegations — filed text
ALLEGED THAT WFCS HAS VIOLATED NRS 90.360(2) AND NAC 90.392 BY MAINTAINING THREE (3) BRANCH OFFICE LOCATIONS IN THE STATE OF NEVADA WITHOUT OBTAINING A LICENSE FROM THE DIVISION
Sanction detail — filed text
IN ADDITION TO THE MONETARY PENALTY OF $8500, WFCS IS ORDERED TO PAY $1446.13 FOR COSTS OF INSPECTING TWO BRANCH OFFICES
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEVADA SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/13/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CI15-011 AND CI15-013 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGED THAT WFCS HAS VIOLATED NRS 90.360(2) AND NAC 90.392 BY MAINTAINING THREE (3) BRANCH OFFICE LOCATIONS IN THE STATE OF NEVADA WITHOUT OBTAINING A LICENSE FROM THE DIVISION 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 04/13/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 8,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: IN ADDITION TO THE MONETARY PENALTY OF $8500, WFCS IS ORDERED TO PAY $1446.13 FOR COSTS OF INSPECTING TWO BRANCH OFFICES 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 53PDF pages 531–533
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 4,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
IN ANTICIPATION OF THE INSTITUTION OF THESE PROCEEDINGS, THE FIRM HAS SUBMITTED AN OFFER OF SETTLEMENT (THE OFFER) WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. SOLELY FOR THE PURPOSE OF THESE PROCEEDINGS AND ANY OTHER PROCEEDINGS BROUGHT BY OR ON BEHALF OF THE COMMISSION, OR TO WHICH THE COMMISSION IS A PARTY, AND WITHOUT ADMITTING OR DENYING THE FINDINGS HEREIN, EXCEPT AS TO THE COMMISSION'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THESE PROCEEDINGS, WHICH ARE ADMITTED, THE FIRM CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS, PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933, SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934, AND SECTION 203(E) OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-AND-DESIST ORDER (ORDER). AS A RESULT OF THE CONDUCT DESCRIBED, WFA WILLFULLY VIOLATED SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT. IN VIEW OF THE FOREGOING, THE COMMISSION DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST TO IMPOSE THE SANCTIONS AGREED TO IN WFA'S OFFER. ACCORDINGLY, PURSUANT TO SECTION 8A OF THE SECURITIES ACT, SECTION 15(B) OF THE EXCHANGE ACT, AND SECTION 203(E) OF THE ADVISERS ACT IT IS HEREBY ORDERED THAT WFA IS CENSURED, ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT, AND SHALL PAY DISGORGEMENT, PREJUDGMENT INTEREST, AND A CIVIL MONETARY PENALTY TOTALING $5,108,441.27 AS FOLLOWS: WFA SHALL PAY DISGORGEMENT OF $930,377, WHICH REPRESENTS THE COMMISSIONS WFA EARNED ON REPRESENTATIVES RECURRENT MLI EXCHANGES BETWEEN JANUARY 1, 2009 AND AUGUST 31, 2012, PREJUDGMENT INTEREST THEREON OF $178,064.27, AND A CIVIL MONEY PENALTY IN THE AMOUNT OF $4,000,000, CONSISTENT WITH THE PROVISIONS OF THE ORDER.
Other filed details
Description of allegations — filed text
SEC ADMIN RELEASE 33-10511; 34-83508; IA RELEASE 4947, JUNE 25, 2018: THE SECURITIES AND EXCHANGE COMMISSION (COMMISSION) DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933 (SECURITIES ACT), SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT), AND SECTION 203(E) OF THE INVESTMENT ADVISERS ACT OF 1940 (ADVISERS ACT) AGAINST WELLS FARGO ADVISORS, LLC. FROM AT LEAST JANUARY 2009 THROUGH JUNE 2013, CERTAIN REGISTERED REPRESENTATIVES AT WELLS FARGO ADVISORS, LLC (WFA) AND ITS PREDECESSOR WELLS FARGO INVESTMENTS, LLC (WFI) IMPROPERLY SOLICITED CUSTOMERS TO REDEEM THEIR MARKET-LINKED INVESTMENTS (MLI) EARLY AND PURCHASE NEW MLIS WITHOUT ADEQUATE ANALYSIS OR CONSIDERATION OF THE SUBSTANTIAL COSTS ASSOCIATED WITH SUCH TRANSACTIONS. AN MLI IS A FIXED MATURITY FINANCIAL PRODUCT WHOSE INTEREST IS DETERMINED BY THE PERFORMANCE OF A REFERENCE ASSET OR MARKET MEASURE SUCH AS AN EQUITY OR COMMODITY INDEX OVER THE TERM OF THE PRODUCT. MLIS HAVE LIMITED LIQUIDITY AND SIGNIFICANT UPFRONT FEES, AND ACCORDINGLY WFA CONSIDERED THEM TO BE PRODUCTS INTENDED TO BE HELD TO MATURITY AND IN 2011 IMPLEMENTED A POLICY PROHIBITING REPRESENTATIVES FROM ENGAGING IN "SHORT-TERM TRADING" OR "FLIPPING" OF MLIS. NOTWITHSTANDING WFA'S INTERNAL GUIDANCE AND POLICY, AND DESPITE THE ADVERSE ECONOMIC CONSEQUENCES TO WFA CUSTOMERS, CERTAIN WFA REPRESENTATIVES DID NOT REASONABLY INVESTIGATE OR UNDERSTAND THE SIGNIFICANT COSTS OF MLI EXCHANGES. NEVERTHELESS, THEY RECOMMENDED TO THEIR CUSTOMERS THAT THEY REDEEM THEIR MLIS EARLY, TYPICALLY TO REALIZE PROFITS, AND TO USE THE PROCEEDS FROM THOSE REDEMPTIONS TO PURCHASE NEW MLIS. SUPERVISORS ROUTINELY APPROVED THE RECOMMENDATIONS OR THE EXCHANGES. THIS PRACTICE CAUSED CERTAIN WFA CUSTOMERS TO INCUR SIGNIFICANT COSTS AND IMPAIRED THE CUSTOMERS' ABILITY TO ACHIEVE THEIR INVESTMENT OBJECTIVES. AS A CONSEQUENCE, WFA OBTAINED COMMISSIONS BY MEANS OF RECOMMENDATIONS THAT CONTAINED IMPLIED REPRESENTATIONS THAT WFA PERSONNEL HAD FORMED A REASONABLE BASIS FOR THE RECOMMENDATIONS WHEN THEY HAD NOT, IN FACT, DONE SO. AS A RESULT OF THE CONDUCT DESCRIBED ABOVE, WFA WILLFULLY VIOLATED SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT.
Sanction detail — filed text
WFA IS CENSURED, ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT, AND SHALL PAY DISGORGEMENT, PREJUDGMENT INTEREST, AND A CIVIL MONETARY PENALTY TOTALING $5,108,441.27.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser s or advisory affiliate s favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) UNITED STATES SECURITIES AND EXCHANGE COMMISSION 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): 06/25/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 3-18556 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: MARKET-LINKED INVESTMENTS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): SEC ADMIN RELEASE 33-10511; 34-83508; IA RELEASE 4947, JUNE 25, 2018: THE SECURITIES AND EXCHANGE COMMISSION (COMMISSION) DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933 (SECURITIES ACT), SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT), AND SECTION 203(E) OF THE INVESTMENT ADVISERS ACT OF 1940 (ADVISERS ACT) AGAINST WELLS FARGO ADVISORS, LLC. FROM AT LEAST JANUARY 2009 THROUGH JUNE 2013, CERTAIN REGISTERED REPRESENTATIVES AT WELLS FARGO ADVISORS, LLC (WFA) AND ITS PREDECESSOR WELLS FARGO INVESTMENTS, LLC (WFI) IMPROPERLY SOLICITED CUSTOMERS TO REDEEM THEIR MARKET-LINKED INVESTMENTS (MLI) EARLY AND PURCHASE NEW MLIS WITHOUT ADEQUATE ANALYSIS OR CONSIDERATION OF THE SUBSTANTIAL COSTS ASSOCIATED WITH SUCH TRANSACTIONS. AN MLI IS A FIXED MATURITY FINANCIAL PRODUCT WHOSE INTEREST IS DETERMINED BY THE PERFORMANCE OF A REFERENCE ASSET OR MARKET MEASURE SUCH AS AN EQUITY OR COMMODITY INDEX OVER THE TERM OF THE PRODUCT. MLIS HAVE LIMITED LIQUIDITY AND SIGNIFICANT UPFRONT FEES, AND ACCORDINGLY WFA CONSIDERED THEM TO BE PRODUCTS INTENDED TO BE HELD TO MATURITY AND IN 2011 IMPLEMENTED A POLICY PROHIBITING REPRESENTATIVES FROM ENGAGING IN "SHORT-TERM TRADING" OR "FLIPPING" OF MLIS. NOTWITHSTANDING WFA'S INTERNAL GUIDANCE AND POLICY, AND DESPITE THE ADVERSE ECONOMIC CONSEQUENCES TO WFA CUSTOMERS, CERTAIN WFA REPRESENTATIVES DID NOT REASONABLY INVESTIGATE OR UNDERSTAND THE SIGNIFICANT COSTS OF MLI EXCHANGES. NEVERTHELESS, THEY RECOMMENDED TO THEIR CUSTOMERS THAT THEY REDEEM THEIR MLIS EARLY, TYPICALLY TO REALIZE PROFITS, AND TO USE THE PROCEEDS FROM THOSE REDEMPTIONS TO PURCHASE NEW MLIS. SUPERVISORS ROUTINELY APPROVED THE RECOMMENDATIONS OR THE EXCHANGES. THIS PRACTICE CAUSED CERTAIN WFA CUSTOMERS TO INCUR SIGNIFICANT COSTS AND IMPAIRED THE CUSTOMERS' ABILITY TO ACHIEVE THEIR INVESTMENT OBJECTIVES. AS A CONSEQUENCE, WFA OBTAINED COMMISSIONS BY MEANS OF RECOMMENDATIONS THAT CONTAINED IMPLIED REPRESENTATIONS THAT WFA PERSONNEL HAD FORMED A REASONABLE BASIS FOR THE RECOMMENDATIONS WHEN THEY HAD NOT, IN FACT, DONE SO. AS A RESULT OF THE CONDUCT DESCRIBED ABOVE, WFA WILLFULLY VIOLATED SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 06/25/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 4,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: PREJUDGMENT INTEREST Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WFA IS CENSURED, ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT, AND SHALL PAY DISGORGEMENT, PREJUDGMENT INTEREST, AND A CIVIL MONETARY PENALTY TOTALING $5,108,441.27. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). IN ANTICIPATION OF THE INSTITUTION OF THESE PROCEEDINGS, THE FIRM HAS SUBMITTED AN OFFER OF SETTLEMENT (THE OFFER) WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. SOLELY FOR THE PURPOSE OF THESE PROCEEDINGS AND ANY OTHER PROCEEDINGS BROUGHT BY OR ON BEHALF OF THE COMMISSION, OR TO WHICH THE COMMISSION IS A PARTY, AND WITHOUT ADMITTING OR DENYING THE FINDINGS HEREIN, EXCEPT AS TO THE COMMISSION'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THESE PROCEEDINGS, WHICH ARE ADMITTED, THE FIRM CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS, PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933, SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934, AND SECTION 203(E) OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-AND-DESIST ORDER (ORDER). AS A RESULT OF THE CONDUCT DESCRIBED, WFA WILLFULLY VIOLATED SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT. IN VIEW OF THE FOREGOING, THE COMMISSION DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST TO IMPOSE THE SANCTIONS AGREED TO IN WFA'S OFFER. ACCORDINGLY, PURSUANT TO SECTION 8A OF THE SECURITIES ACT, SECTION 15(B) OF THE EXCHANGE ACT, AND SECTION 203(E) OF THE ADVISERS ACT IT IS HEREBY ORDERED THAT WFA IS CENSURED, ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTIONS 17(A)(2) AND 17(A)(3) OF THE SECURITIES ACT, AND SHALL PAY DISGORGEMENT, PREJUDGMENT INTEREST, AND A CIVIL MONETARY PENALTY TOTALING $5,108,441.27 AS FOLLOWS: WFA SHALL PAY DISGORGEMENT OF $930,377, WHICH REPRESENTS THE COMMISSIONS WFA EARNED ON REPRESENTATIVES RECURRENT MLI EXCHANGES BETWEEN JANUARY 1, 2009 AND AUGUST 31, 2012, PREJUDGMENT INTEREST THEREON OF $178,064.27, AND A CIVIL MONEY PENALTY IN THE AMOUNT OF $4,000,000, CONSISTENT WITH THE PROVISIONS OF THE ORDER.
regulatory · block 54WELLS FARGO BANK, N.A.PDF pages 533–535
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- U.S. DEPARTMENT OF JUSTICE
- Monetary/Fine Amount — filed text
- $ 2,090,000,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING LIABILITY, THE BANK CONSENTED TO A CIVIL SETTLEMENT AGREEMENT IN WHICH THE US DOJ ALLEGED THE BANK ENGAGED IN VIOLATIONS COVERED UNDER THE FINANCIAL INSTITUTIONS REFORM, RECOVERY AND ENFORCEMENT ACT OF 1989, 12 U.S.C. § 1833A, RELATED TO REPRESENTATIONS, DISCLOSURES OR NON-DISCLOSURES TO RMBS INVESTORS OR THIRD PARTIES THAT WERE PASSED THROUGH TO RMBS INVESTORS. WELLS FARGO BANK, N.A. AGREED TO PAY A CIVIL MONEY PENALTY OF $2,090,000,000 TO THE CIVIL DIVISION OF THE U.S. DEPARTMENT OF JUSTICE WITHIN FIFTEEN (15) DAYS.
Sanction detail — filed text
$2,090,000,0000. FINE DUE WITHIN 15 DAYS OF SETTLEMENT AGREEMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) U.S. DEPARTMENT OF JUSTICE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 08/01/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING LIABILITY, THE BANK CONSENTED TO A CIVIL SETTLEMENT AGREEMENT IN WHICH THE US DOJ ALLEGED THE BANK ENGAGED IN VIOLATIONS COVERED UNDER THE FINANCIAL INSTITUTIONS REFORM, RECOVERY AND ENFORCEMENT ACT OF 1989, 12 U.S.C. § 1833A, RELATED TO REPRESENTATIONS, DISCLOSURES OR NON-DISCLOSURES TO RMBS INVESTORS OR THIRD PARTIES THAT WERE PASSED THROUGH TO RMBS INVESTORS. WELLS FARGO BANK, N.A. AGREED TO PAY A CIVIL MONEY PENALTY OF $2,090,000,000 TO THE CIVIL DIVISION OF THE U.S. DEPARTMENT OF JUSTICE WITHIN FIFTEEN (15) DAYS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 08/01/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,090,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $2,090,000,0000. FINE DUE WITHIN 15 DAYS OF SETTLEMENT AGREEMENT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 55WELLS FARGO & COMPANYPDF pages 535–536
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- OFFICE OF ATTORNEY GENERAL, STATE OF NEW YORK
- Monetary/Fine Amount — filed text
- $ 65,000,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING LIABILITY, WELLS FARGO & COMPANY (WF&CO) CONSENTED TO A SETTLEMENT AGREEMENT IN WHICH THE OFFICE OF ATTORNEY GENERAL, STATE OF NEW YORK (OAG), ALLEGED WF&CO ENGAGED IN VIOLATIONS OF NY GENERAL BUSINESS LAW, § 352 ET SEQ., EXECUTIVE LAW § 63(12), AND THE COMMON LAW OF THE STATE OF NY, RELATED TO REPRESENTATIONS TO INVESTORS. WELLS FARGO & COMPANY AGREED TO PAY A CIVIL MONEY PENALTY OF $65,000,000. TO THE OAG WITHIN TEN (10) BUSINESS DAYS.
Sanction detail — filed text
$65,000,000. FINE PAID WITHIN 10 BUSINESS DAYS OF SETTLEMENT AGREEMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF ATTORNEY GENERAL, STATE OF NEW YORK 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/18/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 18/121 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO & COMPANY 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING LIABILITY, WELLS FARGO & COMPANY (WF&CO) CONSENTED TO A SETTLEMENT AGREEMENT IN WHICH THE OFFICE OF ATTORNEY GENERAL, STATE OF NEW YORK (OAG), ALLEGED WF&CO ENGAGED IN VIOLATIONS OF NY GENERAL BUSINESS LAW, § 352 ET SEQ., EXECUTIVE LAW § 63(12), AND THE COMMON LAW OF THE STATE OF NY, RELATED TO REPRESENTATIONS TO INVESTORS. WELLS FARGO & COMPANY AGREED TO PAY A CIVIL MONEY PENALTY OF $65,000,000. TO THE OAG WITHIN TEN (10) BUSINESS DAYS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 10/18/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 65,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $65,000,000. FINE PAID WITHIN 10 BUSINESS DAYS OF SETTLEMENT AGREEMENT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 56WELLS FARGO & COMPANYPDF pages 537–538
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- OFFICE OF ATTORNEY GENERAL, STATE OF ILLINOIS
- Monetary/Fine Amount — filed text
- $ 17,250,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING LIABILITY, WELLS FARGO & COMPANY (WFC) CONSENTED TO A SETTLEMENT AGREEMENT WITH THE ILLINOIS ATTORNEY GENERAL'S OFFICE IN WHICH WFC AGREED TO PAY $17.25MM IN RESTITUTION TO DESIGNATED ILLINIOIS STATE PENSIONS TO RESOLVE AN INVESTIGATION OF . WELLS FARGO MORTGAGE - RELATED SECURITIZATIONS ISSUED BEFORE JANUARY 1, 2009.
Sanction detail — filed text
$17,250,000. RESTITUTION PAID WITHIN 10 BUSINESS DAYS OF SETTLEMENT AGREEMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF ATTORNEY GENERAL, STATE OF ILLINOIS 2. Principal Sanction: Restitution Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 11/27/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: N/A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO & COMPANY 6. Principal Product Type: Other Other Product Types: SECURITIES (RMBS) 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING LIABILITY, WELLS FARGO & COMPANY (WFC) CONSENTED TO A SETTLEMENT AGREEMENT WITH THE ILLINOIS ATTORNEY GENERAL'S OFFICE IN WHICH WFC AGREED TO PAY $17.25MM IN RESTITUTION TO DESIGNATED ILLINIOIS STATE PENSIONS TO RESOLVE AN INVESTIGATION OF . WELLS FARGO MORTGAGE - RELATED SECURITIZATIONS ISSUED BEFORE JANUARY 1, 2009. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 11/27/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 17,250,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $17,250,000. RESTITUTION PAID WITHIN 10 BUSINESS DAYS OF SETTLEMENT AGREEMENT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 57WELLS FARGO & COMPANYPDF pages 538–540
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - OHIO
- Monetary/Fine Amount — filed text
- $ 2,974,953.32
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - OHIO 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,974,953.32 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 58WELLS FARGO & COMPANYPDF pages 540–542
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - NORTH DAKOTA
- Monetary/Fine Amount — filed text
- $ 1,215,310.89
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - NORTH DAKOTA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,215,310.89 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 59WELLS FARGO & COMPANYPDF pages 542–544
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - NORTH CAROLINA
- Monetary/Fine Amount — filed text
- $ 15,174,791.40
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - NORTH CAROLINA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 15,174,791.40 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 60WELLS FARGO & COMPANYPDF pages 544–546
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - KANSAS
- Monetary/Fine Amount — filed text
- $ 2,307,874.13
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - KANSAS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,307,874.13 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 61WELLS FARGO & COMPANYPDF pages 546–547
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - IOWA
- Monetary/Fine Amount — filed text
- $ 6,180,941.33
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - IOWA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 6,180,941.33 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 62WELLS FARGO & COMPANYPDF pages 547–549
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - INDIANA
- Monetary/Fine Amount — filed text
- $ 5,202,676.45
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - INDIANA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,202,676.45 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 63WELLS FARGO & COMPANYPDF pages 549–551
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - ILLINOIS
- Monetary/Fine Amount — filed text
- $ 10,857,474.49
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - ILLINOIS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,857,474.49 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 64WELLS FARGO & COMPANYPDF pages 551–553
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - IDAHO
- Monetary/Fine Amount — filed text
- $ 5,276,628.87
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - IDAHO 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CV01-18-23986 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,276,628.87 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 65WELLS FARGO & COMPANYPDF pages 553–555
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - CONNECTICUT
- Monetary/Fine Amount — filed text
- $ 5,242,279.59
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - CONNECTICUT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,242,279.59 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 66WELLS FARGO & COMPANYPDF pages 555–556
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- ( g g g y y ) STATE ATTORNEY GENERAL - OKLAHOMA
- Monetary/Fine Amount — filed text
- $ 2,640,251.14
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) ( g g g y y ) STATE ATTORNEY GENERAL - OKLAHOMA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,640,251.14 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 67WELLS FARGO & COMPANYPDF pages 556–558
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - WEST VIRGINIA
- Monetary/Fine Amount — filed text
- $ 1,652,275.25
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - WEST VIRGINIA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,652,275.25 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 68WELLS FARGO & COMPANYPDF pages 558–560
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - TEXAS
- Monetary/Fine Amount — filed text
- $ 47,378,217.69
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - TEXAS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: D-1-GN-18-007683 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 47,378,217.69 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 69WELLS FARGO & COMPANYPDF pages 560–562
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - TENNESSEE
- Monetary/Fine Amount — filed text
- $ 4,989,322.01
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - TENNESSEE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 19C69 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 4,989,322.01 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 70WELLS FARGO & COMPANYPDF pages 562–564
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - SOUTH DAKOTA
- Monetary/Fine Amount — filed text
- $ 1,827,596.64
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - SOUTH DAKOTA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,827,596.64 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 71WELLS FARGO & COMPANYPDF pages 564–565
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - SOUTH CAROLINA
- Monetary/Fine Amount — filed text
- $ 6,788,785.83
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - SOUTH CAROLINA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 6,788,785.83 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 72WELLS FARGO & COMPANYPDF pages 566–567
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - RHODE ISLAND
- Monetary/Fine Amount — filed text
- $ 1,216,915.47
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - RHODE ISLAND 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: PC-2018-9401 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,216,915.47 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 73WELLS FARGO & COMPANYPDF pages 567–569
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - PENNSYLVANIA
- Monetary/Fine Amount — filed text
- $ 16,526,551.91
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - PENNSYLVANIA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 16,526,551.91 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 74WELLS FARGO & COMPANYPDF pages 569–571
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - OREGON
- Monetary/Fine Amount — filed text
- $ 9,766,546.95
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - OREGON 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 9,766,546.95 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 75WELLS FARGO & COMPANYPDF pages 571–573
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - NEW YORK
- Monetary/Fine Amount — filed text
- $ 11,854,349.87
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - NEW YORK 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 11,854,349.87 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 76WELLS FARGO & COMPANYPDF pages 573–575
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - NEW MEXICO
- Monetary/Fine Amount — filed text
- $ 6,449,106.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - NEW MEXICO 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: D-101-CV-2018-02395 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 6,449,106.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. TO RESOLVE THE COMPLAINT FILED BY NEW MEXICO AGAINST WF&CO IN AUGUST 2018, WF&CO ALSO AGREED TO PAY NEW MEXICO AN ADDITIONAL $1,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 77WELLS FARGO & COMPANYPDF pages 575–576
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - NEW JERSEY
- Monetary/Fine Amount — filed text
- $ 16,989,709.60
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - NEW JERSEY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 16,989,709.60 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 78WELLS FARGO & COMPANYPDF pages 576–578
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - NEW HAMPSHIRE
- Monetary/Fine Amount — filed text
- $ 1,167,689.76
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - NEW HAMPSHIRE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 217-2018-CV-00811 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,167,689.76 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 79WELLS FARGO & COMPANYPDF pages 578–580
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - NEVADA
- Monetary/Fine Amount — filed text
- $ 13,363,512.80
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - NEVADA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 13,363,512.80 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 80WELLS FARGO & COMPANYPDF pages 580–582
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - NEBRASKA
- Monetary/Fine Amount — filed text
- $ 5,210,423.09
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - NEBRASKA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,210,423.09 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 81WELLS FARGO & COMPANYPDF pages 582–584
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - MONTANA
- Monetary/Fine Amount — filed text
- $ 2,779,651.69
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - MONTANA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,779,651.69 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 82WELLS FARGO & COMPANYPDF pages 584–585
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - MISSISSIPPI
- Monetary/Fine Amount — filed text
- $ 2,538,491.41
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - MISSISSIPPI 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,538,491.41 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 83WELLS FARGO & COMPANYPDF pages 585–587
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - MISSOURI
- Monetary/Fine Amount — filed text
- $ 5,616,485.55
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - MISSOURI 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 18AC-CC00516 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,616,485.55 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 84WELLS FARGO & COMPANYPDF pages 587–589
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - MINNESOTA
- Monetary/Fine Amount — filed text
- $ 7,000,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. g y g p p PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - MINNESOTA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 62-CV-18-8322 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 7,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 85WELLS FARGO & COMPANYPDF pages 589–591
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - MICHIGAN
- Monetary/Fine Amount — filed text
- $ 5,235,475.56
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - MICHIGAN 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,235,475.56 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 86WELLS FARGO & COMPANYPDF pages 591–593
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - MARYLAND
- Monetary/Fine Amount — filed text
- $ 7,916,350.19
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - MARYLAND 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 7,916,350.19 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 87WELLS FARGO & COMPANYPDF pages 593–594
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - MASSACHUSETTS
- Monetary/Fine Amount — filed text
- $ 6,182,546.05
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - MASSACHUSETTS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 6,182,546.05 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 88WELLS FARGO & COMPANYPDF pages 595–596
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - MAINE
- Monetary/Fine Amount — filed text
- $ 1,136,559.61
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - MAINE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,136,559.61 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 89WELLS FARGO & COMPANYPDF pages 596–598
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - LOUISIANA
- Monetary/Fine Amount — filed text
- $ 1,911,733.65
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - LOUISIANA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,911,733.65 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 90WELLS FARGO & COMPANYPDF pages 598–600
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - KENTUCKY
- Monetary/Fine Amount — filed text
- $ 3,675,446.17
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - KENTUCKY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 3,675,446.17 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 91WELLS FARGO & COMPANYPDF pages 600–602
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - WYOMING
- Monetary/Fine Amount — filed text
- $ 1,603,894.35
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - WYOMING 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,603,894.35 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 92WELLS FARGO & COMPANYPDF pages 602–603
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - WISCONSIN
- Monetary/Fine Amount — filed text
- $ 8,565,813.31
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - WISCONSIN 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 8,565,813.31 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 93WELLS FARGO & COMPANYPDF pages 604–605
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - WASHINGTON
- Monetary/Fine Amount — filed text
- $ 16,147,093.34
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - WASHINGTON 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 18-2-06490-34 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 16,147,093.34 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 94WELLS FARGO & COMPANYPDF pages 605–607
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - ALASKA
- Monetary/Fine Amount — filed text
- $ 1,486,804.01
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - ALASKA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,486,804.01 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 95WELLS FARGO & COMPANYPDF pages 607–609
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - VIRGINIA
- Monetary/Fine Amount — filed text
- $ 11,546,080.48
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - VIRGINIA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 11,546,080.48 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 96WELLS FARGO & COMPANYPDF pages 609–611
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - VERMONT
- Monetary/Fine Amount — filed text
- $ 1,984,047.03
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - VERMONT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,984,047.03 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 97WELLS FARGO & COMPANYPDF pages 611–613
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - UTAH
- Monetary/Fine Amount — filed text
- $ 10,232,596.05
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - UTAH 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,232,596.05 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 98WELLS FARGO & COMPANYPDF pages 613–614
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - HAWAII
- Monetary/Fine Amount — filed text
- $ 1,468,038.75
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - HAWAII 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,468,038.75 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 99WELLS FARGO & COMPANYPDF pages 614–616
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - GEORGIA
- Monetary/Fine Amount — filed text
- $ 16,346,293.31
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - GEORGIA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 16,346,293.31 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 100WELLS FARGO & COMPANYPDF pages 616–619
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - FLORIDA
- Monetary/Fine Amount — filed text
- $ 28,301,139.58
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
DRP Pages
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - FLORIDA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 28,301,139.58 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). DRP Pages
regulatory · block 1WELLS FARGO & COMPANYPDF pages 619–620
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - DISTRICT OF COLUMBIA
- Monetary/Fine Amount — filed text
- $ 1,112,853.08
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - DISTRICT OF COLUMBIA 2. Principal Sanction: p Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,112,853.08 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 2WELLS FARGO & COMPANYPDF pages 620–622
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - DELAWARE
- Monetary/Fine Amount — filed text
- $ 2,007,548.53
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - DELAWARE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,007,548.53 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 3WELLS FARGO & COMPANYPDF pages 622–624
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - COLORADO
- Monetary/Fine Amount — filed text
- $ 21,476,334.34
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - COLORADO 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 21,476,334.34 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 4WELLS FARGO & COMPANYPDF pages 624–626
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - CALIFORNIA
- Monetary/Fine Amount — filed text
- $ 148,733,525.16
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - CALIFORNIA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 18-ST-CV-09856 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 148,733,525.16 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 5WELLS FARGO & COMPANYPDF pages 626–628
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - ARIZONA
- Monetary/Fine Amount — filed text
- $ 37,136,571.08
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - ARIZONA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 37,136,571.08 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 6WELLS FARGO & COMPANYPDF pages 628–629
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- ( g g g y y ) STATE ATTORNEY GENERAL - ARKANSAS
- Monetary/Fine Amount — filed text
- $ 1,298,019.87
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) ( g g g y y ) STATE ATTORNEY GENERAL - ARKANSAS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,298,019.87 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FIRM WILL MAKE PAYMENT UPON RECEIPT AND PROCCESSING INSTRUCTIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 7WELLS FARGO & COMPANYPDF pages 629–631
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- STATE ATTORNEY GENERAL - ALABAMA
- Monetary/Fine Amount — filed text
- $ 7,945,123.52
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL.
Sanction detail — filed text
THE MONETARY AMOUNT OWED WAS PAID.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE ATTORNEY GENERAL - ALABAMA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WELLS FARGO & COMPANY ENTERED INTO A SETTLEMENT WITH ALL 50 STATE ATTORNEYS GENERAL AND THE DISTRICT OF COLUMBIA REGARDING PREVIOUSLY DISCLOSED RETAIL SALES PRACTICES, AUTO COLLATERAL PROTECTION INSURANCE AND GUARANTEED ASSET/AUTO PROTECTION, AND MORTGAGE INTEREST RATE LOCK MATTERS. UNDER THE TERMS OF THE AGREEMENT, WELLS FARGO AGREED TO PAY A TOTAL OF $575 MILLION TO RESOLVE POTENTIAL CIVIL CLAIMS BY STATE ATTORNEYS GENERAL. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/28/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 7,945,123.52 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: AS PART OF ITS NATIONAL SETTLEMENT WITH ALL STATES WF&CO ALSO PAID TO THE NATIONAL ATTORNEYS GENERAL TRAINING AND RESEARCH INSTITUTE $2,000,000. AND TO THE NATIONAL ASSOCIATION OF ATTORNEY GENERALS $7,000,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE MONETARY AMOUNT OWED WAS PAID. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 8PDF pages 631–633
- Regulator name — filed text
- SECURITIES AND EXCHANGE COMMISSION
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
THE FIRM SELF-REPORTED TO THE COMMISSION THE VIOLATIONS IN THE ORDER PURSUANT TO THE DIVISION OF ENFORCEMENT'S (THE "DIVISION") SHARE CLASS SELECTION DISCLOSURE INITIATIVE.
Other filed details
Description of allegations — filed text
PURSUANT TO THE SEC SHARE CLASS SELECTION DISCLOSURE INITIATIVE AND WITHOUT ADMITTING OR DENYING THE SEC'S FINDINGS, WELLS FARGO CLEARING SERVICES LLC ("WCFS") AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC ("RESPONDENTS"), JOINTLY AND SEVERALLY, CONSENTED TO THE ENTRY OF A SEC ORDER ALLEGING THAT RESPONDENTS WILLFULLY VIOLATED SECTION 206(2) OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AND SECTION 207 OF THE ADVISERS ACT, IN THAT RESPONDENTS DID NOT ADEQUATELY DISCLOSE TO THEIR CLIENTS IN EITHER THEIR FORMS ADV OR OTHERWISE THEIR CONFLICTS OF INTEREST RELATING TO (A) THEIR RECEIPT OF 12B-1 FEES AND (B) THEIR SELECTION OF MUTUAL FUND SHARE CLASSES THAT PAY SUCH FEES.
Sanction detail — filed text
WITHIN TEN DAYS OF THE ENTRY OF THE ORDER, PAYMENT OF DISGORGEMENT AND PREJUDGEMENT INTEREST, IN THE AMOUNT OF $17,363,847.29 IS REQUIRED TO BE PAID INTO AN ESCROW FUND FOR DISTRIBUTION TO AFFECTED INVESTORS PURSUANT TO THE TERMS OF THE ORDER
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Disgorgement
Other Sanctions:
CENSURE, CEASE AND DESIST
3.
Date Initiated (MM/DD/YYYY):
03/11/2019
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-19102
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
PURSUANT TO THE SEC SHARE CLASS SELECTION DISCLOSURE INITIATIVE AND WITHOUT ADMITTING OR DENYING THE SEC'S FINDINGS, WELLS FARGO
CLEARING SERVICES LLC ("WCFS") AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC ("RESPONDENTS"), JOINTLY AND SEVERALLY, CONSENTED
TO THE ENTRY OF A SEC ORDER ALLEGING THAT RESPONDENTS WILLFULLY VIOLATED SECTION 206(2) OF THE INVESTMENT ADVISERS ACT OF 1940
("ADVISERS ACT") AND SECTION 207 OF THE ADVISERS ACT, IN THAT RESPONDENTS DID NOT ADEQUATELY DISCLOSE TO THEIR CLIENTS IN EITHER
THEIR FORMS ADV OR OTHERWISE THEIR CONFLICTS OF INTEREST RELATING TO (A) THEIR RECEIPT OF 12B-1 FEES AND (B) THEIR SELECTION OF
MUTUAL FUND SHARE CLASSES THAT PAY SUCH FEES.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/11/2019
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
WITHIN 30-DAYS OF THE ENTRY OF THE ORDER; REVIEW AND UPDATE DISCLOSURES, EVALUATE WHETHER CLIENTS SHOULD BE MOVED TO A
LOWER COST SHARE CLASS AND MOVE CLIENT HOLDINGS IF APPROPRIATE, REVIEW EFFECTIVENESS OF APPLICABLE POLICIES AND
PROCEDURES, NOTIFY AFFECTED INVESTORS OF THE TERMS OF THE ORDER. WITHIN 40-DAYS OF ENTRY OF THE ORDER, CERTIFY COMPLETION OF
ALL SANCTIONS. AS STATED IN THE ORDER, THESE OTHER SANCTIONS WERE CERTIFIED AS COMPLETED PRIOR TO ENTRY OF THE ORDER, EXCEPT
THE NOTICE TO AFFECTED INVESTORS AND CERTIFICATION OF THE COMPLETION THEREOF.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHIN TEN DAYS OF THE ENTRY OF THE ORDER, PAYMENT OF DISGORGEMENT AND PREJUDGEMENT INTEREST, IN THE AMOUNT OF
$17,363,847.29 IS REQUIRED TO BE PAID INTO AN ESCROW FUND FOR DISTRIBUTION TO AFFECTED INVESTORS PURSUANT TO THE TERMS OF
THE ORDER
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE FIRM SELF-REPORTED TO THE COMMISSION THE VIOLATIONS IN THE ORDER PURSUANT TO THE DIVISION OF ENFORCEMENT'S (THE "DIVISION")
SHARE CLASS SELECTION DISCLOSURE INITIATIVE.regulatory · block 9WELLS FARGO BANK, N.A.PDF pages 633–635
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- NATIONAL FUTURES ASSOCIATION
- Monetary/Fine Amount — filed text
- $ 2,500,000.00
- How was matter resolved — filed text
- Decision
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING THE ALLEGATIONS, WELLS FARGO BANK, N.A. ("WFBNA") CONSENTED TO A SETTLEMENT IN WHICH IT WAS ALLEGED AND FOUND TO HAVE VIOLATED NFA COMPLIANCE RULE 2-49(A) BY FAILING TO COMMUNICATE WITH A COUNTERPARTY IN A FAIR AND BALANCED MANNER AS REQUIRED UNDER COMMODITY FUTURES TRADING COMMISSION REGULATION 23-433. WFBNA AGREED TO PAY A CIVIL MONEY PENALTY OF $2,500,000.00 TO THE NATIONAL FUTURES ASSOCIATION WITHIN 30 DAYS
Sanction detail — filed text
$2,500,000. FINE DUE WITHIN 30 DAYS OF SETTLEMENT AGREEMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
NATIONAL FUTURES ASSOCIATION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
08/09/2019
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
19-BCC-010
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO BANK, N.A
6.
Principal Product Type:
Other
Other Product Types:
SWAPS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING THE ALLEGATIONS, WELLS FARGO BANK, N.A. ("WFBNA") CONSENTED TO A SETTLEMENT IN WHICH IT WAS ALLEGED AND FOUND
TO HAVE VIOLATED NFA COMPLIANCE RULE 2-49(A) BY FAILING TO COMMUNICATE WITH A COUNTERPARTY IN A FAIR AND BALANCED MANNER AS
REQUIRED UNDER COMMODITY FUTURES TRADING COMMISSION REGULATION 23-433. WFBNA AGREED TO PAY A CIVIL MONEY PENALTY OF
$2,500,000.00 TO THE NATIONAL FUTURES ASSOCIATION WITHIN 30 DAYS
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
08/09/2019
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 2,500,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
$2,500,000. FINE DUE WITHIN 30 DAYS OF SETTLEMENT AGREEMENT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 10PDF pages 635–637
- Regulator name — filed text
- MASSACHUSETTS SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 450,000.00
- How was matter resolved — filed text
- Consent
Other filed details
Description of allegations — filed text
THE MASSACHUSETTS SECURITIES DIVISION ALLEGED CERTAIN WFCS SUPERVISORS REQUIRED TO BE REGISTERED IN MASSACHUSETTS AND WFCS AGENTS HAD A LAPSE IN MASSACHUSETTS REGISTRATION FOR SOME PERIOD DURING THE RELEVANT TIME PERIOD OF JANUARY 1, 2016 TO JUNE 28, 2018.
Sanction detail — filed text
WFCS NEITHER ADMITTED NOR DENIED THE STATEMENT OF FACTS OR CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER, AND CONSENTED TO THE ENTRYOF THE ORDER BY THE DIVISION. WFCS ALSO AGREED TO (1) CEASE AND DESIST, (2) CENSURE BY THE DIVISION, (3) ADDITIONAL UNDERTAKINGS, AND (4) PAY THE DIVISION AN ADMINISTRATIVE FINE IN THE AMOUNT OF $450,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MASSACHUSETTS SECURITIES DIVISION 2. Principal Sanction: Undertaking Other Sanctions: CEASE AND DESIST, CENSURE, CIVIL AND ADMINISTRATIVE FINE 3. Date Initiated (MM/DD/YYYY): 08/26/2019 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2018-0090 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE MASSACHUSETTS SECURITIES DIVISION ALLEGED CERTAIN WFCS SUPERVISORS REQUIRED TO BE REGISTERED IN MASSACHUSETTS AND WFCS AGENTS HAD A LAPSE IN MASSACHUSETTS REGISTRATION FOR SOME PERIOD DURING THE RELEVANT TIME PERIOD OF JANUARY 1, 2016 TO JUNE 28, 2018. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/26/2019 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 450,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: ADDITIONAL UNDERTAKINGS Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: WFCS NEITHER ADMITTED NOR DENIED THE STATEMENT OF FACTS OR CONCLUSIONS OF LAW CONTAINED IN THE ADMINISTRATIVE CONSENT ORDER, AND CONSENTED TO THE ENTRYOF THE ORDER BY THE DIVISION. WFCS ALSO AGREED TO (1) CEASE AND DESIST, (2) CENSURE BY THE DIVISION, (3) ADDITIONAL UNDERTAKINGS, AND (4) PAY THE DIVISION AN ADMINISTRATIVE FINE IN THE AMOUNT OF $450,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 11WELLS FARGO BANK, N. A..PDF pages 637–639
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N. A..
- Regulator name — filed text
- COMMODITY FUTURES TRADING COMMISSION (CFTC)
- Monetary/Fine Amount — filed text
- $ 10,000,000.00
- How was matter resolved — filed text
- Order
Other filed details
Description of allegations — filed text
THE CFTC FOUND THAT WELLS FARGO BANK, N.A. (WFBNA) MISPRICED A FOREIGN EXCHANGE TRANSACTION EXECUTED ON BEHALF OF A COUNTERPARTY IN AUGUST 2014, BECAUSE WFBNA DID NOT HAVE A SYSTEM IN PLACE TO ACCURATELY TRACK TRADES USED TO FILL A COUNTERPARTY'S ORDERS AND DID NOT IMPLEMENT PROCEDURES DESIGNED TO ENSURE THAT ACCURATE INFORMATION WAS PROVIDED TO THE COUNTERPARTY. ACCORDINGLY, THE CFTC FOUND THAT THE BANK VIOLATED SECTION 4S(H)(1)(B) AND (3)(C) OF THE COMMODITY EXCHANGE ACT, 7 U.S.C. SEC. 6S(H)(1)(B) AND (3)(C) (2012), AND REGULATIONS 23.4.02(A)(1)(I) AND (2) AND 23.433, 17 C.F.R. SECS. 23.402(A)(1)(I) AND (2) AND 23.433 (2019). WITHOUT ADMITTING OR DENYING THE FINDINGS, WFBNA CONSENTED TO ENTRY OF THE CFTC'S ORDER.
Sanction detail — filed text
RESTITUTION OF $4.47 MILLION ALREADY MADE TO COUNTERPARTY
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N. A.. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMODITY FUTURES TRADING COMMISSION (CFTC) 2. Principal Sanction: Cease and Desist Other Sanctions: CIVIL AND ADMINISTRATIVE PENALTY(IES), UNDERTAKINGS, AND RESTITUTION. 3. Date Initiated (MM/DD/YYYY): 11/08/2019 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CFTC DOCKET NO 20-08 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A. 6. Principal Product Type: Other Other Product Types: COMMODITY SWAPS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE CFTC FOUND THAT WELLS FARGO BANK, N.A. (WFBNA) MISPRICED A FOREIGN EXCHANGE TRANSACTION EXECUTED ON BEHALF OF A COUNTERPARTY IN AUGUST 2014, BECAUSE WFBNA DID NOT HAVE A SYSTEM IN PLACE TO ACCURATELY TRACK TRADES USED TO FILL A COUNTERPARTY'S ORDERS AND DID NOT IMPLEMENT PROCEDURES DESIGNED TO ENSURE THAT ACCURATE INFORMATION WAS PROVIDED TO THE COUNTERPARTY. ACCORDINGLY, THE CFTC FOUND THAT THE BANK VIOLATED SECTION 4S(H)(1)(B) AND (3)(C) OF THE COMMODITY EXCHANGE ACT, 7 U.S.C. SEC. 6S(H)(1)(B) AND (3)(C) (2012), AND REGULATIONS 23.4.02(A)(1)(I) AND (2) AND 23.433, 17 C.F.R. SECS. 23.402(A)(1)(I) AND (2) AND 23.433 (2019). WITHOUT ADMITTING OR DENYING THE FINDINGS, WFBNA CONSENTED TO ENTRY OF THE CFTC'S ORDER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 11/08/2019 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: RESTITUTION OF $4.47 MILLION ALREADY MADE TO COUNTERPARTY 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 12PDF pages 639–640
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 175,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REASONABLY SUPERVISE A FORMER REGISTERED REPRESENTATIVE WHO EXCESSIVELY TRADED EQUITY POSITIONS IN ACCOUNTS BELONG TO AN ELDERLY CUSTOMER. THE FINDINGS STATED THAT THE CUSTOMER WAS 88 YEARS OLD WHEN THE TRADING COMMENCED AND THAT AS A RESULT OF THE EXCESSIVE TRADING SHE PAID AT LEAST $300,000 IN COMMISSIONS AND OTHER FEES. THE FIRM'S COMPUTER PROGRAM FLAGGED THE CUSTOMER'S ACCOUNTS FOR HIGH VELOCITY; HOWEVER, THE FIRM DID NOT REASONABLY ADDRESS THESE FLAGS. FOLLOWING ITS INVESTIGATION, THE FIRM DISCHARGED THE REPRESENTATIVE RESPONSIBLE FOR THE CUSTOMER'S ACCOUNTS. ULTIMATELY, THE FIRM PAID $1 MILLION IN RESTITUTION TO THE CUSTOMER IN SETTLEMENT OF A COMPLAINT THAT SHE FILED REGARDING THE ACTIVITY IN HER ACCOUNTS.
Sanction detail — filed text
THE FIRM WAS CENSURED AND FINED $175,000.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Other Other Sanctions: N/A 3. Date Initiated (MM/DD/YYYY): ( ) 01/29/2020 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2017053034301 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO CLEARING SERVICES, LLC 6. Principal Product Type: Equity Listed (Common & Preferred Stock) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REASONABLY SUPERVISE A FORMER REGISTERED REPRESENTATIVE WHO EXCESSIVELY TRADED EQUITY POSITIONS IN ACCOUNTS BELONG TO AN ELDERLY CUSTOMER. THE FINDINGS STATED THAT THE CUSTOMER WAS 88 YEARS OLD WHEN THE TRADING COMMENCED AND THAT AS A RESULT OF THE EXCESSIVE TRADING SHE PAID AT LEAST $300,000 IN COMMISSIONS AND OTHER FEES. THE FIRM'S COMPUTER PROGRAM FLAGGED THE CUSTOMER'S ACCOUNTS FOR HIGH VELOCITY; HOWEVER, THE FIRM DID NOT REASONABLY ADDRESS THESE FLAGS. FOLLOWING ITS INVESTIGATION, THE FIRM DISCHARGED THE REPRESENTATIVE RESPONSIBLE FOR THE CUSTOMER'S ACCOUNTS. ULTIMATELY, THE FIRM PAID $1 MILLION IN RESTITUTION TO THE CUSTOMER IN SETTLEMENT OF A COMPLAINT THAT SHE FILED REGARDING THE ACTIVITY IN HER ACCOUNTS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 01/29/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 175,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED AND FINED $175,000. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 13WELLS FARGO ADVISORS FINANCIAL NETWORK, LLCPDF pages 640–642
- Advisory affiliate name — filed text
- WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 35,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
THE COMMISSION FOUND THAT, FROM APRIL 2012 THROUGH SEPTEMBER 2019, THE FIRMS RECOMMENDED THAT MANY RETAIL INVESTMENT ADVISORY CLIENTS AND BROKERAGE CUSTOMERS BUY AND HOLD SINGLE-INVERSE EXCHANGE-TRADED FUNDS (ETFS) WITHOUT HAVING ADEQUATE COMPLIANCE POLICIES AND PROCEDURES AND WITHOUT PROVIDING FINANCIAL ADVISORS PROPER TRAINING AND SUPERVISION OF SINGLE-INVERSE ETFS. THE COMMISSION FOUND THAT, AS A RESULT, CERTAIN INVESTMENT ADVISER REPRESENTATIVES AND REGISTERED REPRESENTATIVES MADE UNSUITABLE RECOMMENDATIONS TO CERTAIN CLIENTS. THE COMMISSION FOUND THAT THE FIRMS WILLFULLY VIOLATED SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER, FAILED REASONABLY TO FULFILL THEIR SUPERVISORY RESPONSIBILITIES WITHIN THE MEANING OF SECTION 203(E) (6) OF THE ADVISERS ACT AND FAILED REASONABLY TO FULFILL THEIR SUPERVISORY RESPONSIBILITIES WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE EXCHANGE ACT. THE FIRMS CONSENTED, WITHOUT ADMITTING OR DENYING THE FINDINGS CONTAINED IN THE ORDER, TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER, (B) BE CENSURED, AND (C) JOINTLY AND SEVERALLY PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $35,000,000.
Other filed details
Description of allegations — filed text
THE SECURITIES AND EXCHANGE COMMISSION (SEC) CHARGED WELLS FARGO CLEARING SERVICES, LLC AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC WITH WILLFULLY VIOLATING SECTION 206(4) OF THE INVESTMENT ADVISERS ACT OF 1940 (ADVISERS ACT) AND RULE 206(4)-7 THEREUNDER, FAILING REASONABLY TO FULFILL THEIR SUPERVISORY RESPONSIBILITIES WITHIN THE MEANING OF SECTION 203(E)(6) OF THE ADVISERS ACT AND FAILING REASONABLY TO FULFILL THEIR SUPERVISORY RESPONSIBILITIES WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT).
Sanction detail — filed text
THE CIVIL PENALTY WILL BE PAID OUT WITHIN THE TIMELINE SPECIFIED BY THE ORDER
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 11025 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) UNITED STATES SECURITIES AND EXCHANGE COMMISSION 2. Principal Sanction: Cease and Desist Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 02/27/2020 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: FILE NO. 3-19714 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: SINGLE-INVERSE EXCHANGE-TRADED FUNDS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE SECURITIES AND EXCHANGE COMMISSION (SEC) CHARGED WELLS FARGO CLEARING SERVICES, LLC AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC WITH WILLFULLY VIOLATING SECTION 206(4) OF THE INVESTMENT ADVISERS ACT OF 1940 (ADVISERS ACT) AND RULE 206(4)-7 THEREUNDER, FAILING REASONABLY TO FULFILL THEIR SUPERVISORY RESPONSIBILITIES WITHIN THE MEANING OF SECTION 203(E)(6) OF THE ADVISERS ACT AND FAILING REASONABLY TO FULFILL THEIR SUPERVISORY RESPONSIBILITIES WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 02/27/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 35,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE CIVIL PENALTY WILL BE PAID OUT WITHIN THE TIMELINE SPECIFIED BY THE ORDER 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE COMMISSION FOUND THAT, FROM APRIL 2012 THROUGH SEPTEMBER 2019, THE FIRMS RECOMMENDED THAT MANY RETAIL INVESTMENT ADVISORY CLIENTS AND BROKERAGE CUSTOMERS BUY AND HOLD SINGLE-INVERSE EXCHANGE-TRADED FUNDS (ETFS) WITHOUT HAVING ADEQUATE COMPLIANCE POLICIES AND PROCEDURES AND WITHOUT PROVIDING FINANCIAL ADVISORS PROPER TRAINING AND SUPERVISION OF SINGLE-INVERSE ETFS. THE COMMISSION FOUND THAT, AS A RESULT, CERTAIN INVESTMENT ADVISER REPRESENTATIVES AND REGISTERED REPRESENTATIVES MADE UNSUITABLE RECOMMENDATIONS TO CERTAIN CLIENTS. THE COMMISSION FOUND THAT THE FIRMS WILLFULLY VIOLATED SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER, FAILED REASONABLY TO FULFILL THEIR SUPERVISORY RESPONSIBILITIES WITHIN THE MEANING OF SECTION 203(E) (6) OF THE ADVISERS ACT AND FAILED REASONABLY TO FULFILL THEIR SUPERVISORY RESPONSIBILITIES WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE EXCHANGE ACT. THE FIRMS CONSENTED, WITHOUT ADMITTING OR DENYING THE FINDINGS CONTAINED IN THE ORDER, TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER, (B) BE CENSURED, AND (C) JOINTLY AND SEVERALLY PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $35,000,000.
regulatory · block 14WELLS FARGO & COMPANYPDF pages 642–644
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 500,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
WFC CONSENTED TO THE ENTRY OF THE SEC ORDER AND AGREED TO PAY A CIVIL PENALTY OF $500 MILLION AND TO BE ENJOINED FROM FUTURE VIOLATIONS OF SECTION 10(B) OF THE EXCHANGE ACT AND RULE 10B-5 THEREUNDER. WFC ALSO AGREED TO ENGAGE OUTSIDE EXPERIENCED SECURITIES COUNSEL TO CONDUCT AN ASSESSMENT OF THE REGULATION D POLICIES AND PROCEDURES OF WFC AND CERTAIN OF ITS SUBSIDIARIES AND TO PRESENT TO THE SEC ON THE IMPLEMENTATION OF RECOMMENDATIONS MADE BY OUTSIDE COUNSEL
Other filed details
Description of allegations — filed text
WELLS FARGO & COMPANY ("WFC") VIOLATED SECTION 10(B) OF THE EXCHANGE ACT OF 1934 (THE "EXCHANGE ACT") AND RULE 10B-5 THEREUNDER WITH RESPECT TO ITS HISTORICAL COMMUNITY BANK SALES PRACTICES AND RELATED DISCLOSURES
Sanction detail — filed text
PURSUANT TO A CEASE AND DESIST ORDER (THE "SEC ORDER"), THE SECURITIES AND EXCHANGE COMMISSION ("SEC") REQUIRED WFC TO PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $500,000,000
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO & COMPANY
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
g
pp y
g
g
p
g
p
p
g
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions:
CIVIL AND ADMINISTRATIVE PENALTY(IES)/FINE(S)"
3.
Date Initiated (MM/DD/YYYY):
02/21/2020
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NO. 3-19704
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WELLS FARGO & COMPANY ("WFC") VIOLATED SECTION 10(B) OF THE EXCHANGE ACT OF 1934 (THE "EXCHANGE ACT") AND RULE 10B-5 THEREUNDER
WITH RESPECT TO ITS HISTORICAL COMMUNITY BANK SALES PRACTICES AND RELATED DISCLOSURES
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
02/21/2020
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 500,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
PURSUANT TO A CEASE AND DESIST ORDER (THE "SEC ORDER"), THE SECURITIES AND EXCHANGE COMMISSION ("SEC") REQUIRED WFC TO PAY A
CIVIL MONEY PENALTY IN THE AMOUNT OF $500,000,000
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WFC CONSENTED TO THE ENTRY OF THE SEC ORDER AND AGREED TO PAY A CIVIL PENALTY OF $500 MILLION AND TO BE ENJOINED FROM FUTURE
VIOLATIONS OF SECTION 10(B) OF THE EXCHANGE ACT AND RULE 10B-5 THEREUNDER. WFC ALSO AGREED TO ENGAGE OUTSIDE EXPERIENCED
SECURITIES COUNSEL TO CONDUCT AN ASSESSMENT OF THE REGULATION D POLICIES AND PROCEDURES OF WFC AND CERTAIN OF ITS SUBSIDIARIES
AND TO PRESENT TO THE SEC ON THE IMPLEMENTATION OF RECOMMENDATIONS MADE BY OUTSIDE COUNSELregulatory · block 15WELLS FARGO & COMPANYPDF pages 644–646
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- OFFICE OF ATTORNEY GENERAL, STATE OF MARYLAND
- Monetary/Fine Amount — filed text
- $ 20,000,000.00
- How was matter resolved — filed text
- Settled
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING LIABILITY, WELLS FARGO & COMPANY (WF&CO) ENTERED INTO A CONSENT ORDER IN WHICH WF&CO WAS ALLEGED TO HAVE VIOLATED §11301(2) OF THE MARYLAND SECURITIES ACT, RELATED TO THE CREATION, POOLING, STRUCTURING, SPONSORSHIP, PACKAGING, MARKETING, UNDERWRITING, SALE OR ISSUANCE OF RESIDENTIAL MORTGAGE-BACKED SECURITIES ("RMBS") BETWEEN JANUARY 1, 2005 AND JANUARY 1, 2009. WF&CO AGREED TO PAY RESTITUTION OF $20,000,000 TO THE STATE OF MARYLAND WITHIN THIRTY (30) BUSINESS DAYS.
Sanction detail — filed text
$20,000,000 RESTITUTION TO BE PAID WITHIN 30 BUSINESS DAYS OF SETTLEMENT AGREEMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO & COMPANY
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
OFFICE OF ATTORNEY GENERAL, STATE OF MARYLAND
2.
Principal Sanction:
Restitution
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
06/15/2020
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2016-0833
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
WELLS FARGO & COMPANY
6.
Principal Product Type:
Banking Products (Other than CD(s))
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING LIABILITY, WELLS FARGO & COMPANY (WF&CO) ENTERED INTO A CONSENT ORDER IN WHICH WF&CO WAS ALLEGED
TO HAVE VIOLATED §11301(2) OF THE MARYLAND SECURITIES ACT, RELATED TO THE CREATION, POOLING, STRUCTURING, SPONSORSHIP, PACKAGING,
MARKETING, UNDERWRITING, SALE OR ISSUANCE OF RESIDENTIAL MORTGAGE-BACKED SECURITIES ("RMBS") BETWEEN JANUARY 1, 2005 AND JANUARY
1, 2009. WF&CO AGREED TO PAY RESTITUTION OF $20,000,000 TO THE STATE OF MARYLAND WITHIN THIRTY (30) BUSINESS DAYS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
06/15/2020
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 20,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
$20,000,000 RESTITUTION TO BE PAID WITHIN 30 BUSINESS DAYS OF SETTLEMENT AGREEMENT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).regulatory · block 16PDF pages 646–648
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 350,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON AUGUST 28, 2020, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM, A FINE PAYABLE TO FINRA IN THE AMOUNT OF $350,000, AND RESTITUTION IN THE AMOUNT OF $201,498 PLUS INTEREST AS SET FORTH IN THE AGREEMENT. THIS MATTER IS NOW FINAL.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REASONABLY SUPERVISE THE ACTIVITIES OF TWO FORMER FIRM REPRESENTATIVES, WHO RECOMMENDED THAT MANY OF THEIR CUSTOMERS INVEST A SUBSTANTIAL PORTION OF THEIR ASSETS AT THE FIRM IN HIGH-RISK ENERGY SECURITIES. THE REPRESENTATIVES' CONDUCT GENERATED MULTIPLE RED FLAGS REGARDING OVERCONCENTRATION IN THE FIRM'S CUSTOMER ACCOUNTS THAT RAISED SUITABILITY CONCERNS THAT THE FIRM FAILED TO REASONABLY INVESTIGATE. AS A RESULT THE FIRM IS ALLEGED TO HAVE VIOLATED NASD RULE 3010(A) AND FINRA RULES 3110(A) AND 2010
Sanction detail — filed text
TOTAL FINE $300,000, 100 PERCENT TO APPLICANT, NO PORTION OF PENALTY WAIVED, AND DATE PAID (DELIVERED TO FINRA) 9/4/2020.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Restitution Other Sanctions: FINE 3. Date Initiated (MM/DD/YYYY): 08/28/2020 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2015045713304 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO CLEARING SERVICES, LLC 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REASONABLY SUPERVISE THE ACTIVITIES OF TWO FORMER FIRM REPRESENTATIVES, WHO RECOMMENDED THAT MANY OF THEIR CUSTOMERS INVEST A SUBSTANTIAL PORTION OF THEIR ASSETS AT THE FIRM IN HIGH-RISK ENERGY SECURITIES. THE REPRESENTATIVES' CONDUCT GENERATED MULTIPLE RED FLAGS REGARDING OVERCONCENTRATION IN THE FIRM'S CUSTOMER ACCOUNTS THAT RAISED SUITABILITY CONCERNS THAT THE FIRM FAILED TO REASONABLY INVESTIGATE. AS A RESULT THE FIRM IS ALLEGED TO HAVE VIOLATED NASD RULE 3010(A) AND FINRA RULES 3110(A) AND 2010 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 08/28/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 350,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: TOTAL FINE $300,000, 100 PERCENT TO APPLICANT, NO PORTION OF PENALTY WAIVED, AND DATE PAID (DELIVERED TO FINRA) 9/4/2020. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON AUGUST 28, 2020, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM, A FINE PAYABLE TO FINRA IN THE AMOUNT OF $350,000, AND RESTITUTION IN THE AMOUNT OF $201,498 PLUS INTEREST AS SET FORTH IN THE AGREEMENT. THIS MATTER IS NOW FINAL.
regulatory · block 17PDF pages 648–650
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 625,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON SEPTEMBER 2, 2020, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM, A FINE PAYABLE TO FINRA IN THE AMOUNT OF $625,000, AND RESTITUTION TO THE CUSTOMERS IN THE AMOUNT OF $1,355,499.19, PLUS INTEREST ON THAT AMOUNT, AS SET FORTH IN THE AGREEMENT. FINE RECEIVED BY FINRA SEPTEMBER 16, 2020.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT, TOGETHER WITH ANOTHER MEMBER FIRM, FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, AND FAILED TO ENFORCE WRITTEN SUPERVISORY PROCEDURES (WSPS), THAT WERE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH FINRA'S SUITABILITY RULE AS IT PERTAINS TO SWITCHES FROM VARIABLE ANNUITIES TO INVESTMENT COMPANY PRODUCTS. AS A RESULT THE FIRM IS ALLEGED TO HAVE VIOLATED NASD RULE 3010 AND FINRA RULES 3110 AND 2010
Sanction detail — filed text
p y THE FIRM PAID A FINE TO FINRA IN THE AMOUNT OF $625,000, AND IS TO PAY RESTITUTION TO CUSTOMERS IN THE AMOUNT OF $1,355,499.19, PLUS INTEREST ON THAT AMOUNT, AND THE FIRM WAS ALSO CENSURED BY FINRA.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to y g g y y y ( ) the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Censure Other Sanctions: RESTITUTION, OTHER, AND CIVIL AND ADMINISTRATIVE PENALTY/FINES 3. Date Initiated (MM/DD/YYYY): 09/02/2020 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016052124001 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO CLEARING SERVICES, LLC 6. Principal Product Type: Annuity(ies) - Variable Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT, TOGETHER WITH ANOTHER MEMBER FIRM, FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, AND FAILED TO ENFORCE WRITTEN SUPERVISORY PROCEDURES (WSPS), THAT WERE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH FINRA'S SUITABILITY RULE AS IT PERTAINS TO SWITCHES FROM VARIABLE ANNUITIES TO INVESTMENT COMPANY PRODUCTS. AS A RESULT THE FIRM IS ALLEGED TO HAVE VIOLATED NASD RULE 3010 AND FINRA RULES 3110 AND 2010 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 09/02/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 625,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: p y THE FIRM PAID A FINE TO FINRA IN THE AMOUNT OF $625,000, AND IS TO PAY RESTITUTION TO CUSTOMERS IN THE AMOUNT OF $1,355,499.19, PLUS INTEREST ON THAT AMOUNT, AND THE FIRM WAS ALSO CENSURED BY FINRA. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON SEPTEMBER 2, 2020, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM, A FINE PAYABLE TO FINRA IN THE AMOUNT OF $625,000, AND RESTITUTION TO THE CUSTOMERS IN THE AMOUNT OF $1,355,499.19, PLUS INTEREST ON THAT AMOUNT, AS SET FORTH IN THE AGREEMENT. FINE RECEIVED BY FINRA SEPTEMBER 16, 2020.
regulatory · block 18PDF pages 650–651
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 300,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT, FROM APRIL 2016 THROUGH OCTOBER OF 2016, THE FIRM DISTRIBUTED 6,851 ACCOUNT STATEMENTS TO CUSTOMERS CONTAINING VALUATION INFORMATION FOR ONE OR MORE DIRECT PARTICIPATION PROGRAMS (DPPS) OR REAL ESTATE INVESTMENT TRUSTS (REITS) THAT DID NOT COMPLY WITH NASD RULE 2340(C). THE FIRM ALSO FAILED TO ESTABLISH AND MAINTAIN SUPERVISORY PROCEDURES REASONABLY DESIGNED TO ENSURE THAT ITS CUSTOMER ACCOUNT STATEMENTS REFLECTED DPP AND REIT PRICES DERIVED FROM A VALUATION METHODOLOGY ALLOWED BY NASD RULE 2340 (C). FOR THE SAME REASONS THE FIRM ALSO FAILED TO MAINTAIN ACCURATE BOOKS AND RECORDS VIOLATING FINRA RULES 3110(A) AND (B), 4511 AND 2010
Sanction detail — filed text
THE FIRM IS ORDERED TO PAY A FINE TO FINRA IN THE AMOUNT OF $300,000, AND, THE FIRM WAS CENSURED BY FINRA. (13) THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON NOVEMBER 4, 2020, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AN AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM, AND AN AGREEMENT TO PAY A FINE TO FINRA IN THE AMOUNT OF $300,000, AS SET FORTH IN THE AGREEMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE 3. Date Initiated (MM/DD/YYYY): 11/04/2020 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016051352401 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO CLEARING SERVICES 6. Principal Product Type: Direct Investment(s) - DPP & LP Interest(s) Other Product Types: REITS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT, FROM APRIL 2016 THROUGH OCTOBER OF 2016, THE FIRM DISTRIBUTED 6,851 ACCOUNT STATEMENTS TO CUSTOMERS CONTAINING VALUATION INFORMATION FOR ONE OR MORE DIRECT PARTICIPATION PROGRAMS (DPPS) OR REAL ESTATE INVESTMENT TRUSTS (REITS) THAT DID NOT COMPLY WITH NASD RULE 2340(C). THE FIRM ALSO FAILED TO ESTABLISH AND MAINTAIN SUPERVISORY PROCEDURES REASONABLY DESIGNED TO ENSURE THAT ITS CUSTOMER ACCOUNT STATEMENTS REFLECTED DPP AND REIT PRICES DERIVED FROM A VALUATION METHODOLOGY ALLOWED BY NASD RULE 2340 (C). FOR THE SAME REASONS THE FIRM ALSO FAILED TO MAINTAIN ACCURATE BOOKS AND RECORDS VIOLATING FINRA RULES 3110(A) AND (B), 4511 AND 2010 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 11/04/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 300,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM IS ORDERED TO PAY A FINE TO FINRA IN THE AMOUNT OF $300,000, AND, THE FIRM WAS CENSURED BY FINRA. (13) THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON NOVEMBER 4, 2020, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AN AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM, AND AN AGREEMENT TO PAY A FINE TO FINRA IN THE AMOUNT OF $300,000, AS SET FORTH IN THE AGREEMENT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 19PDF pages 652–653
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY
- Monetary/Fine Amount — filed text
- $ 75,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON NOVEMBER 25, 2020, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM AND A FINE PAYABLE TO FINRA IN THE AMOUNT OF $75,000. FINRA RECEIVED THE FINE ON DECEMBER 10, 2020.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT, FAILED TO MAKE ACCURATE ORDER MEMORANDA IN VIOLATION OF RULE 17A-3(A)(6) UNDER THE SECURITIES EXCHANGE ACT OF 1934 AND FINRA RULES 4511 AND 2010, AND TRANSMITTED INACCURATE REPORTS TO THE ORDER AUDIT TRAIL SYSTEM (OATS) IN VIOLATION OF FINRA RULES 7450 AND 2010.
Sanction detail — filed text
THE FIRM PAID A FINE TO FINRA IN THE AMOUNT OF $75,000, AND THE FIRM WAS ALSO CENSURED BY FINRA.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINANCIAL INDUSTRY REGULATORY AUTHORITY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CENSURE 3. Date Initiated (MM/DD/YYYY): 11/25/2020 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2017054001501 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT, FAILED TO MAKE ACCURATE ORDER MEMORANDA IN VIOLATION OF RULE 17A-3(A)(6) UNDER THE SECURITIES EXCHANGE ACT OF 1934 AND FINRA RULES 4511 AND 2010, AND TRANSMITTED INACCURATE REPORTS TO THE ORDER AUDIT TRAIL SYSTEM (OATS) IN VIOLATION OF FINRA RULES 7450 AND 2010. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 11/25/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 75,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM PAID A FINE TO FINRA IN THE AMOUNT OF $75,000, AND THE FIRM WAS ALSO CENSURED BY FINRA. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON NOVEMBER 25, 2020, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM AND A FINE PAYABLE TO FINRA IN THE AMOUNT OF $75,000. FINRA RECEIVED THE FINE ON DECEMBER 10, 2020.
regulatory · block 20WELLS FARGO BANK, N.A.PDF pages 653–655
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- OFFICE OF COMPTROLLER OF THE CURRENCY (OCC)
- Monetary/Fine Amount — filed text
- $ 250,000,000.00
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
N/A
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING LIABILITY, THE BANK CONSENTED TO CONSENT AGREEMENTS IN WHICH THE OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC) ALLEGED THE BANK ENGAGED IN (1) UNSAFE OR UNSOUND PRACTICES RELATED TO LOSS MITIGATION ACTIVITIES AND INADEQUATE INDEPENDENT RISK MANAGEMENT AND INTERNAL AUDIT OF THE LOSS MITIGATION AND (2) VIOLATIONS COVERED UNDER THE 2018 CONSENT ORDER, AA-EC-2018-15. WELLS FARGO BANK, N.A. AGREED TO PAY A CIVIL MONEY PENALTY OF $250,000,000. TO THE OCC UPON ACCEPTANCE OF THE CONSENT AGREEMENT AND WITHIN 150 DAYS PROVIDE THE OCC EXAMINER-IN-CHARGE A WRITTEN ACCEPTABLE ACTION PLAN FOR REMEDIAL ACTIONS UNDER THE AGREEMENT.
Sanction detail — filed text
$250,000,000. PAID IMMEDIATELY UPON CONSENT AGREEMENT. WFBNA SHALL CREATE A WRITTEN ACTION PLAN FOR REMEDIAL ACTIONS REQUIRED UNDER THE CONSENT AGREEMENT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF COMPTROLLER OF THE CURRENCY (OCC) 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: UNDERTAKING 3. Date Initiated (MM/DD/YYYY): 09/07/2021 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AA-ENF-2021-29 & AA-ENF-2021-20 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING LIABILITY, THE BANK CONSENTED TO CONSENT AGREEMENTS IN WHICH THE OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC) ALLEGED THE BANK ENGAGED IN (1) UNSAFE OR UNSOUND PRACTICES RELATED TO LOSS MITIGATION ACTIVITIES AND INADEQUATE INDEPENDENT RISK MANAGEMENT AND INTERNAL AUDIT OF THE LOSS MITIGATION AND (2) VIOLATIONS COVERED UNDER THE 2018 CONSENT ORDER, AA-EC-2018-15. WELLS FARGO BANK, N.A. AGREED TO PAY A CIVIL MONEY PENALTY OF $250,000,000. TO THE OCC UPON ACCEPTANCE OF THE CONSENT AGREEMENT AND WITHIN 150 DAYS PROVIDE THE OCC EXAMINER-IN-CHARGE A WRITTEN ACCEPTABLE ACTION PLAN FOR REMEDIAL ACTIONS UNDER THE AGREEMENT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 09/07/2021 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 250,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $250,000,000. PAID IMMEDIATELY UPON CONSENT AGREEMENT. WFBNA SHALL CREATE A WRITTEN ACTION PLAN FOR REMEDIAL ACTIONS REQUIRED UNDER THE CONSENT AGREEMENT. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). N/A
regulatory · block 21PDF pages 655–657
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 2,250,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON DECEMBER 6, 2021, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM AND A FINE PAYABLE TO FINRA. FINE WAS RECEIVED BY FINRA ON DECEMBER 23, 2021.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO STORE RECORDS RELATED TO ITS CUSTOMER IDENTIFICATION PROGRAM (CIP)-AN INTEGRAL PART OF AN ANTI-MONEY LAUNDERING PROGRAM-IN THE REQUIRED NON-ERASABLE AND NON-WRITABLE FORMAT, KNOWN AS "WRITE ONCE, READ MANY" (WORM) FORMAT. THE FINDINGS STATED THAT FIRM PERSONNEL DISCOVERED THAT THE FIRM WAS STORING RECORDS RELATED TO ITS CIP ON A SYSTEM THAT WAS NOT WORM COMPLIANT, AND ADVISED AN INTERNAL WORKING GROUP THAT ADDRESSED BOOKS AND REQUIREMENTS OF THE ISSUE. THE WORKING GROUP CONCLUDED THAT THE ISSUE SHOULD BE ESCALATED TO DETERMINE IF IT NEEDED TO BE REPORTED TO FINRA. THE ISSUE, HOWEVER, WAS NOT ESCALATED TO THE FIRMS' WORKING GROUP THAT CONSIDERED FINRA REPORTING OBLIGATIONS, AND THE FIRM DID NOT REPORT IT TO FINRA OR REMEDIATE IT AT THAT TIME. THE FIRM CONTINUED TO STORE CIP RECORDS ON THE NON-WORM COMPLIANT PLATFORM FOR MORE THAN THREE YEARS. APPROXIMATELY 13 MILLION CIP-RELATED RECORDS, PERTAINING TO APPROXIMATELY 8.2 MILLION CUSTOMERS, WERE STORED ON THE NON-WORM COMPLIANT PLATFORM, WITH APPROXIMATELY 4 MILLION DOCUMENTS HAVING BEEN STORED ON THE FIRM'S NON-WORM COMPLIANT PLATFORM AFTER THE ISSUE WAS DISCOVERED. THEREFORE, THE FIRM VIOLATED EXCHANGE ACT RULE 17A-4(F)(2)(II)(A). IN ADDITION, THE FIRM FAILED TO NOTIFY FINRA, ITS DESIGNATED EXAMINING AUTHORITY, AT LEAST 90 DAYS PRIOR TO USING THE NON-WORM COMPLIANT PLATFORM ON WHICH IT STORED THE CIP- RELATED RECORDS. THEREFORE, THE FIRM VIOLATED EXCHANGE ACT RULES 17A-4(F)(3)(V) AND 17A-4(F)(2)(I).
Sanction detail — filed text
THE FIRM WAS CENSURED AND FINED $2,250,000, JOINTLY AND SEVERALLY WITH WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC. WELLS FARGO CLEARING SERVICES CONTRIBUTED $2,000,000 TO THE PAYMENT OF THE FINE.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Censure Other Sanctions: CIVIL FINE 3. Date Initiated (MM/DD/YYYY): 12/06/2021 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2020066327501 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO CLEARING SERVICES, LLC 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO STORE RECORDS RELATED TO ITS CUSTOMER IDENTIFICATION PROGRAM (CIP)-AN INTEGRAL PART OF AN ANTI-MONEY LAUNDERING PROGRAM-IN THE REQUIRED NON-ERASABLE AND NON-WRITABLE FORMAT, KNOWN AS "WRITE ONCE, READ MANY" (WORM) FORMAT. THE FINDINGS STATED THAT FIRM PERSONNEL DISCOVERED THAT THE FIRM WAS STORING RECORDS RELATED TO ITS CIP ON A SYSTEM THAT WAS NOT WORM COMPLIANT, AND ADVISED AN INTERNAL WORKING GROUP THAT ADDRESSED BOOKS AND REQUIREMENTS OF THE ISSUE. THE WORKING GROUP CONCLUDED THAT THE ISSUE SHOULD BE ESCALATED TO DETERMINE IF IT NEEDED TO BE REPORTED TO FINRA. THE ISSUE, HOWEVER, WAS NOT ESCALATED TO THE FIRMS' WORKING GROUP THAT CONSIDERED FINRA REPORTING OBLIGATIONS, AND THE FIRM DID NOT REPORT IT TO FINRA OR REMEDIATE IT AT THAT TIME. THE FIRM CONTINUED TO STORE CIP RECORDS ON THE NON-WORM COMPLIANT PLATFORM FOR MORE THAN THREE YEARS. APPROXIMATELY 13 MILLION CIP-RELATED RECORDS, PERTAINING TO APPROXIMATELY 8.2 MILLION CUSTOMERS, WERE STORED ON THE NON-WORM COMPLIANT PLATFORM, WITH APPROXIMATELY 4 MILLION DOCUMENTS HAVING BEEN STORED ON THE FIRM'S NON-WORM COMPLIANT PLATFORM AFTER THE ISSUE WAS DISCOVERED. THEREFORE, THE FIRM VIOLATED EXCHANGE ACT RULE 17A-4(F)(2)(II)(A). IN ADDITION, THE FIRM FAILED TO NOTIFY FINRA, ITS DESIGNATED EXAMINING AUTHORITY, AT LEAST 90 DAYS PRIOR TO USING THE NON-WORM COMPLIANT PLATFORM ON WHICH IT STORED THE CIP- RELATED RECORDS. THEREFORE, THE FIRM VIOLATED EXCHANGE ACT RULES 17A-4(F)(3)(V) AND 17A-4(F)(2)(I). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/06/2021 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,250,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED AND FINED $2,250,000, JOINTLY AND SEVERALLY WITH WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC. WELLS FARGO CLEARING SERVICES CONTRIBUTED $2,000,000 TO THE PAYMENT OF THE FINE. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM ENTERED INTO AN AWC AGREEMENT WITH FINRA ON DECEMBER 6, 2021, FULLY RESOLVING THIS MATTER, WHICH INCLUDED AGREEMENT TO THE ENTRY OF A CENSURE AGAINST THE FIRM AND A FINE PAYABLE TO FINRA. FINE WAS RECEIVED BY FINRA ON DECEMBER 23, 2021.
regulatory · block 22PDF pages 657–659
- Regulator name — filed text
- FINRA
- Monetary/Fine Amount — filed text
- $ 550,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THEENTRY OF FINDINGS THAT IT FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM THAT WASREASONABLY DESIGNED TO SUPERVISE SHORT-TERM TRADING OF UNIT INVESTMENT TRUSTS (UITS). THEFINDINGS STATED THAT THE FIRM DID NOT ESTABLISH A SUPERVISORY SYSTEM THAT WAS REASONABLYDESIGNED TO IDENTIFY EARLY UIT ROLLOVERS. THE FIRM HAD AN AUTOMATED REPORT THAT FLAGGED SALESOF A MUTUAL FUND OR UIT FOLLOWED WITHIN 25 DAYS BY A PURCHASE OF ANY OF THOSE SAME PRODUCTS, AND IN THE ORDINARY COURSE THE FIRM SENT SWITCH LETTERS TO CUSTOMERS WHEN THIS REPORT WAS GENERATED. HOWEVER, THAT REPORT DID NOT ACCOUNT FOR THE LENGTH OF TIME A UIT WAS HELD BEFORE IT WAS SOLD. AS A RESULT, THE FIRM DID NOT HAVE ANY AUTOMATED SYSTEM TO IDENTIFY WHEN UITS WERE ROLLED OVER SIGNIFICANTLY IN ADVANCE OF THEIR MATURITY DATE - EVEN THOUGH THE FIRM'S WRITTEN SUPERVISORY PROCEDURES (WSPS) RECOGNIZED THAT UITS SHOULD GENERALLY BE HELD TO MATURITY. AS SUCH, THE FIRM FAILED TO DETECT THAT ON THOUSANDS OF OCCASIONS, ITS REPRESENTATIVES RECOMMENDED POTENTIALLY UNSUITABLE EARLY SERIES-TO-SERIES ROLLOVERS. ON THOUSANDS OF OTHER OCCASIONS, THE FIRM FAILED TO DETECT THAT ITS REPRESENTATIVES REPEATEDLY RECOMMENDED OTHER POTENTIALLY UNSUITABLE EARLY UIT ROLLOVERS THAT CAUSED CUSTOMERS TO PAY UNNECESSARY SALES CHARGES. COLLECTIVELY, THESE EARLY UIT ROLLOVERS MAY HAVE CAUSED CUSTOMERS TO PAY $2,083,624.66 IN SALES CHARGES THAT THEY WOULD NOT HAVE INCURRED HAD THEY HELD THE UITS UNTIL THEIR MATURITY DATES. THE FIRM HAS VOLUNTARILY EMPLOYED CORRECTIVE MEASURES TO REVISE ITS PROCEDURES, INCLUDING BY REVISING ITS WSPS AND BY IMPLEMENTING IMPROVED CONTROLS RELEVANT TO ITS UIT BUSINESS, SUCH AS ESTABLISHING AUTOMATED ALERTS TO ASSIST IN IDENTIFYING WHEN REPRESENTATIVES RECOMMEND EARLY UIT ROLLOVERS.
Sanction detail — filed text
THE FIRM WAS CENSURED, FINED $550,000, AND ORDERED TO PAY $2,083,624.66, PLUS INTEREST, INRESTITUTION TO CUSTOMERS. THE FIRM PAID THE FINE ON JANUARY 6TH 2022.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Censure Other Sanctions: FINE AND RESTITUTION 3. Date Initiated (MM/DD/YYYY): 12/13/2021 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016050947801 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Unit Investment Trust(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THEENTRY OF FINDINGS THAT IT FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM THAT WASREASONABLY DESIGNED TO SUPERVISE SHORT-TERM TRADING OF UNIT INVESTMENT TRUSTS (UITS). THEFINDINGS STATED THAT THE FIRM DID NOT ESTABLISH A SUPERVISORY SYSTEM THAT WAS REASONABLYDESIGNED TO IDENTIFY EARLY UIT ROLLOVERS. THE FIRM HAD AN AUTOMATED REPORT THAT FLAGGED SALESOF A MUTUAL FUND OR UIT FOLLOWED WITHIN 25 DAYS BY A PURCHASE OF ANY OF THOSE SAME PRODUCTS, AND IN THE ORDINARY COURSE THE FIRM SENT SWITCH LETTERS TO CUSTOMERS WHEN THIS REPORT WAS GENERATED. HOWEVER, THAT REPORT DID NOT ACCOUNT FOR THE LENGTH OF TIME A UIT WAS HELD BEFORE IT WAS SOLD. AS A RESULT, THE FIRM DID NOT HAVE ANY AUTOMATED SYSTEM TO IDENTIFY WHEN UITS WERE ROLLED OVER SIGNIFICANTLY IN ADVANCE OF THEIR MATURITY DATE - EVEN THOUGH THE FIRM'S WRITTEN SUPERVISORY PROCEDURES (WSPS) RECOGNIZED THAT UITS SHOULD GENERALLY BE HELD TO MATURITY. AS SUCH, THE FIRM FAILED TO DETECT THAT ON THOUSANDS OF OCCASIONS, ITS REPRESENTATIVES RECOMMENDED POTENTIALLY UNSUITABLE EARLY SERIES-TO-SERIES ROLLOVERS. ON THOUSANDS OF OTHER OCCASIONS, THE FIRM FAILED TO DETECT THAT ITS REPRESENTATIVES REPEATEDLY RECOMMENDED OTHER POTENTIALLY UNSUITABLE EARLY UIT ROLLOVERS THAT CAUSED CUSTOMERS TO PAY UNNECESSARY SALES CHARGES. COLLECTIVELY, THESE EARLY UIT ROLLOVERS MAY HAVE CAUSED CUSTOMERS TO PAY $2,083,624.66 IN SALES CHARGES THAT THEY WOULD NOT HAVE INCURRED HAD THEY HELD THE UITS UNTIL THEIR MATURITY DATES. THE FIRM HAS VOLUNTARILY EMPLOYED CORRECTIVE MEASURES TO REVISE ITS PROCEDURES, INCLUDING BY REVISING ITS WSPS AND BY IMPLEMENTING IMPROVED CONTROLS RELEVANT TO ITS UIT BUSINESS, SUCH AS ESTABLISHING AUTOMATED ALERTS TO ASSIST IN IDENTIFYING WHEN REPRESENTATIVES RECOMMEND EARLY UIT ROLLOVERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/13/2021 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 550,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED, FINED $550,000, AND ORDERED TO PAY $2,083,624.66, PLUS INTEREST, INRESTITUTION TO CUSTOMERS. THE FIRM PAID THE FINE ON JANUARY 6TH 2022. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 23PDF pages 659–661
- Regulator name — filed text
- FINRA
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Other filed details
Description of allegations — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM REASONABLY DESIGNED TO SUPERVISE REPRESENTATIVES' 529 PLAN SHARE-CLASS RECOMMENDATIONS. THE FINDINGS STATED THAT THE FIRM'S WRITTEN SUPERVISORY PROCEDURES (WSPS) DID NOT REASONABLY ADDRESS THE SHARE-CLASS SUITABILITY FACTORS SPECIFIC TO 529 PLAN INVESTMENTS. THE FIRM'S WSPS FOR 529 PLANS DID NOT SPECIFICALLY ADDRESS THE RELATIONSHIP BETWEEN ACCOUNT BENEFICIARY AGE, THE NUMBER OF YEARS UNTIL FUNDS WOULD BE NEEDED TO PAY QUALIFIED EDUCATION EXPENSES, AND 529 PLAN SHARE-CLASS SUITABILITY. INSTEAD, THEY MERELY REFERENCED SUITABILITY FACTORS GENERALLY APPLICABLE TO ALL INVESTMENT PRODUCTS, SUCH AS FEES AND EXPENSES, INVESTMENT OBJECTIVE AND RISK TOLERANCE. IN ADDITION, THE FIRM'S ELECTRONIC ALERT SYSTEM DID NOT INCLUDE PARAMETERS TO IDENTIFY 529 PLAN SHARE-CLASS RECOMMENDATIONS THAT APPEARED TO BE INCONSISTENT WITH THE AGE OF THE ACCOUNT BENEFICIARY OR THE ACCOUNT'S STATED INVESTMENT HORIZON.
Sanction detail — filed text
THE FIRM WAS CENSURED AND ORDERED TO PAY $3,367,929, PLUS INTEREST, JOINTLY AND SEVERALLY, IN RESTITUTION TO CUSTOMERS. THE FIRM PROVIDED SUBSTANTIAL ASSISTANCE TO FINRA IN ITS INVESTIGATION. ACCORDINGLY, NO MONETARY SANCTION HAS BEEN IMPOSED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINRA 2. Principal Sanction: Censure Other Sanctions: RESTITUTION 3. Date Initiated (MM/DD/YYYY): 12/20/2021 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016049188701 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO CLEARING SERVICES, LLC 6. Principal Product Type: Other Other Product Types: 529 PLANS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM REASONABLY DESIGNED TO SUPERVISE REPRESENTATIVES' 529 PLAN SHARE-CLASS RECOMMENDATIONS. THE FINDINGS STATED THAT THE FIRM'S WRITTEN SUPERVISORY PROCEDURES (WSPS) DID NOT REASONABLY ADDRESS THE SHARE-CLASS SUITABILITY FACTORS SPECIFIC TO 529 PLAN INVESTMENTS. THE FIRM'S WSPS FOR 529 PLANS DID NOT SPECIFICALLY ADDRESS THE RELATIONSHIP BETWEEN ACCOUNT BENEFICIARY AGE, THE NUMBER OF YEARS UNTIL FUNDS WOULD BE NEEDED TO PAY QUALIFIED EDUCATION EXPENSES, AND 529 PLAN SHARE-CLASS SUITABILITY. INSTEAD, THEY MERELY REFERENCED SUITABILITY FACTORS GENERALLY APPLICABLE TO ALL INVESTMENT PRODUCTS, SUCH AS FEES AND EXPENSES, INVESTMENT OBJECTIVE AND RISK TOLERANCE. IN ADDITION, THE FIRM'S ELECTRONIC ALERT SYSTEM DID NOT INCLUDE PARAMETERS TO IDENTIFY 529 PLAN SHARE-CLASS RECOMMENDATIONS THAT APPEARED TO BE INCONSISTENT WITH THE AGE OF THE ACCOUNT BENEFICIARY OR THE ACCOUNT'S STATED INVESTMENT HORIZON. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 12/20/2021 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: PREJUDGMENT INTEREST ON THE RESTITUTION Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED AND ORDERED TO PAY $3,367,929, PLUS INTEREST, JOINTLY AND SEVERALLY, IN RESTITUTION TO CUSTOMERS. THE FIRM PROVIDED SUBSTANTIAL ASSISTANCE TO FINRA IN ITS INVESTIGATION. ACCORDINGLY, NO MONETARY SANCTION HAS BEEN IMPOSED. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 24PDF pages 661–663
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 7,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON MAY 20, 2022, THE SEC ANNOUNCED THAT THE FIRM AGREED TO A SETTLEMENT OF ALLEGATIONS THAT, IN CONNECTION WITH THE FIRM'S FAILURE TO TIMELY FILE CERTAIN SARS BETWEEN APRIL 2017 AND OCTOBER 2021, IT WILLFULLY VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 THEREUNDER. WITHOUT ADMITTING OR DENYING THE FINDINGS CONTAINED IN THE ORDER, WITH THE EXCEPTION OF THE SEC'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THE PROCEEDINGS, THE FIRM CONSENTED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 PROMULGATED THEREUNDER, (B) BE CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $7,000,000. THE FIRM PAID THE CIVIL PENALTY ON OR ABOUT JUNE 2, 2022
Other filed details
Description of allegations — filed text
THE SECURITIES AND EXCHANGE COMMISSION (SEC) ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC (THE FIRM), IN CONNECTION WITH THE FIRM'S FAILURE TO TIMELY FILE CERTAIN SUSPICIOUS ACTIVITY REPORTS ("SARS"), WILLFULLY VIOLATED SECTION 17(A) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND RULE 17A-8 THEREUNDER.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS CONTAINED IN THE ORDER, WITH THE EXCEPTION OF THE SEC'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THE PROCEEDINGS, THE FIRM CONSENTED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 PROMULGATED THEREUNDER, (B) BE CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $7,000,000. THE FIRM PAID THE CIVIL PENALTY ON OR ABOUT JUNE 2, 2022
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST, CENSURE
3.
Date Initiated (MM/DD/YYYY):
05/20/2022
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ADMINISTRATIVE PROCEEDING FILE 3-20866
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION (SEC) ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC (THE FIRM), IN CONNECTION WITH THE
FIRM'S FAILURE TO TIMELY FILE CERTAIN SUSPICIOUS ACTIVITY REPORTS ("SARS"), WILLFULLY VIOLATED SECTION 17(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND RULE 17A-8 THEREUNDER.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
05/20/2022
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 7,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS CONTAINED IN THE ORDER, WITH THE EXCEPTION OF THE SEC'S JURISDICTION OVER IT AND
THE SUBJECT MATTER OF THE PROCEEDINGS, THE FIRM CONSENTED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY
VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 PROMULGATED THEREUNDER, (B) BE
CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $7,000,000. THE FIRM PAID THE CIVIL PENALTY ON OR ABOUT JUNE 2,
2022
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MAY 20, 2022, THE SEC ANNOUNCED THAT THE FIRM AGREED TO A SETTLEMENT OF ALLEGATIONS THAT, IN CONNECTION WITH THE FIRM'S FAILURE
TO TIMELY FILE CERTAIN SARS BETWEEN APRIL 2017 AND OCTOBER 2021, IT WILLFULLY VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND RULE
17A-8 THEREUNDER. WITHOUT ADMITTING OR DENYING THE FINDINGS CONTAINED IN THE ORDER, WITH THE EXCEPTION OF THE SEC'S JURISDICTION
OVER IT AND THE SUBJECT MATTER OF THE PROCEEDINGS, THE FIRM CONSENTED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY
VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-8 PROMULGATED THEREUNDER, (B) BE
CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $7,000,000. THE FIRM PAID THE CIVIL PENALTY ON OR ABOUT JUNE 2, 2022regulatory · block 25WELLS FARGO BANK, N.A.PDF pages 663–664
- Advisory affiliate name — filed text
- WELLS FARGO BANK, N.A.
- Regulator name — filed text
- CONSUMER FINANCIAL PROTECTION BUREAU
- Monetary/Fine Amount — filed text
- $ 1,700,000,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
THE ORDER IS FINAL AND THE PENALTY HAS BEEN PAID.
Other filed details
Description of allegations — filed text
THE CFPB ALLEGED THAT CERTAIN OF THE BANK'S AUTO LOAN SERVICING, MORTGAGE LOAN SERVICING, AND CONSUMER DEPOSIT ACCOUNT PRACTICES WERE UNFAIR, AND THAT ONE CONSUMER DEPOSIT ACCOUNT PRACTICE WAS DECEPTIVE, AS FURTHER DESCRIBED IN THE CONSENT ORDER.
Sanction detail — filed text
PENALTY PAID 12/27/2022. REMEDIATION TO CUSTOMERS AND CERTAIN PROCESS CHANGES ARE IN PROCESS, AS FURTHER DESCRIBED IN THE ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) CONSUMER FINANCIAL PROTECTION BUREAU 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: REMEDIATION, PROCESS CHANGES 3. Date Initiated (MM/DD/YYYY): 12/20/2022 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2022-CFPB-0011 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): WELLS FARGO BANK, N.A. 6. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE CFPB ALLEGED THAT CERTAIN OF THE BANK'S AUTO LOAN SERVICING, MORTGAGE LOAN SERVICING, AND CONSUMER DEPOSIT ACCOUNT PRACTICES WERE UNFAIR, AND THAT ONE CONSUMER DEPOSIT ACCOUNT PRACTICE WAS DECEPTIVE, AS FURTHER DESCRIBED IN THE CONSENT ORDER. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 12/20/2022 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,700,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: PROCESS CHANGES Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PENALTY PAID 12/27/2022. REMEDIATION TO CUSTOMERS AND CERTAIN PROCESS CHANGES ARE IN PROCESS, AS FURTHER DESCRIBED IN THE ORDER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE ORDER IS FINAL AND THE PENALTY HAS BEEN PAID.
regulatory · block 26WELLS FARGO & COMPANYPDF pages 665–666
- Advisory affiliate name — filed text
- WELLS FARGO & COMPANY
- Regulator name — filed text
- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
- Monetary/Fine Amount — filed text
- $ 67,762,500.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
THE BOARD OF GOVERNORS ASSESSED A CIVIL MONEY PENALTY ON WELLS FARGO & COMPANY FOR UNSAFE AND UNSOUND PRACTICES IN RESPECT OF FAILURES IN ITS RISK-MANAGEMENT AND OVERSIGHT FRAMEWORK THAT ENABLED WELLS FARGO & COMPANY'S SUBSIDIARY BANK TO PROVIDE A TRADING PLATFORM TO A NON-US BANK THAT ALLOWED THAT BANK TO PROCESS CERTAIN NON-US DOLLAR TRANSACTIONS INVOLVING PARTIES IN JURISDICTIONS SUBJECT TO OFAC REGULATIONS.
Other filed details
Description of allegations — filed text
ON MARCH 30TH, 2023, THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (THE "BOARD OF GOVERNORS") ISSUED AN ORDER OF ASSESSMENT OF CIVIL MONEY PENALTY ISSUED UPON CONSENT PURSUANT TO THE FEDERAL DEPOSIT INSURANCE ACT, AS AMENDED (THE "ORDER") IMPOSING A CIVIL MONEY PENALTY ON WELLS FARGO & COMPANY ("WFC"), THE APPLICANT'S PARENT ENTITY, FOR UNSAFE AND UNSOUND PRACTICES RELATING TO FAILURES IN WFC'S RISK-MANAGEMENT AND OVERSIGHT FRAMEWORK FOR IDENTIFYING AND ADDRESSING LEGAL AND COMPLIANCE RISKS. SPECIFICALLY, WFC'S SUBSIDIARY BANK, WELLS FARGO BANK, N.A., (THE "BANK"), PROVIDED A TRADE FINANCE SOFTWARE PLATFORM TO A NON-US BANK, WHICH, DURING THE PERIOD OF DECEMBER 2011 TO DECEMBER 2015, THE NON-US BANK USED TO PROCESS NON-US DOLLAR TRADE FINANCE INSTRUMENTS OUTSIDE THE US FINANCIAL SYSTEM INVOLVING PARTIES IN JURISDICTIONS SUBJECT AT THE TIME TO SANCTIONS REGULATIONS. THE ORDER PROVIDES THAT WFC'S RISK-MANAGEMENT AND OVERSIGHT FRAMEWORK FAILURE TO IDENTIFY AND ADDRESS THE LEGAL AND COMPLIANCE RISKS WITH RESPECT TO THE BANK'S PROVISION OF THE SOFTWARE TO A NON-US BANK CONSTITUTES UNSAFE AND UNSOUND PRACTICES.
Sanction detail — filed text
THE ORDER REQUIRES WELLS FARGO & COMPANY TO PAY A CIVIL MONEY PENALTY IN AMOUNT OF $67,762,500, WHICH IT PAID ON MARCH 30TH, 2023
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO & COMPANY
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/30/2023
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
22-011-CMP-HC
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
N/A
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON MARCH 30TH, 2023, THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (THE "BOARD OF GOVERNORS") ISSUED AN ORDER OF
ASSESSMENT OF CIVIL MONEY PENALTY ISSUED UPON CONSENT PURSUANT TO THE FEDERAL DEPOSIT INSURANCE ACT, AS AMENDED (THE "ORDER")
IMPOSING A CIVIL MONEY PENALTY ON WELLS FARGO & COMPANY ("WFC"), THE APPLICANT'S PARENT ENTITY, FOR UNSAFE AND UNSOUND PRACTICES
RELATING TO FAILURES IN WFC'S RISK-MANAGEMENT AND OVERSIGHT FRAMEWORK FOR IDENTIFYING AND ADDRESSING LEGAL AND COMPLIANCE
RISKS. SPECIFICALLY, WFC'S SUBSIDIARY BANK, WELLS FARGO BANK, N.A., (THE "BANK"), PROVIDED A TRADE FINANCE SOFTWARE PLATFORM TO A
NON-US BANK, WHICH, DURING THE PERIOD OF DECEMBER 2011 TO DECEMBER 2015, THE NON-US BANK USED TO PROCESS NON-US DOLLAR TRADE
FINANCE INSTRUMENTS OUTSIDE THE US FINANCIAL SYSTEM INVOLVING PARTIES IN JURISDICTIONS SUBJECT AT THE TIME TO SANCTIONS
REGULATIONS. THE ORDER PROVIDES THAT WFC'S RISK-MANAGEMENT AND OVERSIGHT FRAMEWORK FAILURE TO IDENTIFY AND ADDRESS THE LEGAL
AND COMPLIANCE RISKS WITH RESPECT TO THE BANK'S PROVISION OF THE SOFTWARE TO A NON-US BANK CONSTITUTES UNSAFE AND UNSOUND
PRACTICES.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/30/2023
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 67,762,500.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
N/A
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE ORDER REQUIRES WELLS FARGO & COMPANY TO PAY A CIVIL MONEY PENALTY IN AMOUNT OF $67,762,500, WHICH IT PAID ON MARCH 30TH,
2023
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE BOARD OF GOVERNORS ASSESSED A CIVIL MONEY PENALTY ON WELLS FARGO & COMPANY FOR UNSAFE AND UNSOUND PRACTICES IN RESPECT OF
FAILURES IN ITS RISK-MANAGEMENT AND OVERSIGHT FRAMEWORK THAT ENABLED WELLS FARGO & COMPANY'S SUBSIDIARY BANK TO PROVIDE A
TRADING PLATFORM TO A NON-US BANK THAT ALLOWED THAT BANK TO PROCESS CERTAIN NON-US DOLLAR TRANSACTIONS INVOLVING PARTIES IN
JURISDICTIONS SUBJECT TO OFAC REGULATIONS.regulatory · block 27WELLS FARGO BANK N.A.PDF pages 667–669
- Advisory affiliate name — filed text
- WELLS FARGO BANK N.A.
- Regulator name — filed text
- COMMODITY FUTURES TRADING COMMISSION
- Monetary/Fine Amount — filed text
- $ 75,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON AUGUST 8, 2023, THE CFTC ENTERED INTO AN ORDER WITH THE RESPONDENTS TO SETTLE AN ADMINISTRATIVE ACTION CONCERNING (A) WFB'S FAILURE TO MAINTAIN REQUIRED RECORDS IN VIOLATION OF SECTIONS 4S(F)(1)(C) AND 4S(G)(1) AND (3) OF THE ACT AND REGULATIONS 23.201(A) AND 23.202(A)(1) AND (B)(1); (B) WFS'S FAILURE TO KEEP REQUIRED RECORDS IN VIOLATION OF SECTION 4G OF THE ACT AND REGULATION 1.35; (C) RESPONDENTS' FAILURE TO KEEP RECORDS IN THE REQUIRED MANNER IN VIOLATION OF REGULATION 1.31; (D) WFB'S FAILURE TO SUPERVISE DILIGENTLY IN VIOLATION OF SECTIONS 4S(H)(1)(B) OF THE ACT AND REGULATION 23.602(A); AND (E) WFS'S FAILURE TO DILIGENTLY SUPERVISE IN VIOLATION OF REGULATION 166.3. THE RESPONDENTS ADMITTED TO THE FACTS IN THE SETTLEMENT ORDER, ACKNOWLEDGED THEIR CONDUCT VIOLATED THE ACT AND REGULATIONS AND CONSENTED TO: (A) THE ENTRY OF THE CFTC'S FINDINGS; (B) HAVE WFB CEASE AND DESIST FROM VIOLATING SECTIONS 4S(F)(1)(C), 4S(G)(1) AND (3), AND 4S(H)(1)(B) OF THE ACT, AND REGULATIONS 1.31, 23.201(A), 23.202(A)(1) AND (B)(1) AND 23.602(A) AND TO HAVE WFS CEASE AND DESIST FROM VIOLATING SECTION 4G OF THE ACT AND REGULATIONS 1.31, 1.35 AND 166.3, (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $75,000,000, AND (D) COMPLY WITH CERTAIN CONDITIONS AND UNDERTAKINGS. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Other filed details
Description of allegations — filed text
THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") ENTERED INTO A SETTLEMENT ORDER ("ORDER") WITH WELLS FARGO SECURITIES, LLC ("WFS") AND WELLS FARGO BANK NA ("WFB" AND COLLECTIVELY WITH WFS, THE "RESPONDENTS") TO SETTLE AN ADMINISTRATIVE ACTION CONCERNING (A) WFB'S FAILURE TO MAINTAIN REQUIRED RECORDS IN VIOLATION OF SECTIONS 4S(F)(1)(C) AND 4S(G)(1) AND (3) OF THE COMMODITY EXCHANGE ACT ("ACT") AND REGULATIONS 23.201(A) AND 23.202(A)(1) AND (B)(1); (B) WFS'S FAILURE TO KEEP REQUIRED RECORDS IN VIOLATION OF SECTION 4G OF THE ACT AND REGULATION 1.35; (C) RESPONDENTS' FAILURE TO KEEP RECORDS IN THE REQUIRED MANNER IN VIOLATION OF REGULATION 1.31; (D) WFB'S FAILURE TO SUPERVISE DILIGENTLY IN VIOLATION OF SECTIONS 4S(H)(1)(B) OF THE ACT AND REGULATION 23.602(A); AND (E) WFS'S FAILURE TO DILIGENTLY SUPERVISE IN VIOLATION OF REGULATION 166.3.
Sanction detail — filed text
THE RESPONDENTS ADMITTED TO THE FACTS IN THE SETTLEMENT ORDER, ACKNOWLEDGED THEIR CONDUCT VIOLATED THE ACT AND REGULATIONS AND CONSENTED TO: (A) THE ENTRY OF THE CFTC'S FINDINGS; (B) HAVE WFB CEASE AND DESIST FROM VIOLATING SECTIONS 4S(F)(1)(C), 4S(G)(1) AND (3), AND 4S(H)(1)(B) OF THE ACT, AND REGULATIONS 1.31, 23.201(A), 23.202(A)(1) AND (B)(1) AND 23.602(A) AND TO HAVE WFS CEASE AND DESIST FROM VIOLATING SECTION 4G OF THE ACT AND REGULATIONS 1.31, 1.35 AND 166.3, (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $75,000,000, AND (D) COMPLY WITH CERTAIN CONDITIONS AND UNDERTAKINGS. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
COMMODITY FUTURES TRADING COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST, UNDERTAKING
3.
Date Initiated (MM/DD/YYYY):
08/08/2023
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
DOCKET NO. 23-36
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") ENTERED INTO A SETTLEMENT ORDER ("ORDER") WITH WELLS FARGO SECURITIES, LLC
("WFS") AND WELLS FARGO BANK NA ("WFB" AND COLLECTIVELY WITH WFS, THE "RESPONDENTS") TO SETTLE AN ADMINISTRATIVE ACTION
CONCERNING (A) WFB'S FAILURE TO MAINTAIN REQUIRED RECORDS IN VIOLATION OF SECTIONS 4S(F)(1)(C) AND 4S(G)(1) AND (3) OF THE COMMODITY
EXCHANGE ACT ("ACT") AND REGULATIONS 23.201(A) AND 23.202(A)(1) AND (B)(1); (B) WFS'S FAILURE TO KEEP REQUIRED RECORDS IN VIOLATION OF
SECTION 4G OF THE ACT AND REGULATION 1.35; (C) RESPONDENTS' FAILURE TO KEEP RECORDS IN THE REQUIRED MANNER IN VIOLATION OF
REGULATION 1.31; (D) WFB'S FAILURE TO SUPERVISE DILIGENTLY IN VIOLATION OF SECTIONS 4S(H)(1)(B) OF THE ACT AND REGULATION 23.602(A);
AND (E) WFS'S FAILURE TO DILIGENTLY SUPERVISE IN VIOLATION OF REGULATION 166.3.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
08/08/2023
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 75,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE RESPONDENTS ADMITTED TO THE FACTS IN THE SETTLEMENT ORDER, ACKNOWLEDGED THEIR CONDUCT VIOLATED THE ACT AND
REGULATIONS AND CONSENTED TO: (A) THE ENTRY OF THE CFTC'S FINDINGS; (B) HAVE WFB CEASE AND DESIST FROM VIOLATING SECTIONS
4S(F)(1)(C), 4S(G)(1) AND (3), AND 4S(H)(1)(B) OF THE ACT, AND REGULATIONS 1.31, 23.201(A), 23.202(A)(1) AND (B)(1) AND 23.602(A) AND TO
HAVE WFS CEASE AND DESIST FROM VIOLATING SECTION 4G OF THE ACT AND REGULATIONS 1.31, 1.35 AND 166.3, (C) PAY A CIVIL MONETARY
PENALTY IN THE AMOUNT OF $75,000,000, AND (D) COMPLY WITH CERTAIN CONDITIONS AND UNDERTAKINGS. THE CIVIL MONETARY PENALTY
WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON AUGUST 8, 2023, THE CFTC ENTERED INTO AN ORDER WITH THE RESPONDENTS TO SETTLE AN ADMINISTRATIVE ACTION CONCERNING (A) WFB'S
FAILURE TO MAINTAIN REQUIRED RECORDS IN VIOLATION OF SECTIONS 4S(F)(1)(C) AND 4S(G)(1) AND (3) OF THE ACT AND REGULATIONS 23.201(A)
AND 23.202(A)(1) AND (B)(1); (B) WFS'S FAILURE TO KEEP REQUIRED RECORDS IN VIOLATION OF SECTION 4G OF THE ACT AND REGULATION 1.35; (C)
RESPONDENTS' FAILURE TO KEEP RECORDS IN THE REQUIRED MANNER IN VIOLATION OF REGULATION 1.31; (D) WFB'S FAILURE TO SUPERVISE
DILIGENTLY IN VIOLATION OF SECTIONS 4S(H)(1)(B) OF THE ACT AND REGULATION 23.602(A); AND (E) WFS'S FAILURE TO DILIGENTLY SUPERVISE IN
VIOLATION OF REGULATION 166.3. THE RESPONDENTS ADMITTED TO THE FACTS IN THE SETTLEMENT ORDER, ACKNOWLEDGED THEIR CONDUCT
VIOLATED THE ACT AND REGULATIONS AND CONSENTED TO: (A) THE ENTRY OF THE CFTC'S FINDINGS; (B) HAVE WFB CEASE AND DESIST FROM
VIOLATING SECTIONS 4S(F)(1)(C), 4S(G)(1) AND (3), AND 4S(H)(1)(B) OF THE ACT, AND REGULATIONS 1.31, 23.201(A), 23.202(A)(1) AND (B)(1) AND
23.602(A) AND TO HAVE WFS CEASE AND DESIST FROM VIOLATING SECTION 4G OF THE ACT AND REGULATIONS 1.31, 1.35 AND 166.3, (C) PAY A CIVIL
MONETARY PENALTY IN THE AMOUNT OF $75,000,000, AND (D) COMPLY WITH CERTAIN CONDITIONS AND UNDERTAKINGS. THE CIVIL MONETARY
PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.regulatory · block 28PDF pages 669–671
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 125,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON AUGUST 8, 2023, THE SEC ENTERED INTO A SETTLEMENT ORDER WITH WELLS FARGO TO SETTLE AN ADMINISTRATIVE ACTION, IN CONNECTION WITH THE BROKER-DEALER OFF-CHANNEL COMMUNICATIONS INITIATIVE, WHICH ALLEGED THAT WELLS FARGO FAILED TO (1) MAINTAIN AND PRESERVE OFF-CHANNEL COMMUNICATIONS RELATED TO THE BUSINESS OF THE BROKER-DEALERS OPERATED BY WELLS FARGO, IN WILLFUL VIOLATION OF SECTION 17(A) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND RULE 17A-4(B)(4) THEREUNDER; AND (2) REASONABLY SUPERVISE THEIR EMPLOYEES WITH A VIEW TO PREVENTING OR DETECTING CERTAIN OF THEIR EMPLOYEES' AIDING AND ABETTING VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4(B)(4) THEREUNDER, WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE EXCHANGE ACT. WELLS FARGO ADMITTED TO THE FACTS IN THE SETTLEMENT ORDER, ACKNOWLEDGED THEIR CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS AND AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4 THEREUNDER, (B) BE CENSURED, (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $125,000,000, AND (D) COMPLY WITH CERTAIN UNDERTAKINGS RELATED TO RETENTION OF ELECTRONIC COMMUNICATIONS. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Other filed details
Description of allegations — filed text
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ALLEGED, IN CONNECTION WITH THE BROKER-DEALER OFF-CHANNEL COMMUNICATIONS INITIATIVE, THAT WELLS FARGO SECURITIES, LLC, WELLS FARGO CLEARING SERVICES, LLC, AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (COLLECTIVELY, "WELLS FARGO") FAILED TO (1) MAINTAIN AND PRESERVE OFF-CHANNEL COMMUNICATIONS RELATED TO THE BUSINESS OF THE BROKER-DEALERS OPERATED BY WELLS FARGO, IN WILLFUL VIOLATION OF SECTION 17(A) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND RULE 17A-4(B)(4) THEREUNDER; AND (2) REASONABLY SUPERVISE THEIR EMPLOYEES WITH A VIEW TO PREVENTING OR DETECTING CERTAIN OF THEIR EMPLOYEES' AIDING AND ABETTING VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4(B)(4) THEREUNDER, WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE EXCHANGE ACT.
Sanction detail — filed text
WELLS FARGO ADMITTED TO THE FACTS IN THE SETTLEMENT ORDER, ACKNOWLEDGED THEIR CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS AND AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4 THEREUNDER, (B) BE CENSURED, (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $125,000,000, AND (D) COMPLY WITH CERTAIN UNDERTAKINGS RELATED TO RETENTION OF ELECTRONIC COMMUNICATIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
126292
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO SECURITIES,
LLC
(For individuals, Last, First,
Middle)
CRD
Number:
11025
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO ADVISORS
FINANCIAL NETWORK, LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST, CENSURE, UNDERTAKING
3.
Date Initiated (MM/DD/YYYY):
08/08/2023
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. 3-21552
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ALLEGED, IN CONNECTION WITH THE BROKER-DEALER OFF-CHANNEL COMMUNICATIONS
INITIATIVE, THAT WELLS FARGO SECURITIES, LLC, WELLS FARGO CLEARING SERVICES, LLC, AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
(COLLECTIVELY, "WELLS FARGO") FAILED TO (1) MAINTAIN AND PRESERVE OFF-CHANNEL COMMUNICATIONS RELATED TO THE BUSINESS OF THE
BROKER-DEALERS OPERATED BY WELLS FARGO, IN WILLFUL VIOLATION OF SECTION 17(A) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE
ACT") AND RULE 17A-4(B)(4) THEREUNDER; AND (2) REASONABLY SUPERVISE THEIR EMPLOYEES WITH A VIEW TO PREVENTING OR DETECTING CERTAIN
OF THEIR EMPLOYEES' AIDING AND ABETTING VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4(B)(4) THEREUNDER, WITHIN THE
MEANING OF SECTION 15(B)(4)(E) OF THE EXCHANGE ACT.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
08/08/2023
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 125,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WELLS FARGO ADMITTED TO THE FACTS IN THE SETTLEMENT ORDER, ACKNOWLEDGED THEIR CONDUCT VIOLATED THE FEDERAL SECURITIES
LAWS AND AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTION 17(A)
OF THE EXCHANGE ACT AND RULE 17A-4 THEREUNDER, (B) BE CENSURED, (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $125,000,000,
AND (D) COMPLY WITH CERTAIN UNDERTAKINGS RELATED TO RETENTION OF ELECTRONIC COMMUNICATIONS.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON AUGUST 8, 2023, THE SEC ENTERED INTO A SETTLEMENT ORDER WITH WELLS FARGO TO SETTLE AN ADMINISTRATIVE ACTION, IN CONNECTION
WITH THE BROKER-DEALER OFF-CHANNEL COMMUNICATIONS INITIATIVE, WHICH ALLEGED THAT WELLS FARGO FAILED TO (1) MAINTAIN AND
PRESERVE OFF-CHANNEL COMMUNICATIONS RELATED TO THE BUSINESS OF THE BROKER-DEALERS OPERATED BY WELLS FARGO, IN WILLFUL
VIOLATION OF SECTION 17(A) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND RULE 17A-4(B)(4) THEREUNDER; AND (2)
REASONABLY SUPERVISE THEIR EMPLOYEES WITH A VIEW TO PREVENTING OR DETECTING CERTAIN OF THEIR EMPLOYEES' AIDING AND ABETTING
VIOLATIONS OF SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4(B)(4) THEREUNDER, WITHIN THE MEANING OF SECTION 15(B)(4)(E) OF THE
EXCHANGE ACT. WELLS FARGO ADMITTED TO THE FACTS IN THE SETTLEMENT ORDER, ACKNOWLEDGED THEIR CONDUCT VIOLATED THE FEDERAL
SECURITIES LAWS AND AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF
SECTION 17(A) OF THE EXCHANGE ACT AND RULE 17A-4 THEREUNDER, (B) BE CENSURED, (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF
$125,000,000, AND (D) COMPLY WITH CERTAIN UNDERTAKINGS RELATED TO RETENTION OF ELECTRONIC COMMUNICATIONS. THE CIVIL MONETARY
PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.regulatory · block 29WELLS FARGO ADVISORS FINANCIAL NETWORK, LLCPDF pages 671–673
- Advisory affiliate name — filed text
- WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 35,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON AUGUST 25, 2023, THE SEC ENTERED INTO A SETTLEMENT ORDER WITH WELLS FARGO TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED THAT WELLS FARGO OVERCHARGED APPROXIMATELY 10,945 ADVISORY ACCOUNTS OF ADVISORY CLIENTS OPENED THROUGH 2014 MORE THAN $26.8 MILLION IN ADVISORY FEES FROM AT LEAST 2002 THROUGH DECEMBER 2022 AND FAILED TO ADOPT AND IMPLEMENT WRITTEN COMPLIANCE POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT THE OVERBILLING IN WILLFUL VIOLATION OF SECTIONS 206(2) AND 206(4) OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AND RULE 206(4)-7 THEREUNDER. SPECIFICALLY, FROM AT LEAST 2002 THROUGH 2014, CERTAIN INVESTMENT ADVISER REPRESENTATIVES FROM WELLS FARGO AND ITS PREDECESSOR FIRMS AGREED TO REDUCE THE FIRMS' STANDARD, PRE-SET ADVISORY FEE RATE FOR CERTAIN CLIENTS AT THE TIME THESE CLIENTS AGREED TO OPEN ACCOUNTS. THE REPRESENTATIVES MADE HANDWRITTEN OR TYPED CHANGES ON THE CLIENTS' STANDARD INVESTMENT ADVISORY AGREEMENTS THAT REFLECTED THE REDUCED FEE RATE. HOWEVER, IN CERTAIN INSTANCES, THE ACCOUNT PROCESSING EMPLOYEES AT WELLS FARGO AND ITS PREDECESSOR FIRMS FAILED TO ENTER THE AGREED-UPON REDUCED ADVISORY FEE RATE INTO THE FIRMS' BILLING SYSTEMS WHEN SETTING UP THE CLIENTS' ACCOUNTS. IN 2022 AND 2023, THE FIRM CORRECTED THE ADVISORY FEES TO BE CHARGED TO THE ACCOUNTS AND ISSUED PAYMENTS FOR THE OVERCHARGED ADVISORY FEES, PLUS INTEREST, TO THE AFFECTED ACCOUNTHOLDERS. WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTIONS 206(2) AND 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER, (B) BE CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $35,000,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Other filed details
Description of allegations — filed text
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC, WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC, AND THEIR PREDECESSOR FIRMS (COLLECTIVELY, "WELLS FARGO" OR THE "FIRM") OVERCHARGED APPROXIMATELY 10,945 ADVISORY ACCOUNTS OF ADVISORY CLIENTS OPENED THROUGH 2014 MORE THAN $26.8 MILLION IN ADVISORY FEES FROM AT LEAST 2002 THROUGH DECEMBER 2022 AND FAILED TO ADOPT AND IMPLEMENT WRITTEN COMPLIANCE POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT THE OVERBILLING IN WILLFUL VIOLATION OF SECTIONS 206(2) AND 206(4) OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AND RULE 206(4)-7 THEREUNDER. SPECIFICALLY, FROM AT LEAST 2002 THROUGH 2014, CERTAIN INVESTMENT ADVISER REPRESENTATIVES FROM WELLS FARGO AND ITS PREDECESSOR FIRMS AGREED TO REDUCE THE FIRMS' STANDARD, PRE-SET ADVISORY FEE RATE FOR CERTAIN CLIENTS AT THE TIME THESE CLIENTS AGREED TO OPEN ACCOUNTS. THE REPRESENTATIVES MADE HANDWRITTEN OR TYPED CHANGES ON THE CLIENTS' STANDARD INVESTMENT ADVISORY AGREEMENTS THAT REFLECTED THE REDUCED FEE RATE. HOWEVER, IN CERTAIN INSTANCES, THE ACCOUNT PROCESSING EMPLOYEES AT WELLS FARGO AND ITS PREDECESSOR FIRMS FAILED TO ENTER THE AGREED-UPON REDUCED ADVISORY FEE RATE INTO THE FIRMS' BILLING SYSTEMS WHEN SETTING UP THE CLIENTS' ACCOUNTS.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTIONS 206(2) AND 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER, (B) BE CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $35,000,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
11025
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO ADVISORS
FINANCIAL NETWORK, LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
y
g
g
y
y
y
(
)
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST CENSURE
3.
Date Initiated (MM/DD/YYYY):
08/25/2023
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. 3-21580
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
UNSPECIFIED SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC, WELLS FARGO ADVISORS FINANCIAL
NETWORK, LLC, AND THEIR PREDECESSOR FIRMS (COLLECTIVELY, "WELLS FARGO" OR THE "FIRM") OVERCHARGED APPROXIMATELY 10,945 ADVISORY
ACCOUNTS OF ADVISORY CLIENTS OPENED THROUGH 2014 MORE THAN $26.8 MILLION IN ADVISORY FEES FROM AT LEAST 2002 THROUGH DECEMBER
2022 AND FAILED TO ADOPT AND IMPLEMENT WRITTEN COMPLIANCE POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT THE
OVERBILLING IN WILLFUL VIOLATION OF SECTIONS 206(2) AND 206(4) OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AND RULE
206(4)-7 THEREUNDER. SPECIFICALLY, FROM AT LEAST 2002 THROUGH 2014, CERTAIN INVESTMENT ADVISER REPRESENTATIVES FROM WELLS FARGO
AND ITS PREDECESSOR FIRMS AGREED TO REDUCE THE FIRMS' STANDARD, PRE-SET ADVISORY FEE RATE FOR CERTAIN CLIENTS AT THE TIME THESE
CLIENTS AGREED TO OPEN ACCOUNTS. THE REPRESENTATIVES MADE HANDWRITTEN OR TYPED CHANGES ON THE CLIENTS' STANDARD INVESTMENT
ADVISORY AGREEMENTS THAT REFLECTED THE REDUCED FEE RATE. HOWEVER, IN CERTAIN INSTANCES, THE ACCOUNT PROCESSING EMPLOYEES AT
WELLS FARGO AND ITS PREDECESSOR FIRMS FAILED TO ENTER THE AGREED-UPON REDUCED ADVISORY FEE RATE INTO THE FIRMS' BILLING SYSTEMS
WHEN SETTING UP THE CLIENTS' ACCOUNTS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
08/25/2023
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 35,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY
VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTIONS 206(2) AND 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER, (B) BE
CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $35,000,000. THE CIVIL MONETARY PENALTY WAS PAID IN
ACCORDANCE WITH THE TERMS OF THE ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON AUGUST 25, 2023, THE SEC ENTERED INTO A SETTLEMENT ORDER WITH WELLS FARGO TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED
THAT WELLS FARGO OVERCHARGED APPROXIMATELY 10,945 ADVISORY ACCOUNTS OF ADVISORY CLIENTS OPENED THROUGH 2014 MORE THAN $26.8
MILLION IN ADVISORY FEES FROM AT LEAST 2002 THROUGH DECEMBER 2022 AND FAILED TO ADOPT AND IMPLEMENT WRITTEN COMPLIANCE POLICIES
AND PROCEDURES REASONABLY DESIGNED TO PREVENT THE OVERBILLING IN WILLFUL VIOLATION OF SECTIONS 206(2) AND 206(4) OF THE
INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AND RULE 206(4)-7 THEREUNDER. SPECIFICALLY, FROM AT LEAST 2002 THROUGH 2014,
CERTAIN INVESTMENT ADVISER REPRESENTATIVES FROM WELLS FARGO AND ITS PREDECESSOR FIRMS AGREED TO REDUCE THE FIRMS' STANDARD,
PRE-SET ADVISORY FEE RATE FOR CERTAIN CLIENTS AT THE TIME THESE CLIENTS AGREED TO OPEN ACCOUNTS. THE REPRESENTATIVES MADE
HANDWRITTEN OR TYPED CHANGES ON THE CLIENTS' STANDARD INVESTMENT ADVISORY AGREEMENTS THAT REFLECTED THE REDUCED FEE RATE.
HOWEVER, IN CERTAIN INSTANCES, THE ACCOUNT PROCESSING EMPLOYEES AT WELLS FARGO AND ITS PREDECESSOR FIRMS FAILED TO ENTER THE
AGREED-UPON REDUCED ADVISORY FEE RATE INTO THE FIRMS' BILLING SYSTEMS WHEN SETTING UP THE CLIENTS' ACCOUNTS. IN 2022 AND 2023, THE
FIRM CORRECTED THE ADVISORY FEES TO BE CHARGED TO THE ACCOUNTS AND ISSUED PAYMENTS FOR THE OVERCHARGED ADVISORY FEES, PLUS
INTEREST, TO THE AFFECTED ACCOUNTHOLDERS. WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO AGREED TO: (A) CEASE AND DESIST
FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTIONS 206(2) AND 206(4) OF THE ADVISERS ACT AND RULE
206(4)-7 THEREUNDER, (B) BE CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $35,000,000. THE CIVIL MONETARY PENALTY
WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.regulatory · block 30PDF pages 673–675
- Regulator name — filed text
- STATE OF MAINE, OFFICE OF SECURITIES
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
WELLS FARGO CLEARING SERVICES, LLC AGREED TO PAY $5,000 TO RESOLVE THE ALLEGATIONS OF A FAILURE TO COMPLY WITH MAINE'S ORDER NO. 2021-12, AN ORDER SUPERSEDING ORDER NO. 2020-45 REGARDING THE RESUMPTION OF ON-SITE BROKER-DEALER INSPECTIONS OF BRANCH OFFICES IN MAINE ("ORDER 2021-12"), AND MAINE OFFICE OF SECURITIES RULE CH. 504 SECTION (7)(4)(B) REGARDING THE ON-SITE BRANCH OFFICE INSPECTION REQUIREMENT. SPECIFICALLY, THE ALLEGATIONS WERE THAT, IN 2022, WELLS FARGO CLEARING SERVICES, LLC INADVERTENTLY DID NOT CONDUCT A BRANCH INSPECTION OF ONE MAINE BRANCH OFFICE (A REMOTE LOCATION NOT HELD OUT TO THE PUBLIC). THE MATTER WAS RESOLVED BY CONSENT AND WITH NO FORMAL FINDINGS ISSUED BY THE MAINE OFFICE OF SECURITIES.
Other filed details
Description of allegations — filed text
THE ALLEGATIONS WERE THAT, IN 2022, WELLS FARGO CLEARING SERVICES, LLC INADVERTENTLY DID NOT CONDUCT A BRANCH INSPECTION OF ONE MAINE BRANCH OFFICE (A REMOTE LOCATION NOT HELD OUT TO THE PUBLIC). THE MAINE SECURITIES ADMINISTRATOR TOOK THE POSITION THAT THIS VIOLATED MAINE'S ORDER 2021-12 AND MAINE OFFICE OF SECURITIES RULE CH. 504 SECTION (7)(4)(B) REGARDING THE ON-SITE BRANCH OFFICE INSPECTION REQUIREMENT. NO CUSTOMER IMPACT.
Sanction detail — filed text
WELLS FARGO CLEARING SERVICES, LLC MAILED A $5,000 CHECK TO THE STATE OF MAINE ON OR ABOUT AUGUST 31, 2023.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF MAINE, OFFICE OF SECURITIES
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
09/05/2023
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2023-46
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ALLEGATIONS WERE THAT, IN 2022, WELLS FARGO CLEARING SERVICES, LLC INADVERTENTLY DID NOT CONDUCT A BRANCH INSPECTION OF ONE
MAINE BRANCH OFFICE (A REMOTE LOCATION NOT HELD OUT TO THE PUBLIC). THE MAINE SECURITIES ADMINISTRATOR TOOK THE POSITION THAT
THIS VIOLATED MAINE'S ORDER 2021-12 AND MAINE OFFICE OF SECURITIES RULE CH. 504 SECTION (7)(4)(B) REGARDING THE ON-SITE BRANCH
OFFICE INSPECTION REQUIREMENT. NO CUSTOMER IMPACT.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/05/2023
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 5,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WELLS FARGO CLEARING SERVICES, LLC MAILED A $5,000 CHECK TO THE STATE OF MAINE ON OR ABOUT AUGUST 31, 2023.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WELLS FARGO CLEARING SERVICES, LLC AGREED TO PAY $5,000 TO RESOLVE THE ALLEGATIONS OF A FAILURE TO COMPLY WITH MAINE'S ORDER NO.
2021-12, AN ORDER SUPERSEDING ORDER NO. 2020-45 REGARDING THE RESUMPTION OF ON-SITE BROKER-DEALER INSPECTIONS OF BRANCH OFFICES
IN MAINE ("ORDER 2021-12"), AND MAINE OFFICE OF SECURITIES RULE CH. 504 SECTION (7)(4)(B) REGARDING THE ON-SITE BRANCH OFFICE
INSPECTION REQUIREMENT. SPECIFICALLY, THE ALLEGATIONS WERE THAT, IN 2022, WELLS FARGO CLEARING SERVICES, LLC INADVERTENTLY DID NOT
CONDUCT A BRANCH INSPECTION OF ONE MAINE BRANCH OFFICE (A REMOTE LOCATION NOT HELD OUT TO THE PUBLIC). THE MATTER WAS RESOLVED
BY CONSENT AND WITH NO FORMAL FINDINGS ISSUED BY THE MAINE OFFICE OF SECURITIES.regulatory · block 31PDF pages 675–677
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY
- Monetary/Fine Amount — filed text
- $ 400,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
THE FIRM VOLUNTARILY REACHED A SETTLEMENT WITH FINRA REGARDING FINRA CONCERNS RELATED TO THE ADEQUACY OF THE FIRM'S SUPERVISION OF SHORT-TERM TRADING IN THREE SECURITIES: SYNDICATE PREFERRED STOCKS; SYNDICATE CLOSED END FUNDS; AND MEDIUM-TERM NOTES. THE SETTLEMENT ACKNOWLEDGED THE FIRM'S SUPERVISORY SYSTEM ENHANCEMENTS AND PROVIDED FOR A FIRM CENSURE, A FINE OF $400,000, A DISGORGEMENT PAYMENT TO FINRA IN THE AMOUNT OF $2,031,972.10 PLUS APPLICABLE INTEREST, AND CUSTOMER RESTITUTION IN THE AMOUNT OF $599,025.29, PLUS APPLICABLE INTEREST.
Other filed details
Description of allegations — filed text
FINRA RAISED CONCERNS WITH WFCS REGARDING THE ADEQUACY OF THE FIRM'S SUPERVISION OF SHORT-TERM TRADING IN THREE SECURITIES WHICH FINRA VIEWS AS PRODUCTS GENERALLY INTENDED TO BE HELD FOR THE LONG TERM, NAMELY: SYNDICATE PREFERRED STOCKS; SYNDICATE CLOSED END FUNDS; AND MEDIUM-TERM NOTES.
Sanction detail — filed text
THE FIRM WAS CENSURED, FINED $400,000, ORDERED TO PAY $599,025.29, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS, AND ORDERED TO PAY $2,031,972.10, PLUS INTEREST, IN DISGORGEMENT TO FINRA.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FINANCIAL INDUSTRY REGULATORY AUTHORITY 2. Principal Sanction: Disgorgement Other Sanctions: FINE; CENSURE; RESTITUTION; AND APPLICABLE INTEREST 3. Date Initiated (MM/DD/YYYY): 09/12/2024 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2019061442702 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Equity Listed (Common & Preferred Stock) Other Product Types: SYNDICATE CLOSED END FUNDS AND MEDIUM-TERM NOTES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): FINRA RAISED CONCERNS WITH WFCS REGARDING THE ADEQUACY OF THE FIRM'S SUPERVISION OF SHORT-TERM TRADING IN THREE SECURITIES WHICH FINRA VIEWS AS PRODUCTS GENERALLY INTENDED TO BE HELD FOR THE LONG TERM, NAMELY: SYNDICATE PREFERRED STOCKS; SYNDICATE CLOSED END FUNDS; AND MEDIUM-TERM NOTES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Acceptance, Waiver & Consent(AWC) 11. Resolution Date (MM/DD/YYYY): 09/12/2024 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 400,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE FIRM WAS CENSURED, FINED $400,000, ORDERED TO PAY $599,025.29, PLUS INTEREST, IN RESTITUTION TO CUSTOMERS, AND ORDERED TO PAY $2,031,972.10, PLUS INTEREST, IN DISGORGEMENT TO FINRA. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FIRM VOLUNTARILY REACHED A SETTLEMENT WITH FINRA REGARDING FINRA CONCERNS RELATED TO THE ADEQUACY OF THE FIRM'S SUPERVISION OF SHORT-TERM TRADING IN THREE SECURITIES: SYNDICATE PREFERRED STOCKS; SYNDICATE CLOSED END FUNDS; AND MEDIUM-TERM NOTES. THE SETTLEMENT ACKNOWLEDGED THE FIRM'S SUPERVISORY SYSTEM ENHANCEMENTS AND PROVIDED FOR A FIRM CENSURE, A FINE OF $400,000, A DISGORGEMENT PAYMENT TO FINRA IN THE AMOUNT OF $2,031,972.10 PLUS APPLICABLE INTEREST, AND CUSTOMER RESTITUTION IN THE AMOUNT OF $599,025.29, PLUS APPLICABLE INTEREST.
regulatory · block 32PDF pages 677–678
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY
- Monetary/Fine Amount — filed text
- $ 900,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
ON DECEMBER 20, 2024, THE FIRM BECAME SUBJECT TO A LETTER OF ACCEPTANCE, WAIVER AND CONSENT ISSUED BY FINRA REGARDING ALLEGATIONS THAT, FROM AT LEAST 2011 THROUGH FEBRUARY 2023, THE FIRM SUBMITTED APPROXIMATELY 22,000 BLUE SHEETS TO FINRA THAT CONTAINED INACCURATE INFORMATION, IN VIOLATION OF FINRA RULES 8211, 8213, AND 2010. WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $900,000 FINE. THE FINE WAS PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
Other filed details
Description of allegations — filed text
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT, FROM AT LEAST 2011 THROUGH FEBRUARY 2023, WELLS FARGO CLEARING SERVICES, LLC ("THE FIRM") SUBMITTED APPROXIMATELY 22,000 BLUE SHEETS TO FINRA THAT CONTAINED INACCURATE INFORMATION, IN VIOLATION OF FINRA RULES 8211, 8213, AND 2010.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $900,000 FINE. THE FINE WAS PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINANCIAL INDUSTRY REGULATORY AUTHORITY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CENSURE
3.
Date Initiated (MM/DD/YYYY):
12/20/2024
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NO. 2019062573101
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT, FROM AT LEAST 2011 THROUGH FEBRUARY 2023, WELLS FARGO
CLEARING SERVICES, LLC ("THE FIRM") SUBMITTED APPROXIMATELY 22,000 BLUE SHEETS TO FINRA THAT CONTAINED INACCURATE INFORMATION, IN
VIOLATION OF FINRA RULES 8211, 8213, AND 2010.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
12/20/2024
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 900,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $900,000 FINE. THE FINE WAS
PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON DECEMBER 20, 2024, THE FIRM BECAME SUBJECT TO A LETTER OF ACCEPTANCE, WAIVER AND CONSENT ISSUED BY FINRA REGARDING
ALLEGATIONS THAT, FROM AT LEAST 2011 THROUGH FEBRUARY 2023, THE FIRM SUBMITTED APPROXIMATELY 22,000 BLUE SHEETS TO FINRA THAT
CONTAINED INACCURATE INFORMATION, IN VIOLATION OF FINRA RULES 8211, 8213, AND 2010. WITHOUT ADMITTING OR DENYING THE FINDINGS IN
THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $900,000 FINE. THE FINE WAS PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.regulatory · block 33PDF pages 678–680
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 900,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON DECEMBER 20, 2024, THE SEC ENTERED INTO A SETTLEMENT ORDER WITH THE FIRM TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED THAT THE FIRM, FROM JULY 20, 2018 THROUGH FEBRUARY 24, 2023, IN RESPONSE TO REQUESTS FROM THE SEC, MADE APPROXIMATELY 11,195 ELECTRONIC BLUE SHEETS SUBMISSIONS TO THE SEC THAT CONTAINED INACCURATE INFORMATION OR OMISSIONS, AS THE RESULT OF VARIOUS TYPES OF ERRORS, IN WILLFUL VIOLATION OF SECTION 17(A)(1) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND EXCHANGE ACT RULES 17A-4(J) AND 17A-25 THEREUNDER. IN DETERMINING THE ACCEPT THE FIRM'S OFFER OF SETTLEMENT, THE SEC CONSIDERED REMEDIAL ACTS UNDERTAKEN BY THE FIRM AND COOPERATION AFFORDED THE SEC STAFF. THE FIRM ADMITTED THE FACTS SET FORTH IN SECTION III OF THE ORDER AND ACKNOWLEDGED THAT ITS CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS. THE FIRM AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTION 17(A)(1) OF THE EXCHANGE ACT AND EXCHANGE ACT RULES 17A-4(J) AND 17A-25 THEREUNDER, (B) BE CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $900,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Other filed details
Description of allegations — filed text
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC (THE "FIRM"), FROM JULY 20, 2018 THROUGH FEBRUARY 24, 2023, IN RESPONSE TO REQUESTS FROM THE SEC, MADE APPROXIMATELY 11,195 ELECTRONIC BLUE SHEETS SUBMISSIONS TO THE SEC THAT CONTAINED INACCURATE INFORMATION OR OMISSIONS, AS THE RESULT OF VARIOUS TYPES OF ERRORS, IN WILLFUL VIOLATION OF SECTION 17(A)(1) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND EXCHANGE ACT RULES 17A-4(J) AND 17A-25 THEREUNDER.
Sanction detail — filed text
THE FIRM ADMITTED THE FACTS SET FORTH IN SECTION III OF THE ORDER AND ACKNOWLEDGED THAT ITS CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS. THE FIRM AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTION 17(A)(1) OF THE EXCHANGE ACT AND EXCHANGE ACT RULES 17A-4(J) AND 17A-25 THEREUNDER, (B) BE CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $900,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST, CENSURE
3.
Date Initiated (MM/DD/YYYY):
12/20/2024
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. 3-22373
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC (THE "FIRM"), FROM JULY 20, 2018
THROUGH FEBRUARY 24, 2023, IN RESPONSE TO REQUESTS FROM THE SEC, MADE APPROXIMATELY 11,195 ELECTRONIC BLUE SHEETS SUBMISSIONS
TO THE SEC THAT CONTAINED INACCURATE INFORMATION OR OMISSIONS, AS THE RESULT OF VARIOUS TYPES OF ERRORS, IN WILLFUL VIOLATION OF
SECTION 17(A)(1) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND EXCHANGE ACT RULES 17A-4(J) AND 17A-25 THEREUNDER.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
12/20/2024
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 900,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
THE FIRM ADMITTED THE FACTS SET FORTH IN SECTION III OF THE ORDER AND ACKNOWLEDGED THAT ITS CONDUCT VIOLATED THE FEDERAL
SECURITIES LAWS. THE FIRM AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS
OF SECTION 17(A)(1) OF THE EXCHANGE ACT AND EXCHANGE ACT RULES 17A-4(J) AND 17A-25 THEREUNDER, (B) BE CENSURED, AND (C) PAY A
CIVIL MONETARY PENALTY IN THE AMOUNT OF $900,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE
ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON DECEMBER 20, 2024, THE SEC ENTERED INTO A SETTLEMENT ORDER WITH THE FIRM TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED THAT
THE FIRM, FROM JULY 20, 2018 THROUGH FEBRUARY 24, 2023, IN RESPONSE TO REQUESTS FROM THE SEC, MADE APPROXIMATELY 11,195 ELECTRONIC
BLUE SHEETS SUBMISSIONS TO THE SEC THAT CONTAINED INACCURATE INFORMATION OR OMISSIONS, AS THE RESULT OF VARIOUS TYPES OF ERRORS,
IN WILLFUL VIOLATION OF SECTION 17(A)(1) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND EXCHANGE ACT RULES 17A-4(J)
AND 17A-25 THEREUNDER. IN DETERMINING THE ACCEPT THE FIRM'S OFFER OF SETTLEMENT, THE SEC CONSIDERED REMEDIAL ACTS UNDERTAKEN BY
THE FIRM AND COOPERATION AFFORDED THE SEC STAFF. THE FIRM ADMITTED THE FACTS SET FORTH IN SECTION III OF THE ORDER AND
ACKNOWLEDGED THAT ITS CONDUCT VIOLATED THE FEDERAL SECURITIES LAWS. THE FIRM AGREED TO: (A) CEASE AND DESIST FROM COMMITTING OR
CAUSING ANY VIOLATIONS OR ANY FUTURE VIOLATIONS OF SECTION 17(A)(1) OF THE EXCHANGE ACT AND EXCHANGE ACT RULES 17A-4(J) AND 17A-25
THEREUNDER, (B) BE CENSURED, AND (C) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $900,000. THE CIVIL MONETARY PENALTY WAS PAID IN
ACCORDANCE WITH THE TERMS OF THE ORDER.regulatory · block 34WELLS FARGO ADVISORS FINANCIAL NETWORK, LLCPDF pages 680–682
- Advisory affiliate name — filed text
- WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
- Regulator name — filed text
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 28,000,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON JANUARY 17, 2025, THE SEC ENTERED INTO A SETTLEMENT ORDER WITH THE FIRMS TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED THAT, FROM 2019 THROUGH MAY 2024, THE FIRMS FAILED TO ADOPT AND IMPLEMENT WRITTEN POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT VIOLATIONS OF THE ADVISERS ACT AND THE RULES THEREUNDER RELATING TO ITS CASH SWEEP PROGRAM, SPECIFICALLY, ITS USE OF A BDSP. THE ORDER FOUND THAT THE FIRMS DID NOT ADOPT AND IMPLEMENT REASONABLY DESIGNED POLICIES AND PROCEDURES (I) TO CONSIDER THE BEST INTERESTS OF CLIENTS WHEN EVALUATING AND SELECTING WHICH CASH SWEEP PROGRAM OPTIONS TO MAKE AVAILABLE TO CLIENTS, INCLUDING DURING PERIODS OF RISING INTEREST RATES; AND (II) CONCERNING THE DUTIES OF THE FIRM'S ADVISORS IN MANAGING CLIENT CASH IN ADVISORY ACCOUNTS, IN WILLFUL VIOLATION OF SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER. WFCS, WITHOUT ADMITTING OR DENYING THE FINDINGS, CONSENTED TO A SETTLEMENT THAT INCLUDED A CEASE AND DESIST ORDER, CENSURE, AND CIVIL MONEY PENALTY OF $28,000,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Other filed details
Description of allegations — filed text
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ENTERED INTO A SETTLEMENT ORDER WITH WELLS FARGO CLEARING SERVICES, LLC ("WFCS") AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC ("WFAFN") (COLLECTIVELY, THE "FIRMS") TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED THAT, FROM 2019 THROUGH MAY 2024, THE FIRMS FAILED TO ADOPT AND IMPLEMENT WRITTEN POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT VIOLATIONS OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AND THE RULES THEREUNDER RELATING TO ITS CASH SWEEP PROGRAM, SPECIFICALLY, ITS USE OF A BANK DEPOSIT SWEEP PROGRAM ("BDSP"). THE ORDER FOUND THAT THE FIRMS DID NOT ADOPT AND IMPLEMENT REASONABLY DESIGNED POLICIES AND PROCEDURES (I) TO CONSIDER THE BEST INTERESTS OF CLIENTS WHEN EVALUATING AND SELECTING WHICH CASH SWEEP PROGRAM OPTIONS TO MAKE AVAILABLE TO CLIENTS, INCLUDING DURING PERIODS OF RISING INTEREST RATES; AND (II) CONCERNING THE DUTIES OF THE FIRM'S ADVISORS IN MANAGING CLIENT CASH IN ADVISORY ACCOUNTS, IN WILLFUL VIOLATION OF SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER.
Sanction detail — filed text
WFCS, WITHOUT ADMITTING OR DENYING THE FINDINGS, CONSENTED TO A SETTLEMENT THAT INCLUDED A CEASE AND DESIST ORDER, CENSURE, AND CIVIL MONEY PENALTY OF $28,000,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
11025
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO ADVISORS
FINANCIAL NETWORK, LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST, CENSURE
3.
Date Initiated (MM/DD/YYYY):
01/17/2025
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. 3-22430
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
BANKING PRODUCTS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ENTERED INTO A SETTLEMENT ORDER WITH WELLS FARGO CLEARING SERVICES, LLC ("WFCS")
AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC ("WFAFN") (COLLECTIVELY, THE "FIRMS") TO SETTLE AN ADMINISTRATIVE ACTION WHICH
ALLEGED THAT, FROM 2019 THROUGH MAY 2024, THE FIRMS FAILED TO ADOPT AND IMPLEMENT WRITTEN POLICIES AND PROCEDURES REASONABLY
DESIGNED TO PREVENT VIOLATIONS OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AND THE RULES THEREUNDER RELATING TO ITS
CASH SWEEP PROGRAM, SPECIFICALLY, ITS USE OF A BANK DEPOSIT SWEEP PROGRAM ("BDSP"). THE ORDER FOUND THAT THE FIRMS DID NOT ADOPT
AND IMPLEMENT REASONABLY DESIGNED POLICIES AND PROCEDURES (I) TO CONSIDER THE BEST INTERESTS OF CLIENTS WHEN EVALUATING AND
SELECTING WHICH CASH SWEEP PROGRAM OPTIONS TO MAKE AVAILABLE TO CLIENTS, INCLUDING DURING PERIODS OF RISING INTEREST RATES; AND
(II) CONCERNING THE DUTIES OF THE FIRM'S ADVISORS IN MANAGING CLIENT CASH IN ADVISORY ACCOUNTS, IN WILLFUL VIOLATION OF SECTION
206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
01/17/2025
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 28,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WFCS, WITHOUT ADMITTING OR DENYING THE FINDINGS, CONSENTED TO A SETTLEMENT THAT INCLUDED A CEASE AND DESIST ORDER,
CENSURE, AND CIVIL MONEY PENALTY OF $28,000,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE
ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JANUARY 17, 2025, THE SEC ENTERED INTO A SETTLEMENT ORDER WITH THE FIRMS TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED THAT,
FROM 2019 THROUGH MAY 2024, THE FIRMS FAILED TO ADOPT AND IMPLEMENT WRITTEN POLICIES AND PROCEDURES REASONABLY DESIGNED TO
PREVENT VIOLATIONS OF THE ADVISERS ACT AND THE RULES THEREUNDER RELATING TO ITS CASH SWEEP PROGRAM, SPECIFICALLY, ITS USE OF A
BDSP. THE ORDER FOUND THAT THE FIRMS DID NOT ADOPT AND IMPLEMENT REASONABLY DESIGNED POLICIES AND PROCEDURES (I) TO CONSIDER
THE BEST INTERESTS OF CLIENTS WHEN EVALUATING AND SELECTING WHICH CASH SWEEP PROGRAM OPTIONS TO MAKE AVAILABLE TO CLIENTS,
INCLUDING DURING PERIODS OF RISING INTEREST RATES; AND (II) CONCERNING THE DUTIES OF THE FIRM'S ADVISORS IN MANAGING CLIENT CASH IN
ADVISORY ACCOUNTS, IN WILLFUL VIOLATION OF SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER. WFCS, WITHOUT
ADMITTING OR DENYING THE FINDINGS, CONSENTED TO A SETTLEMENT THAT INCLUDED A CEASE AND DESIST ORDER, CENSURE, AND CIVIL MONEY
PENALTY OF $28,000,000. THE CIVIL MONETARY PENALTY WAS PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.regulatory · block 35PDF pages 682–684
- Regulator name — filed text
- STATE OF CALIFORNIA DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 2,500.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON JULY 14, 2024, THE DEPARTMENT ENTERED INTO AN ORDER WITH WFCS TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED THAT WFCS FAILED TO TIMELY DISCLOSE CERTAIN ADMINISTRATIVE ACTIONS TO THE DEPARTMENT, IN VIOLATION OF CALIFORNIA INSURANCE CODE SECTION 1729.2, AND TO TIMELY RESPOND TO AN INQUIRY FROM THE DEPARTMENT RELATED TO A CHANGE IN WFCS' BACKGROUND INFORMATION, IN VIOLATION OF CALIFORNIA INSURANCE CODE SECTION 1736.5. WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE ORDER, WFCS AGREED TO PAY A $2,500 MONETARY PENALTY AND EXAMINATION COSTS OF $1,478. THE MONETARY PENALTY AND EXAMINATION COSTS WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Other filed details
Description of allegations — filed text
THE STATE OF CALIFORNIA DEPARTMENT OF INSURANCE ("DEPARTMENT") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC ("WFCS") FAILED TO TIMELY DISCLOSE CERTAIN ADMINISTRATIVE ACTIONS TO THE DEPARTMENT, IN VIOLATION OF CALIFORNIA INSURANCE CODE SECTION 1729.2, AND TO TIMELY RESPOND TO AN INQUIRY FROM THE DEPARTMENT RELATED TO A CHANGE IN WFCS' BACKGROUND INFORMATION, IN VIOLATION OF CALIFORNIA INSURANCE CODE SECTION 1736.5.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE ORDER, WFCS AGREED TO PAY A $2,500 MONETARY PENALTY AND EXAMINATION COSTS OF $1,478. THE MONETARY PENALTY AND EXAMINATION COSTS WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF CALIFORNIA DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
EXAMINATION COSTS
3.
Date Initiated (MM/DD/YYYY):
04/28/2025
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. PLBS 11444-C
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE STATE OF CALIFORNIA DEPARTMENT OF INSURANCE ("DEPARTMENT") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC ("WFCS") FAILED TO
TIMELY DISCLOSE CERTAIN ADMINISTRATIVE ACTIONS TO THE DEPARTMENT, IN VIOLATION OF CALIFORNIA INSURANCE CODE SECTION 1729.2, AND
TO TIMELY RESPOND TO AN INQUIRY FROM THE DEPARTMENT RELATED TO A CHANGE IN WFCS' BACKGROUND INFORMATION, IN VIOLATION OF
CALIFORNIA INSURANCE CODE SECTION 1736.5.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
07/14/2025
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 2,500.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
EXAMINATION COSTS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE ORDER, WFCS AGREED TO PAY A $2,500 MONETARY PENALTY AND EXAMINATION COSTS
OF $1,478. THE MONETARY PENALTY AND EXAMINATION COSTS WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JULY 14, 2024, THE DEPARTMENT ENTERED INTO AN ORDER WITH WFCS TO SETTLE AN ADMINISTRATIVE ACTION WHICH ALLEGED THAT WFCS
FAILED TO TIMELY DISCLOSE CERTAIN ADMINISTRATIVE ACTIONS TO THE DEPARTMENT, IN VIOLATION OF CALIFORNIA INSURANCE CODE SECTION
1729.2, AND TO TIMELY RESPOND TO AN INQUIRY FROM THE DEPARTMENT RELATED TO A CHANGE IN WFCS' BACKGROUND INFORMATION, IN
VIOLATION OF CALIFORNIA INSURANCE CODE SECTION 1736.5. WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE ORDER, WFCS AGREED TO
PAY A $2,500 MONETARY PENALTY AND EXAMINATION COSTS OF $1,478. THE MONETARY PENALTY AND EXAMINATION COSTS WILL BE PAID IN
ACCORDANCE WITH THE TERMS OF THE ORDER.regulatory · block 36PDF pages 684–686
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY
- Monetary/Fine Amount — filed text
- $ 150,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
ON MAY 19, 2025, THE FIRM BECAME SUBJECT TO AN AWC ISSUED BY FINRA REGARDING ALLEGATIONS THAT, FROM JANUARY 2014 THROUGH MARCH 2022, THE FIRM FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY DESIGNED TO SAFEGUARD CUSTOMER INFORMATION BY FAILING TO NOTIFY INSURANCE CARRIERS WHEN CERTAIN REGISTERED REPRESENTATIVES DEPARTED THE FIRM RESULTING IN THE FORMER REPRESENTATIVES HAVING ACCESS TO CLIENT INFORMATION THROUGH INSURANCE CARRIER PORTALS, IN VIOLATION OF RULE 30(A) OF REGULATION S-P UNDER THE EXCHANGE ACT, FINRA RULES 3110(A) AND (B) AND 2010, AND NASD RULE 3010. WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $150,000 FINE. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
Other filed details
Description of allegations — filed text
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT, FROM JANUARY 2014 THROUGH MARCH 2022, WELLS FARGO CLEARING SERVICES, LLC ("THE FIRM") FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY DESIGNED TO SAFEGUARD CUSTOMER INFORMATION BY FAILING TO NOTIFY INSURANCE CARRIERS WHEN CERTAIN REGISTERED REPRESENTATIVES DEPARTED THE FIRM RESULTING IN THE FORMER REPRESENTATIVES HAVING ACCESS TO CLIENT INFORMATION THROUGH INSURANCE CARRIER PORTALS, IN VIOLATION OF RULE 30(A) OF REGULATION S-P UNDER THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT"), FINRA RULES 3110(A) AND (B) AND 2010, AND NASD RULE 3010.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $150,000 FINE. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINANCIAL INDUSTRY REGULATORY AUTHORITY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CENSURE
3.
Date Initiated (MM/DD/YYYY):
05/19/2025
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NO. 2021073472601
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT, FROM JANUARY 2014 THROUGH MARCH 2022, WELLS FARGO CLEARING
SERVICES, LLC ("THE FIRM") FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES,
REASONABLY DESIGNED TO SAFEGUARD CUSTOMER INFORMATION BY FAILING TO NOTIFY INSURANCE CARRIERS WHEN CERTAIN REGISTERED
REPRESENTATIVES DEPARTED THE FIRM RESULTING IN THE FORMER REPRESENTATIVES HAVING ACCESS TO CLIENT INFORMATION THROUGH
INSURANCE CARRIER PORTALS, IN VIOLATION OF RULE 30(A) OF REGULATION S-P UNDER THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT"),
FINRA RULES 3110(A) AND (B) AND 2010, AND NASD RULE 3010.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
05/19/2025
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 150,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $150,000 FINE. THE FINE WILL BE
PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MAY 19, 2025, THE FIRM BECAME SUBJECT TO AN AWC ISSUED BY FINRA REGARDING ALLEGATIONS THAT, FROM JANUARY 2014 THROUGH MARCH
2022, THE FIRM FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY
DESIGNED TO SAFEGUARD CUSTOMER INFORMATION BY FAILING TO NOTIFY INSURANCE CARRIERS WHEN CERTAIN REGISTERED REPRESENTATIVES
DEPARTED THE FIRM RESULTING IN THE FORMER REPRESENTATIVES HAVING ACCESS TO CLIENT INFORMATION THROUGH INSURANCE CARRIER
PORTALS, IN VIOLATION OF RULE 30(A) OF REGULATION S-P UNDER THE EXCHANGE ACT, FINRA RULES 3110(A) AND (B) AND 2010, AND NASD RULE
3010. WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $150,000 FINE. THE FINE WILL BE
PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.regulatory · block 37PDF pages 686–688
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY
- Monetary/Fine Amount — filed text
- $ 275,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
ON AUGUST 11, 2025, THE FIRM BECAME SUBJECT TO AN AWC ISSUED BY FINRA REGARDING ALLEGATIONS THAT, AT LEAST FROM JUNE 2019 THROUGH NOVEMBER 2024, WELLS FARGO CLEARING SERVICES, LLC ("THE FIRM") FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES ("WSPS"), REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH SECTION 15B(A)(1)(B) OF THE SECURITIES EXCHANGE ACT OF 1934, WHICH PROHIBITS UNREGISTERED MUNICIPAL ADVISORY ACTIVITY, IN VIOLATION OF MUNICIPAL SECURITIES RULEMAKING BOARD RULE G-27 AND FINRA RULES 3110(A) AND (B) AND 2010.
Other filed details
Description of allegations — filed text
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT, AT LEAST FROM JUNE 2019 THROUGH NOVEMBER 2024, WELLS FARGO CLEARING SERVICES, LLC ("THE FIRM") FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES ("WSPS"), REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH SECTION 15B(A)(1)(B) OF THE SECURITIES EXCHANGE ACT OF 1934, WHICH PROHIBITS UNREGISTERED MUNICIPAL ADVISORY ACTIVITY, IN VIOLATION OF MUNICIPAL SECURITIES RULEMAKING BOARD RULE G-27 AND FINRA RULES 3110(A) AND (B) AND 2010.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $275,000 FINE. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINANCIAL INDUSTRY REGULATORY AUTHORITY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CENSURE
3.
Date Initiated (MM/DD/YYYY):
08/11/2025
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NO. 2023078410201
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Municipal
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT, AT LEAST FROM JUNE 2019 THROUGH NOVEMBER 2024, WELLS FARGO
CLEARING SERVICES, LLC ("THE FIRM") FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY
PROCEDURES ("WSPS"), REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH SECTION 15B(A)(1)(B) OF THE SECURITIES EXCHANGE ACT OF 1934,
WHICH PROHIBITS UNREGISTERED MUNICIPAL ADVISORY ACTIVITY, IN VIOLATION OF MUNICIPAL SECURITIES RULEMAKING BOARD RULE G-27 AND
FINRA RULES 3110(A) AND (B) AND 2010.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
08/11/2025
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 275,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM AGREED TO BE CENSURED AND PAY A $275,000 FINE. THE FINE WILL BE
PAID IN ACCORDANCE WITH THE TERMS OF THE AWC
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON AUGUST 11, 2025, THE FIRM BECAME SUBJECT TO AN AWC ISSUED BY FINRA REGARDING ALLEGATIONS THAT, AT LEAST FROM JUNE 2019 THROUGH
NOVEMBER 2024, WELLS FARGO CLEARING SERVICES, LLC ("THE FIRM") FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING
WRITTEN SUPERVISORY PROCEDURES ("WSPS"), REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH SECTION 15B(A)(1)(B) OF THE SECURITIES
EXCHANGE ACT OF 1934, WHICH PROHIBITS UNREGISTERED MUNICIPAL ADVISORY ACTIVITY, IN VIOLATION OF MUNICIPAL SECURITIES RULEMAKING
BOARD RULE G-27 AND FINRA RULES 3110(A) AND (B) AND 2010.regulatory · block 38PDF pages 688–690
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY
- Monetary/Fine Amount — filed text
- $ 1,250,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
ON JANUARY 8, 2026, WFCS BECAME SUBJECT TO AN AWC ISSUED BY FINRA REGARDING ALLEGATIONS THAT WFCS, FROM NOVEMBER 2016 THROUGH NOVEMBER 2023: FAILED TO TIMELY CANCEL OR CLOSE OUT 209 FAILED INTER-DEALER MUNICIPAL SECURITIES TRANSACTIONS TOTALING APPROXIMATELY $6.5 MILLION AND FAILED TO TIMELY DELIVER 106 MUNICIPAL SECURITIES TOTALING APPROXIMATELY $3.8 MILLION, IN VIOLATION OF MUNICIPAL SECURITIES RULEMAKING BOARD ("MSRB") RULE G-12(H); FAILED TO PROMPTLY OBTAIN PHYSICAL POSSESSION OR CONTROL OF 178 SHORT POSITIONS TOTALING APPROXIMATELY $4.1 MILLION RESULTING FROM FAILURES TO RECEIVE MUNICIPAL SECURITIES, IN VIOLATION OF SECTION 15(C)(3) OF THE EXCHANGE ACT, EXCHANGE ACT RULE 15C3-3(D)(2), AND FINRA RULE 2010; AND FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH MSRB RULE G- 12(H) AND EXCHANGE ACT RULE 15C3-3(D)(2), IN VIOLATION OF MSRB RULE G-27. WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, WFCS AGREED TO BE CENSURED AND PAY A $1,250,000 FINE. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
Other filed details
Description of allegations — filed text
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC ("WFCS"), FROM NOVEMBER 2016 THROUGH NOVEMBER 2023: FAILED TO TIMELY CANCEL OR CLOSE OUT 209 FAILED INTER-DEALER MUNICIPAL SECURITIES TRANSACTIONS TOTALING APPROXIMATELY $6.5 MILLION AND FAILED TO TIMELY DELIVER 106 MUNICIPAL SECURITIES TOTALING APPROXIMATELY $3.8 MILLION, IN VIOLATION OF MUNICIPAL SECURITIES RULEMAKING BOARD ("MSRB") RULE G-12(H); FAILED TO PROMPTLY OBTAIN PHYSICAL POSSESSION OR CONTROL OF 178 SHORT POSITIONS TOTALING APPROXIMATELY $4.1 MILLION RESULTING FROM FAILURES TO RECEIVE MUNICIPAL SECURITIES, IN VIOLATION OF SECTION 15(C)(3) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT"), EXCHANGE ACT RULE 15C3-3(D)(2), AND FINRA RULE 2010; AND FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH MSRB RULE G-12(H) AND EXCHANGE ACT RULE 15C3-3(D)(2), IN VIOLATION OF MSRB RULE G-27.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, WFCS AGREED TO BE CENSURED AND PAY A $1,250,000 FINE. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINANCIAL INDUSTRY REGULATORY AUTHORITY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CENSURE
3.
Date Initiated (MM/DD/YYYY):
01/08/2026
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NO. 2022073287901
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Municipal
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC ("WFCS"), FROM NOVEMBER
2016 THROUGH NOVEMBER 2023: FAILED TO TIMELY CANCEL OR CLOSE OUT 209 FAILED INTER-DEALER MUNICIPAL SECURITIES TRANSACTIONS
TOTALING APPROXIMATELY $6.5 MILLION AND FAILED TO TIMELY DELIVER 106 MUNICIPAL SECURITIES TOTALING APPROXIMATELY $3.8 MILLION, IN
VIOLATION OF MUNICIPAL SECURITIES RULEMAKING BOARD ("MSRB") RULE G-12(H); FAILED TO PROMPTLY OBTAIN PHYSICAL POSSESSION OR
CONTROL OF 178 SHORT POSITIONS TOTALING APPROXIMATELY $4.1 MILLION RESULTING FROM FAILURES TO RECEIVE MUNICIPAL SECURITIES, IN
VIOLATION OF SECTION 15(C)(3) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT"), EXCHANGE ACT RULE 15C3-3(D)(2), AND FINRA
RULE 2010; AND FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY
DESIGNED TO ACHIEVE COMPLIANCE WITH MSRB RULE G-12(H) AND EXCHANGE ACT RULE 15C3-3(D)(2), IN VIOLATION OF MSRB RULE G-27.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
01/08/2026
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 1,250,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, WFCS AGREED TO BE CENSURED AND PAY A $1,250,000 FINE. THE FINE WILL BE
PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JANUARY 8, 2026, WFCS BECAME SUBJECT TO AN AWC ISSUED BY FINRA REGARDING ALLEGATIONS THAT WFCS, FROM NOVEMBER 2016 THROUGH
NOVEMBER 2023: FAILED TO TIMELY CANCEL OR CLOSE OUT 209 FAILED INTER-DEALER MUNICIPAL SECURITIES TRANSACTIONS TOTALING
APPROXIMATELY $6.5 MILLION AND FAILED TO TIMELY DELIVER 106 MUNICIPAL SECURITIES TOTALING APPROXIMATELY $3.8 MILLION, IN VIOLATION
OF MUNICIPAL SECURITIES RULEMAKING BOARD ("MSRB") RULE G-12(H); FAILED TO PROMPTLY OBTAIN PHYSICAL POSSESSION OR CONTROL OF 178
SHORT POSITIONS TOTALING APPROXIMATELY $4.1 MILLION RESULTING FROM FAILURES TO RECEIVE MUNICIPAL SECURITIES, IN VIOLATION OF
SECTION 15(C)(3) OF THE EXCHANGE ACT, EXCHANGE ACT RULE 15C3-3(D)(2), AND FINRA RULE 2010; AND FAILED TO ESTABLISH AND MAINTAIN A
SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH MSRB RULE G-
12(H) AND EXCHANGE ACT RULE 15C3-3(D)(2), IN VIOLATION OF MSRB RULE G-27. WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC,
WFCS AGREED TO BE CENSURED AND PAY A $1,250,000 FINE. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.regulatory · block 39WELLS FARGO BANK, NATIONAL ASSOCIATIONPDF pages 690–692
- Advisory affiliate name — filed text
- WELLS FARGO BANK, NATIONAL ASSOCIATION
- Regulator name — filed text
- BLOOMBERG SEF LLC
- Monetary/Fine Amount — filed text
- $ 1,250.00
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
BLOOMBERG SEF ISSUED A SUMMARY FINE IN THE AMOUNT OF $1,250 TO THE FIRM. THE PAYMENT WAS MADE IN ACCORDANCE WITH THE TERMS OF THE NOTICE OF FINE.
Other filed details
Description of allegations — filed text
BLOOMBERG SEF LLC ("BLOOMBERG SEF") ALLEGED THAT WELLS FARGO BANK, NATIONAL ASSOCIATION ("THE FIRM") FAILED TO TIMELY NOTIFY BLOOMBERG SEF AFTER AN ERRONEOUS TRADE WAS DISCOVERED, IN VIOLATION OF BLOOMBERG SEF RULE 516.
Sanction detail — filed text
BLOOMBERG SEF ISSUED A SUMMARY FINE IN THE AMOUNT OF $1,250 TO THE FIRM. THE PAYMENT WAS MADE IN ACCORDANCE WITH THE TERMS OF THE NOTICE OF FINE.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK,
NATIONAL ASSOCIATION
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
BLOOMBERG SEF LLC
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
01/16/2025
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Derivative(s)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
BLOOMBERG SEF LLC ("BLOOMBERG SEF") ALLEGED THAT WELLS FARGO BANK, NATIONAL ASSOCIATION ("THE FIRM") FAILED TO TIMELY NOTIFY
BLOOMBERG SEF AFTER AN ERRONEOUS TRADE WAS DISCOVERED, IN VIOLATION OF BLOOMBERG SEF RULE 516.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Other
11. Resolution Date (MM/DD/YYYY):
01/16/2025
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 1,250.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
BLOOMBERG SEF ISSUED A SUMMARY FINE IN THE AMOUNT OF $1,250 TO THE FIRM. THE PAYMENT WAS MADE IN ACCORDANCE WITH THE TERMS
OF THE NOTICE OF FINE.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
BLOOMBERG SEF ISSUED A SUMMARY FINE IN THE AMOUNT OF $1,250 TO THE FIRM. THE PAYMENT WAS MADE IN ACCORDANCE WITH THE TERMS OF
THE NOTICE OF FINE.regulatory · block 40PDF pages 692–695
- Regulator name — filed text
- FINANCIAL INDUSTRY REGULATORY AUTHORITY
- Monetary/Fine Amount — filed text
- $ 125,000.00
- How was matter resolved — filed text
- Acceptance, Waiver & Consent(AWC)
Action status / disposition — filed text
ON APRIL 13, 2026, WFCS BECAME SUBJECT TO AN AWC ISSUED BY FINRA REGARDING ALLEGATIONS THAT WFCS, FROM JANUARY 2018 THROUGH JULY 2022, FAILED TO REPORT FRACTIONAL SHARE TRADES TO THE FINRA/NASDAQ TRADE REPORTING FACILITY ("FNTRF") OR THE OVER-THE COUNTER REPORTING FACILITY ("ORF"), IN VIOLATION OF FINRA RULES 6380A(B), 6622(B) AND 2010; FROM JANUARY 2018 THROUGH OCTOBER 2023, FAILED TO REPORT CERTAIN ERROR CORRECTION TRADES TO THE FNTRF OR ORF, IN VIOLATION OF FINRA RULES 6380A(B), 6622(B) AND 2010; FROM JANUARY 2019 TO APRIL 2022, FAILED TO IDENTIFY THE CONTRA SIDE EXECUTING BROKER-DEALER IN CERTAIN FRACTIONAL SHARE TRADE REPORTS SUBMITTED TO THE FNTRF OR ORF, IN VIOLATION OF FINRA RULES 7230A(D), 7330(D) AND 2010; AND FROM JANUARY 2018 TO OCTOBER 2023, FAILED TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH ITS TRADE REPORTING OBLIGATIONS, IN VIOLATION OF FINRA RULES 3110(A) AND (B) AND 2010.. WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, WFCS AGREED TO BE CENSURED, PAY A $125,000 FINE AND COMPLETE CERTAIN UNDERTAKINGS. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC. DRP Pages
Other filed details
Description of allegations — filed text
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC ("WFCS"), FROM JANUARY 2018 THROUGH JULY 2022, FAILED TO REPORT CERTAIN FRACTIONAL SHARE TRADES TO THE FINRA/NASDAQ TRADE REPORTING FACILITY ("FNTRF") OR THE OVER-THE COUNTER REPORTING FACILITY ("ORF"), IN VIOLATION OF FINRA RULES 6380A(B), 6622(B) AND 2010; FROM JANUARY 2018 THROUGH OCTOBER 2023, FAILED TO REPORT CERTAIN ERROR CORRECTION TRADES TO THE FNTRF OR ORF, IN VIOLATION OF FINRA RULES 6380A(B), 6622(B) AND 2010; FROM JANUARY 2019 TO APRIL 2022, FAILED TO IDENTIFY THE CONTRA SIDE EXECUTING BROKER-DEALER IN CERTAIN FRACTIONAL SHARE TRADE REPORTS SUBMITTED TO THE FNTRF OR ORF, IN VIOLATION OF FINRA RULES 7230A(D), 7330(D) AND 2010; AND FROM JANUARY 2018 TO OCTOBER 2023, FAILED TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH ITS TRADE REPORTING OBLIGATIONS, IN VIOLATION OF FINRA RULES 3110(A) AND (B) AND 2010.
Sanction detail — filed text
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, WFCS AGREED TO BE CENSURED, PAY A $125,000 FINE AND COMPLETE CERTAIN UNDERTAKINGS. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINANCIAL INDUSTRY REGULATORY AUTHORITY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CENSURE, UNDERTAKING
3.
Date Initiated (MM/DD/YYYY):
04/13/2026
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NO. 2019062519601
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types:
UNSPECIFIED SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") ALLEGED THAT WELLS FARGO CLEARING SERVICES, LLC ("WFCS"), FROM JANUARY 2018
THROUGH JULY 2022, FAILED TO REPORT CERTAIN FRACTIONAL SHARE TRADES TO THE FINRA/NASDAQ TRADE REPORTING FACILITY ("FNTRF") OR THE
OVER-THE COUNTER REPORTING FACILITY ("ORF"), IN VIOLATION OF FINRA RULES 6380A(B), 6622(B) AND 2010; FROM JANUARY 2018 THROUGH
OCTOBER 2023, FAILED TO REPORT CERTAIN ERROR CORRECTION TRADES TO THE FNTRF OR ORF, IN VIOLATION OF FINRA RULES 6380A(B), 6622(B)
AND 2010; FROM JANUARY 2019 TO APRIL 2022, FAILED TO IDENTIFY THE CONTRA SIDE EXECUTING BROKER-DEALER IN CERTAIN FRACTIONAL SHARE
TRADE REPORTS SUBMITTED TO THE FNTRF OR ORF, IN VIOLATION OF FINRA RULES 7230A(D), 7330(D) AND 2010; AND FROM JANUARY 2018 TO
OCTOBER 2023, FAILED TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES,
REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH ITS TRADE REPORTING OBLIGATIONS, IN VIOLATION OF FINRA RULES 3110(A) AND (B) AND
2010.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
04/13/2026
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 125,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of
penalty was waived:
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, WFCS AGREED TO BE CENSURED, PAY A $125,000 FINE AND COMPLETE CERTAIN
UNDERTAKINGS. THE FINE WILL BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON APRIL 13, 2026, WFCS BECAME SUBJECT TO AN AWC ISSUED BY FINRA REGARDING ALLEGATIONS THAT WFCS, FROM JANUARY 2018 THROUGH JULY
2022, FAILED TO REPORT FRACTIONAL SHARE TRADES TO THE FINRA/NASDAQ TRADE REPORTING FACILITY ("FNTRF") OR THE OVER-THE COUNTER
REPORTING FACILITY ("ORF"), IN VIOLATION OF FINRA RULES 6380A(B), 6622(B) AND 2010; FROM JANUARY 2018 THROUGH OCTOBER 2023, FAILED TO
REPORT CERTAIN ERROR CORRECTION TRADES TO THE FNTRF OR ORF, IN VIOLATION OF FINRA RULES 6380A(B), 6622(B) AND 2010; FROM JANUARY
2019 TO APRIL 2022, FAILED TO IDENTIFY THE CONTRA SIDE EXECUTING BROKER-DEALER IN CERTAIN FRACTIONAL SHARE TRADE REPORTS SUBMITTED
TO THE FNTRF OR ORF, IN VIOLATION OF FINRA RULES 7230A(D), 7330(D) AND 2010; AND FROM JANUARY 2018 TO OCTOBER 2023, FAILED TO
ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEM, INCLUDING WRITTEN SUPERVISORY PROCEDURES, REASONABLY DESIGNED TO ACHIEVE
COMPLIANCE WITH ITS TRADE REPORTING OBLIGATIONS, IN VIOLATION OF FINRA RULES 3110(A) AND (B) AND 2010.. WITHOUT ADMITTING OR
DENYING THE FINDINGS IN THE AWC, WFCS AGREED TO BE CENSURED, PAY A $125,000 FINE AND COMPLETE CERTAIN UNDERTAKINGS. THE FINE WILL
BE PAID IN ACCORDANCE WITH THE TERMS OF THE AWC.
DRP Pagescivil judicial · block 1PDF pages 695–696
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) STATE OF CALIFORNIA , DEPARTMENT OF CORPORATIONS 2. Principal Relief Sought: Other Other Relief Sought: CIV - CIVIL COMPLAINT FILED 3. Filing Date of Court Action (MM/DD/YYYY): 09/30/2003 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: No Product Other Product Types: MISAPPROPRIATION OF FUNDS 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): ORANGE COUNTY SUPERIOR COURT; SANTA ANA; CALIFORNIA CASE NO. 03CC00433 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE CALIFORNIA CORPORATIONS COMMISSIONER ALLEGES A FORMER BRANCH MANAGER FAILED TO SUPERVISE A FORMER REGISTERED REPRESENTATIVE WHO MISAPPROPRIATED MONEY FROM HIS CLIENTS, ALL OF WHOM HAVE BEEN REIMBURSED BY THE FIRM. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): 11/12/2004 Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Dismissed 12. Resolution Date (MM/DD/YYYY): 01/10/2005 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, A CONSENT ORDER WAS AGREED TO BY THE FIRM.
civil judicial · block 2PDF pages 696–698
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 126292 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WACHOVIA CAPITAL MARKETS, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 2. Principal Relief Sought: Other Relief Sought: 3. Filing Date of Court Action (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Product Types: 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: 12. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). DRP FILED IN ERROR UNDER CONTROL AFFILIATE 126292. THE DRP SHOULD BE DELETED.
civil judicial · block 3PDF pages 698–700
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WACHOVIA BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) COUNTY OF ESSEX, NEW JERSEY 2. Principal Relief Sought: Disgorgement Other Relief Sought: 3. Filing Date of Court Action (MM/DD/YYYY): 10/04/1996 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Debt - Municipal Other Product Types: 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): SUPERIOR COURT OF NEW JERSEY, LAW DIVISION: ESSEX COUNTY 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): FIRST FIDELITY BANK, PREDECESSOR TO WACHOVIA BANK 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE COUNTY SOUGHT TO RECOVER DAMAGES ARISING FROM CONDUCT OF A FORMER FIRST FIDELITY BANK EMPLOYEE WHO ENTERED INTO A KICKBACK SCHEME WITH THE TREASURER OF ESSEX COUNTY IN 1987 TO STEER BUSINESS TO FIRST FIDELITY, WHICH SERVED AS UNDERWRITER FOR THREE BOND ISSUES DONE BY THE COUNTY IN 1987 AND 1989. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Settled 12. Resolution Date (MM/DD/YYYY): 08/17/2006 Exact Explanation If not exact, provide explanation: THE MATTER WAS DISMISSED ON AUGUST 17, 2006 AFTER BEING SETTLED BY THE PARTIES. 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SEE ITEM 14. 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). THE MATTER WAS SETTLED BY PAYMENT TO THE COUNTY BY WACHOVIA OF $2.8 MILLION. IN 1996, FIRST FIDELITY ENTERED INTO A SETTLEMENT WITH THE SEC PROVIDING FOR DISGORGEMENT OF ILL-GOTTEN GAINS RELATING TO A KICKBACK SCHEME ENTERED INTO BY ONE OF ITS FORMER EMPLOYEES TO OBTAIN PUBLIC FINANCE BUSINESS. THIS CASE WAS FILED BY ESSEX COUNTY IN OCTOBER OF 1996. IN SEPTEMBER OF 2002, THE CASE WAS TRIED TO A JURY, WHICH RETURNED A VERDICT FOR THE COUNTY OF $600,000 ON AN UNJUST ENRICHMENT CLAIM. PRE-JUDGEMENT INTEREST WAS ASSESSED FROM 1989 FOR A TOTAL OF $1,130,663.04. PLAINTIFF APPEALED AND THE BANK CROSS-APPEALED. THE APPELLATE COURT RULED ON DECEMBER 22, 2004, ORDERING THAT THE BANK PAY DISGORGEMENT OF FEES FOR ALL THREE TRANSACTIONS ($1,568,551), BUT ASSESSING INTEREST ONLY BACK TO THE FILING DATE. ON APPEAL, THE NEW JERSEY SUPREME COURT HELD ON 1/27/06 THAT THE COUNTY WAS ENTITLED TO DISGORGEMENT ON ALL THREE DEALS BUT ONLY THE PORTION THAT WASN'T PAID TO OTHER UNDERWRITERS. INTEREST WAS ASSESSED BACK TO THE DATE OF THE DEALS. ON 2/3/06 THE COUNTY FILED A MOTION FOR RECONSIDERATION, WHICH WAS DENIED ON 3/16/06. PRIOR TO THE CASE BEING RE-TRIED AS INSTRUCTED BY THE SUPREME COURT, THE PARTIES SETTLED AS DESCRIBED ABOVE.
civil judicial · block 4PDF pages 700–702
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 680 This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 2. Principal Relief Sought: Other Relief Sought: 3. Filing Date of Court Action (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Product Types: 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: 12. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided).
civil judicial · block 5PDF pages 702–704
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) UNITED STATES SECURITIES AND EXCHANGE COMMISSION 2. Principal Relief Sought: Injunction Other Relief Sought: PERMANENT INJUNCTION, FINANCIAL PENALTIES 3. Filing Date of Court Action (MM/DD/YYYY): 02/05/2009 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Other Product Types: AUCTION RATE SECURITIES (ARS) 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS, SECURITIES AND EXCHANGE COMMISSION V. WACHOVIA SECURITIES, LLC, CIVIL CASE NO. 09 CV 743 (N.D. ILL.) 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): SEC LITIGATION RELEASE 20885, FEBRUARY 5, 2009: SECTION 15(C) OF THE SECURITIES EXCHANGE ACT OF 1934 - THE SECURITIES AND EXCHANGE COMMISSION ANNOUNCED A SETTLEMENT WITH WACHOVIA SECURITIES, LLC THAT WILL PROVIDE MORE THAN $7 BILLION IN LIQUIDITY TO THOUSANDS OF CUSTOMERS WHO INVESTED IN AUCTION RATE SECURITIES (ARS) BEFORE THE MARKET FOR THOSE SECURITIES COLLAPSED. THE SETTLEMENT RESOLVES THE SEC'S CHARGES THAT WACHOVIA MISLED INVESTORS REGARDING THE LIQUIDITY RISKS ASSOCIATED WITH ARS THAT IT UNDERWROTE, MARKETED AND SOLD. THE SEC'S COMPLAINT ALLEGES THAT WACHOVIA AND ANOTHER FIRM, WHOSE BROKER-DEALER OPERATIONS WERE CONSOLIDATED INTO WACHOVIA MISREPRESENTED TO CUSTOMERS THAT ARS WERE SAFE, HIGHLY LIQUID INVESTMENTS THAT WERE COMPARABLE TO CASH OR MONEY MARKET INSTRUMENTS. ACCORDING TO THE SEC'S COMPLAINT, WACHOVIA REINFORCED THE PERCEPTION OF LIQUIDITY BY ROUTINELY PURCHASING ARS FROM THE OTHER FIRM'S CUSTOMERS BETWEEN AUCTIONS, WITHOUT TELLING CUSTOMERS THAT WACHOVIA'S WILLINGNESS TO DO SO DEPENDED UPON THE CONTINUED SUCCESS OF THE AUCTIONS. THE SEC'S COMPLAINT ALLEGES THAT WACHOVIA BECAME AWARE OF MOUNTING EVIDENCE THAT PUT THE FIRM ON NOTICE THAT THE RISK OF AUCTION FAILURES HAD MATERIALLY INCREASED. WACHOVIA, NEVERTHELESS, CONTINUED TO MARKET ARS TO ITS CUSTOMERS AS HIGHLY LIQUID INVESTMENTS. WACHOVIA FOLLOWED THE LEAD OF OTHER BROKER-DEALERS AND DECIDED TO STOP SUPPORTING AUCTIONS. WITHOUT BROKER-DEALER SUPPORT, ARS AUCTIONS FAILED AND THOUSANDS OF WACHOVIA'S CUSTOMERS WERE LEFT HOLDING BILLIONS OF DOLLARS IN ILLIQUID ARS, WITHOUT ANY PRACTICAL MEANS OF REDEEMING, SELLING OR DERIVING VALUE FROM THEM. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Judgment Rendered 12. Resolution Date (MM/DD/YYYY): 02/17/2009 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: UNDERTAKINGS: THE SETTLEMENT, WHICH IS SUBJECT TO COURT APPROVAL, PROVIDES, AMONG OTHER THINGS, THAT: WACHOVIA WILL OFFER TO BUY BACK ARS FROM ALL INVESTORS WHO PURCHASED ARS FROM WACHOVIA INTO ACCOUNTS MAINTAINED AT WACHOVIA ON OR BEFORE FEB. 13, 2008. WACHOVIA'S BUYBACK HAS TWO PHASES. IN THE FIRST PHASE, WHICH ENDED ON NOV. 28, 2008, WACHOVIA OFFERED TO PURCHASE ARS HELD BY NATURAL PERSONS, NOT-FOR-PROFIT AND RELIGIOUS ORGANIZATIONS AND FOR OTHER ACCOUNTS WITH ACCOUNT VALUES OR HOUSEHOLD VALUES UP TO $10 MILLION. AS OF NOV. 28, IT PURCHASED OVER $6.2 BILLION OF ELIGIBLE ARS FROM CUSTOMERS. SECOND, BEGINNING NO LATER THAT JUNE 10 AND ENDING NO LATER THAN JUNE 30, 2009, WACHOVIA WILL OFFER TO PURCHASE ARS HELD BY ALL OTHER INVESTORS. WACHOVIA WILL PAY CUSTOMERS WHO SOLD THEIR ARS BELOW PAR BETWEEN FEB. 13, 2008, AND NOV. 10, 2008, THE DIFFERENCE BETWEEN PAR AND THE SALE PRICE OF THE ARS, PLUS REASONABLE INTEREST. WACHOVIA WILL COMPENSATE CUSTOMERS WHO TOOK OUT LOANS FROM WACHOVIA AFTER FEB. 13, 2008, BECAUSE OF LIQUIDITY CONCERNS BY REIMBURSING CUSTOMERS FOR NO LESS THAN THE NEGATIVE CARRY ASSOCIATED WITH ANY SUCH LOANS. WACHOVIA WILL OFFER TO LEND ITS CUSTOMERS THE FULL PAR VALUE OF THEIR ARS, PENDING THE CONTEMPLATED BUYBACK, WITH INTEREST RATES SET SO THAT CUSTOMERS WILL HAVE NO NEGATIVE CARRY ON THEIR LOANS. FURTHER, IF ELIGIBLE CUSTOMERS INCURRED CONSEQUENTIAL DAMAGES BECAUSE OF THE ILLIQUIDITY OF THEIR ARS, THEY MAY PARTICIPATE IN SPECIAL FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) ARBITRATIONS. C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SEC JUDGMENT CIVIL CASE 09-CV-743, FEBRUARY 17, 2009: THE SECURITIES AND EXCHANGE COMMISSION HAVING FILED A COMPLAINT AND DEFENDANT WACHOVIA SECURITIES, LLC HAVING ENTERED A GENERAL APPEARANCE; CONSENTED TO THE COURT'S JURISDICTION OVER DEFENDANT AND THE SUBJECT MATTER OF THIS ACTION; CONSENTED TO ENTRY OF THIS JUDGMENT WITHOUT ADMITTING OR DENYING THE ALLEGATIONS OF THE COMPLAINT (EXCEPT AS TO JURISDICTION); WAIVED FINDINGS OF FACT AND CONCLUSIONS OF LAW; AND WAIVED ANY RIGHT TO APPEAL FROM THIS JUDGMENT: IT IS HEREBY ORDERED, ADJUDGED, AND DECREED THAT DEFENDANT AND DEFENDANT'S AGENTS, SERVANTS, EMPLOYEES, ATTORNEYS, AND ALL PERSONS IN ACTIVE CONCERT OR PARTICIPATION WITH THEM WHO RECEIVE ACTUAL NOTICE OF THIS JUDGMENT BY PERSONAL SERVICE OR OTHERWISE ARE PERMANENTLY RESTRAINED AND ENJOINED FROM VIOLATING, DIRECTLY OR INDIRECTLY, SECTION 15(C)(1) OF THE SECURITIES EXCHANGE ACT OF 1934; THE COURT SHALL DETERMINE WHETHER IT IS APPROPRIATE TO ORDER A CIVIL PENALTY AND, IF SO, THE AMOUNT OF THE CIVIL PENALTY; THE CONSENT IS INCORPORATED HEREIN WITH THE SAME FORCE AND EFFECT AS IF FULLY SET FORTH HEREIN, AND THAT DEFENDANT SHALL COMPLY WITH ALL OF THE UNDERTAKINGS AND AGREEMENTS SET FORTH THEREIN; THIS COURT SHALL RETAIN JURISDICTION OF THIS MATTER FOR THE PURPOSES OF ENFORCING THE TERMS OF THIS JUDGMENT.WITHOUT ADMITTING OR DENYING THE SEC'S ALLEGATIONS, WACHOVIA AGREED TO BE PERMANENTLY ENJOINED FROM VIOLATIONS OF SECTION 15(C) OF THE SECURITIES EXCHANGE ACT OF 1934, THE BROKER-DEALER FRAUD PROVISION, AND TO COMPLY WITH A NUMBER OF UNDERTAKINGS. AFTER WACHOVIA HAS COMPLETED ITS OBLIGATIONS UNDER THE SETTLEMENT AGREEMENT, THE SEC WILL DECIDE WHETHER TO SEEK A FINANCIAL PENALTY. 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). SEC LITIGATION RELEASE 21585, JUNE 30, 2010: THE SECURITIES AND EXCHANGE COMMISSION ANNOUNCED THAT WACHOVIA SECURITIES LLC THAT SETTLED THE COMMISSION'S AUCTION RATE SECURITIES (ARS) CHARGES AGAINST IT HAS SATISFIED ITS OBLIGATIONS UNDER THE SETTLEMENT. WACHOVIA WAS REQUIRED TO OFFER TO PURCHASE ARS AT PAR FROM INDIVIDUAL, CHARITABLE, AND SMALL BUSINESS CUSTOMERS. WACHOVIA ALSO AGREED TO OFFER TO PURCHASE ARS FROM ALL OF ITS INSTITUTIONAL CUSTOMERS AS WELL. NEARLY 100% OF THESE CUSTOMERS HAVE ACCEPTED THE OFFER. WACHOVIA PURCHASED ARS FROM ITS ELIGIBLE CUSTOMERS IN THE AMOUNT OF $7.45 BILLION. WACHOVIA ALSO MET ITS OTHER SETTLEMENT OBLIGATIONS, INCLUDING COMPENSATING INVESTORS WHO SOLD ARS BELOW PAR, REIMBURSING INVESTORS FOR EXCESS INTEREST COSTS ASSOCIATED WITH LOANS TAKEN OUT DUE TO ARS ILLIQUIDITY, AND PARTICIPATING IN SPECIAL ARBITRATION PROCEEDINGS BEFORE THE FINANCIAL INDUSTRY REGULATORY AUTHORITY. THE FIRM ALSO SUBMITTED PERIODIC REPORTS TO, AND MET QUARTERLY WITH, SEC STAFF REGARDING ITS PROGRESS ON MEETING THE SETTLEMENT OBLIGATIONS. TO ENSURE COMPLIANCE WITH THE TERMS, THE SETTLEMENT PROVIDED FOR A POTENTIAL DEFERRED PENALTY IF THE FIRM DID NOT MEET ITS SETTLEMENT OBLIGATIONS. THE SEC HAS DETERMINED THAT BASED ON THE FIRM'S COMPLIANCE WITH THE SETTLEMENT, AS WELL AS OTHER FACTORS, NO PENALTIES WILL BE PURSUED.
civil judicial · block 6PDF pages 704–706
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Item 11.H. of Part
1A or Item 2.F. of Part 1B of Form ADV.
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a)
11.H(1)(b)
11.H(1)(c)
11.H(2)
Check Part 1B item(s) being responded to:
2.F(1)
2.F(2)
2.F(3)
2.F(4)
2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the
same event. Unrelated civil judicial actions must be reported on separate DRPs.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, N.A.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.
(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.)
U. S. SECURITIES EXCHANGE COMMISSION ("SEC")
2.
Principal Relief Sought:
Civil Penalty(ies)/Fine(s)
Other Relief Sought:
DISGORGEMENT INJUNCTION
3.
Filing Date of Court Action (MM/DD/YYYY):
12/08/2011
Exact
Explanation
If not exact, provide explanation:
4.
Principal Product Type:
Investment Contract(s)
Other Product Types:
REPURCHASE AND FORWARD PURCHASE AGREEMENTS
5.
Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case
Number):
UNITED STATES DISTRICT COURT FOR DISTRICT OF NEW JERSEY C.A. NO. 11-7135
6.
Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable):
7.
Describe the allegations related to this civil action (your response must fit within the space provided):
THE SEC ALLEGED FRAUDULENT BIDDING PRACTICES, FROM AT LEAST 1997 THROUGH AT LEAST 2005, BY WACHOVIA BANK, N.A. ("WACHOVIA BANK"),
PREDECESSOR TO WELLS FARGO BANK, N.A., INVOLVING THE TEMPORARY INVESTMENT OF PROCEEDS FROM THE SALE OF TAX-EXEMPT MUNICIPAL
SECURITIES IN CERTAIN INVESTMENT INSTRUMENTS BY STATE AND LOCAL GOVERNMENTAL ENTITIES, AFFECTING THE PRICES OF THE INVESTMENT
INSTRUMENTS, DEPRIVING MUNICIPALITIES OF A CONCLUSIVE PRESUMPTION THAT THEIR INVESTMENT INSTRUMENTS WERE PURCHASED AT FAIR
MARKET VALUE AND/OR JEOPARDIZING THE TAX-EXEMPT STATUS OF THE UNDERLYING MUNICIPAL SECURITIES.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY):
10. If pending, date notice/process was served (MM/DD/YYYY):
Exact
Explanation
If not exact, provide explanation:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.
11. How was matter resolved:
Consent
12. Resolution Date (MM/DD/YYYY):
12/08/2011
Exact
Explanation
If not exact, provide explanation:
13. Resolution Detail:
A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $ 25,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions:
C.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
THE COURT PERMANENTLY RESTRAINED AND ENJOINED WELLS FARGO BANK, N.A. FROM FUTURE VIOLATIONS OF SECTION 17(A) OF THE
SECURITIES ACT OF 1933. THE COURT ALSO FOUND WELLS FARGO BANK, N.A. LIABLE FOR DISGORGEMENT OF $13,802,984.00, PREJUDGMENT
INTEREST THEREON IN THE AMOUNT OF $7,275,607.00, AND A CIVIL PENALTY IN THE AMOUNT OF $25,000,000.00. WELLS FARGO BANK, N.A.
WAS ORDERED TO PAY THE AGGREGATE OF THE FOREGOING AMOUNTS TOTALING $46,078,591 TO THE ENTITIES AND IN THE AMOUNTS DIRECTED
BY THE COURT WITHIN 60 DAYS OF ENTRY OF THE FINAL JUDGMENT.
14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must
fit within the space provided).
THE SEC ALLEGED THAT WACHOVIA BANK WON BIDS FOR THE TEMPORARY INVESTMENT OF PROCEEDS FROM THE SALE OF TAX-EXEMPT MUNICIPAL
SECURITIES BECAUSE IT OBTAINED ADVANCE INFORMATION CONCERNING COMPETING BIDDERS FROM BIDDING AGENTS WHO ACTED ON BEHALF OF
THE MUNICIPALITIES AND/OR BECAUSE BIDDING AGENTS SET UP THE BIDDING PROCESS TO ENABLE WACHOVIA BANK TO WIN BY DELIBERATELY
OBTAINING OFF-MARKET NON-WINNING BIDS FROM OTHER BIDDERS. THE SEC ALSO ALLEGED THAT WACHOVIA BANK FACILITATED WINNING BIDS BY
OTHER BIDDERS BY DELIBERATELY SUBMITTING PURPOSELY NON-WINNING BIDS TO BIDDING AGENTS. THE SEC ALLEGED THAT WACHOVIA BANK MADE
MATERIAL MISREPRESENTATIONS BY, AMONG OTHER THINGS, EXECUTING FALSE CERTIFICATIONS THAT ITS BIDS WERE THE PRODUCT OF A BONA FIDE
SOLICITATION AND REFLECTED FAIR MARKET VALUE FOR THE PURCHASE OF THE REINVESTMENT INSTRUMENT. WELLS FARGO BANK, N.A. RESOLVED
THIS MATTER BY AGREEING TO THE SANCTIONS AND RESTITUTION OUTLINED ABOVE.civil judicial · block 7PDF pages 706–708
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) UNITED STATES OF AMERICA, ALL STATES EXCEPT OKLAHOMA & THE DISTRICT OF COLUMBIA 2. Principal Relief Sought: Money Damages (Private/Civil Complaint) Other Relief Sought: DISGORGEMENT; CIVIL PENALTY(IES)/FINE(S); INJUNCTION; RESTITUTION; ATTORNEY FEES AND COSTS 3. Filing Date of Court Action (MM/DD/YYYY): 03/12/2012 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Other Product Types: RESIDENTIAL MORTGAGE LOANS 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE COMPLAINT ALLEGES THAT THE REFERENCED AFFILIATES: ENGAGED IN UNFAIR AND DECEPTIVE CONSUMER PRACTICES WITH RESPECT TO LOAN SERVICING, FORECLOSURE PROCEEDINGS AND LOAN ORIGINATIONS; VIOLATED THE FALSE CLAIMS ACT, THE FINANCIAL INSTITUTIONS REFORM AND RECOVERY ACT OF 1989 AND THE SERVICEMEMBERS CIVIL RELIEF ACT; AND ENGAGED IN BANKRUPTCY MISCONDUCT. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Consent 12. Resolution Date (MM/DD/YYYY): 03/12/2012 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: COMPLIANCE WITH SERVICING STANDARDS AND PAYMENT OF MONETARY AMOUNTS C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: MONETARY PAYMENTS CONSIST OF $1,005,233,716 DIRECT PAYMENT SETTLEMENT AMOUNT; $1,489,813,925 BORROW PAYMENT AMOUNT; $3,434,000,000 ELIGIBLE CONSUMER RELIEF, AND $903,000,000 ELIGIBLE REFINANCING RELIEF. 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). THE COMPLAINT RAISED NUMEROUS ALLEGATIONS RELATING TO THE AFFILIATES ACTIONS IN CONNECTION WITH THE ORIGINATION, SERVICING AND FORECLOSURE OF RESIDENTIAL MORTGAGE LOANS. THE COMPLAINT FURTHER ALLEGES THE ACTIONS OF THE AFFILIATES RESULTED IN INJURIES TO THE STATES AND CITIZENS OF THE STATES WHO HAD RESIDENTIAL MORTGAGE LOANS. THE CIRCUMSTANCES RELATED TO THE AFFILIATES ACTIVITIES IN CONNECTION WITH NUMEROUS FEDERAL RESIDENTIAL LOAN PROGRAMS, THE SINGLE FAMILY MORTGAGE INDUSTRY AND THE UNITED STATES STIMULUS RESCUE EFFORTS TO STABILIZE THE HOUSING AND CREDIT MARKETS. THE CONSENT JUDGEMENT WAS AGREED TO WITHOUT THE AFFILIATES ADMITTING TO THE ALLEGATIONS, EXCEPT TO THE EXTENT NECESSARY TO ESTABLISH JURISDICTION.
civil judicial · block 8PDF pages 708–710
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) STATE OF OKLAHOMA, OKLAHOMA STATE BANKING DEPARTMENT AND ATTORNEY GENERAL OF OKLAHOMA 2. Principal Relief Sought: Money Damages (Private/Civil Complaint) Other Relief Sought: CIVIL PENALTY(IES)/FINE(S); RESTITUTION; COSTS AND EXPENSES 3. Filing Date of Court Action (MM/DD/YYYY): 03/12/2012 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Other Product Types: RESIDENTIAL MORTGAGE LOANS 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): IN THE DISTRICT COURT OF OKLAHOMA COUNTY STATE OF OKLAHOMA 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE COMPLAINT ALLEGES THAT THE REFERENCED AFFILIATES VIOLATED THE OKLAHOMA CONSUMER PROTECTION ACT BY FAILING TO TAKE REQUIRED ACTION AND BY TAKING CERTAIN PROHIBITED ACTIONS IN CONNECTION WITH RESIDENTIAL MORTGAGE LOANS. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Consent 12. Resolution Date (MM/DD/YYYY): 03/12/2012 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: PAYMENT OF COMPENSATORY DAMAGES C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: COMPENSATORY DAMAGES IN THE AMOUNT OF $3,769,569.70 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). THE COMPLAINT RAISED NUMEROUS ALLEGATIONS RELATING TO THE AFFILIATES ACTIONS IN CONNECTION WITH THE ORIGINATION, SERVICING AND FORECLOSURE OF RESIDENTIAL MORTGAGE LOANS. THE COMPLAINT FURTHER ALLEGES THAT THESE ACTIVITIES RESULTED IN THE VIOLATION OF THE OKLAHOMA CONSUMER PROTECTION ACT. THE CONSENT JUDGMENT WAS AGREED TO BY THE FFILIATES WITHOUT THE AFFILIATES AGREEING TO THE ALLEGATIONS, EXCEPT TO THE EXTENT NECESSARY TO ESTABLISH JURISDICTION.
civil judicial · block 9PDF pages 710–712
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, NA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) UNITED STATES OF AMERICA 2. Principal Relief Sought: Injunction Other Relief Sought: MONETARY DAMAGES; PRE-JUDGMENT INTEREST ON MONETARY DAMAGES; AND A CIVIL PENALTY 3. Filing Date of Court Action (MM/DD/YYYY): 09/20/2012 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Other Product Types: RESIDENTIAL MORTGAGE LOANS 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA; WASHINGTON, DC; CIVIL NO. 12-1150 (JDB) 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): WELLS FARGO BANK, NA 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE COMPLAINT ALLEGES THAT, DURING AND BETWEEN 2004 AND 2009, THE REFERENCED CONTROL AFFILIATE ENGAGED IN A PATTERN OR PRACTICE OF DISCRIMINATION ON THE BASIS OF RACE AND NATIONAL ORIGIN IN RESIDENTIAL MORTGAGE LENDING BY ALLOWING EMPLOYEES TO MAKE DECISIONS ABOUT THE TYPE OF LOAN PRODUCT OFFERED AND THE LOAN PRICE IN A MANNER DISCONNECTED FROM OBJECTIVE CRITERIA LIKE CREDIT RISK, THAT POLICIES SET UP FINANCIAL INCENTIVES FOR EMPLOYEES AND MORTGAGE BROKER'S TO IMPOSE UNFAVORABLE TERMS, AND THAT THE POLICIES LACKED SAFEGUARDS TO PREVENT AND REMEDY RACIAL AND ETHNIC DISPARITIES. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Consent 12. Resolution Date (MM/DD/YYYY): 09/20/2012 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ 175,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE REFERENCED CONTROL AFFILIATE AGREED TO PAY AT LEAST $125 MILLION TO COMPENSATE BORROWERS WHO WERE ALLEGEDLY AGGRIEVED. THE REFERENCED CONTROL AFFILIATE ALSO AGREED TO PAY $50 MILLION TO PROVIDE DOWN-PAYMENT ASSISTANCE TO LOW- INCOME BORROWERS IN SELECT METROPOLITAN AREAS. THE CONTROL AFFILIATE DEPOSITED FUNDS IN ESCROW ACCOUNTS FOR THE AGREED PAYMENTS BY SEPTEMBER 24, 2012. WELLS FARGO WILL MAINTAIN ITS POLICIES THAT DISCONNECT COMPENSATION FROM A LOAN'S TERMS AND CONDITIONS (IMPLEMENTED AFTER THE EVENTS IN THE ALLEGED COMPLAINT), PROVIDE TRAINING AND ASSURE COMPLIANCE, THROUGH MONITORING AND REGULAR REPORTING TO THE UNITED STATES. 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). THE COMPLAINT ALLEGES THAT THE REFERENCED CONTROL AFFILIATE DISCRIMINATED AGAINST AFRICAN AMERICAN AND HISPANIC BORROWERS IN ITS RESIDENTIAL MORTGAGE LENDING OPERATION; AFRICAN AMERICAN AND HISPANIC BORROWERS RECEIVED SUBPRIME, RATHER THAN PRIME, LOANS AND THAT SOME PAID HIGHER FEES AND COSTS BECAUSE OF THEIR RACE OR NATIONAL ORIGIN; AND WELLS FARGO'S POLICIES IN EFFECT BETWEEN 2004 AND 2009 ALLOWED EMPLOYEES TO MAKE DECISIONS ABOUT THE TYPE OF LOAN PRODUCT OFFERED AND THE LOAN PRICE IN A MANNER DISCONNECTED FROM OBJECTIVE CRITERIA LIKE CREDIT RISK, THAT THESE POLICIES SET UP FINANCIAL INCENTIVES FOR EMPLOYEES AND MORTGAGE BROKERS TO IMPOSE UNFAVORABLE TERMS, AND THAT THE POLICIES LACKED SAFEGUARDS TO PREVENT AND REMEDY RACIAL AND ETHNIC DISPARITIES. WELLS FARGO WILL MAINTAIN ITS POLICIES THAT DISCONNECT COMPENSATION FROM A LOAN'S TERMS AND CONDITIONS (IMPLEMENTED AFTER THE EVENTS IN THE ALLEGED COMPLAINT), PROVIDE TRAINING AND ASSURE COMPLIANCE, THROUGH MONITORING AND REGULAR REPORTING TO THE UNITED STATES. THE CONSENT JUDGMENT WAS AGREED TO WITHOUT THE CONTROL AFFILIATE'S ADMITTING TO THE ALLEGATIONS IN THE COMPLAINT.
civil judicial · block 10PDF pages 712–714
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Item 11.H. of Part
1A or Item 2.F. of Part 1B of Form ADV.
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a)
11.H(1)(b)
11.H(1)(c)
11.H(2)
Check Part 1B item(s) being responded to:
2.F(1)
2.F(2)
2.F(3)
2.F(4)
2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the
same event. Unrelated civil judicial actions must be reported on separate DRPs.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
WELLS FARGO BANK, NA
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.
(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.)
UNITED STATES OF AMERICA
2.
Principal Relief Sought:
Money Damages (Private/Civil Complaint)
Other Relief Sought:
CIVIL PENALTIES
3.
Filing Date of Court Action (MM/DD/YYYY):
10/09/2012
Exact
Explanation
If not exact, provide explanation:
4.
Principal Product Type:
Other
Other Product Types:
RESIDENTIAL MORTGAGE LOANS
5.
Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case
Number):
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; DOCKET NO. 12 CIV 7527
6.
Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable):
WELLS FARGO BANK, NA
7.
Describe the allegations related to this civil action (your response must fit within the space provided):
THE COMPLAINT ALLEGES THAT WELLS FARGO BANK, N.A. ENGAGED IN MISCONDUCT IN CONNECTION WITH ITS PARTICIPATION IN THE FEDERAL
HOUSING ADMINISTRATION (FHA) DIRECT ENDORSEMENT LENDER PROGRAM AND THAT, AS A RESULT OF FALSE CERTIFICATIONS, FHA HAS PAID
HUNDREDS OF MILLIONS OF DOLLARS IN INSURANCE CLAIMS ON THOUSANDS OF MORTGAGES THAT DEFAULTED.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY):
10. If pending, date notice/process was served (MM/DD/YYYY):
10/09/2012
Exact
Explanation
If not exact, provide explanation:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.
11. How was matter resolved:
Settled
12. Resolution Date (MM/DD/YYYY):
04/08/2016
Exact
Explanation
If not exact, provide explanation:
13. Resolution Detail:
A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $ 1,200,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions:
C.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
MONETARY FINE OF 1,200,000,000.00 100% LEVELED AGAINST THE AFFILIATE.
14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must
fit within the space provided).
WELLS FARGO BANK, N.A. ("WFB") ENTERED INTO A SETTLEMENT WITH THE UNITED STATES OF AMERICA, AS PART OF A CIVIL COURT ACTION FILED IN
THE US DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, #12 CIV. 7527 (JMF)(JCF), WHEREIN WFB, OR A PREDECESSOR, AGREED THAT
BETWEEN MAY 1, 2001 AND DECEMBER 31, 2008, FAILED TO REPORT TO HUD CERTAIN FHA LOANS THAT THE BANK'S QUALITY ASSURANCE PERSONNEL
HAD DETERMINED DID NOT MEET HUD UNDERWRITING REQUIREMENTS, AND WHICH WERE NOT ELIGIBLE FOR FHA INSURANCE. WFB AGREED TO PAY
THE SUM OF $1,200,000,000 TO THE US AS PART OF THE SETTLEMENT AGREEMENT.civil judicial · block 11PDF pages 714–716
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) PRIVATE PLAINTIFF VERONICA GUTIERREZ ET AL. 2. Principal Relief Sought: Injunction Other Relief Sought: RESTITUTION 3. Filing Date of Court Action (MM/DD/YYYY): 05/14/2013 Exact Explanation If not exact, provide explanation: ORDER RE: MOTION FOR JUDGEMENT ISSUED MAY 14, 2013 INJUNCTION EFFECTIVE JULY 15,2013 4. Principal Product Type: Other Other Product Types: BANK DEPOSIT ACCOUNTS 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): U.S. DIST COURT NORTHERN DISTRICT OF CA NO: 6-07-05923-WHA 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE ONLY REMAINING ALLEGATION IN THIS LITIGATION IS THAT WELLS FARGO BANK VIOLATED THE PROVISIONS OF CALIFORNIA BUSINESS & PROFESSIONS CODE SECTION 17200 ET SEQ. RELATING TO ALLEGED FRAUDULENT MISREPRESENTATIONS AS TO THE ORDER BY WHICH THE BANK POSTED ITEMS TO CONSUMER DEPOSIT ACCOUNTS IN THE STATE OF CALIFORNIA. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Judgment Rendered 12. Resolution Date (MM/DD/YYYY): 10/29/2014 Exact Explanation If not exact, provide explanation: ORDER RENDERED 05/14/2013 WITH INJUNCTION EFFECTIVE 07/15/2013 JUDGMENT WAS PAID IN JUNE 2016. 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: EFFECTIVE JULY 15, 2013 THE ORDER ENJOINS THE BANK PERMANENTLY "FROM MAKING OR DISSEMINATING, OR PERMITTING TO BE MADE OR DISSEMINATED, ANY FALSE OR MISLEADING REPRESENTATIONS RELATING TO THE POSTING ORDER OF DEBIT-CARD PURCHASES, CHECKS, AND ACH TRANSACTIONS IN ITS CUSTOMER BANK ACCOUNTS." RESTITUTION OF $203,000,000.00 WAS ORDERED. RESTITUTION HAS NOT BEEN PAID PENDING APPEAL. WELLS FARGO PAID THE JUDGMENT (AND POST-JUDGMENT INTEREST) OF APPROXIMATELY $205,000,000 IN JUNE 2016 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). WELLS FARGO BANK APPEALED TO THE UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT WITH THE INJUNCTION APPEALED AUGUST 2, 2013 AND THE BALANCE OF THE MAY 14,2013 ORDER WAS APPEALED AUGUST 9, 2013. WELLS FARGO'S APPEAL WAS UNSUCCESSFUL AND THE UNITED STATES SUPREME COURT DECLINED TO HEAR THE CASE IN APRIL 2016. AS A RESULT, WELLS FARGO PAID THE JUDGMENT IN JUNE 2016.
civil judicial · block 12PDF pages 716–718
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) CONSUMER FINANCIAL PROTECTION BUREAU/STATE OF MARYLAND'S OFFICE OF ATTY GENERAL'S CONSUMER PROTECTION DIVISION 2. Principal Relief Sought: Money Damages (Private/Civil Complaint) Other Relief Sought: COMPLIANCE PLAN AND MONETARY PROVISIONS FOR AFFECTED CONSUMERS. 3. Filing Date of Court Action (MM/DD/YYYY): 01/22/2015 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Other Product Types: REAL ESTATE LOANS 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): UNITED STATE DISTRICT COURT FOR THE DISTRICT OF MARYLAND, BALTIMORE DISTRICT; BALTIMORE, MARYLAND; CASE 1:15-CV-00179-RDB 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE COMPLAINT ALLEGES FROM 2009 THROUGH 2013, GENUINE TITLE, LLC PROVIDED WELLS FARGO LOAN OFFICERS MARKETING SERVICES THAT ASSISTED THE LOAN OFFICERS IN GENERATING BUSINESS AND INCREASING THE NUMBER OF LOANS WELLS FARGO ORIGINATED OR FINANCED. THE COMPLAINT ALLEGES THAT UNDER AGREEMENTS OR UNDERSTANDING BETWEEN GENUINE TITLE AND THE LOAN OFFICERS, THE LOAN OFFICERS REFERRED SETTLEMENT SERVICE BUSINESS TO GENUINE TITLE. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Judgment Rendered 12. Resolution Date (MM/DD/YYYY): 02/04/2015 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ 21,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: COMPLIANCE PLAN TO ENSURE COMPLIANCE WITH THE ORDER AND ADMINISTRATION OF PAYMENTS TO REDRESS AFFECTED CONSUMERS. C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: RESTITUTION OF $10,809,807.71 TO BE PROVIDED TO AFFECTED CONSUMERS. ANY FUNDS REMAINING WILL BE DEPOSITED IN US TREASURY AS DISGORGEMENT. 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). WELLS FARGO BANK, N.A., NEITHER ADMITS OR DENIES ANY ALLEGATIONS EXCEPT TO ESTABLISH THE COURT'S JURISDICTION OVER WELLS FARGO AND THE SUBJECT MATTER. WELLS FARGO BANK, N.A. AGREES TO THE ENTRY OF THE ORDER IN THE PUBLIC INTEREST.
civil judicial · block 13PDF pages 718–720
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Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 126292 This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 2. Principal Relief Sought: Other Relief Sought: 3. Filing Date of Court Action (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Product Types: 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: 12. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided).
civil judicial · block 14PDF pages 720–722
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N. A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) US ATTORNEY GENERAL, HOUSING AND CIVIL ENFORCEMENT SECTION 2. Principal Relief Sought: Civil Penalty(ies)/Fine(s) Other Relief Sought: ESTABLISH A COMPLIANCE COMMITTEE, CREATE A COMPREHENSIVE ACTION PLAN AND DEVELOP A WRITTEN SCRA COMPLIANCE PROGRAM AND PROVIDE REMEDIATION FOR ELIGIBLE SCRA-PROTECTED SERVICE MEMBERS. 3. Filing Date of Court Action (MM/DD/YYYY): 09/29/2016 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): US DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA; LOS ANGELES, CA; NO CV-2:16-07336 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): WELLS FARGO BANK, N.A. 7. Describe the allegations related to this civil action (your response must fit within the space provided): WITHOUT ADMITTING OR DENYING THE FINDINGS, WELLS FARGO BANK, N.A. (WFBNA) CONSENTS TO THE FINDING THAT BETWEEN JANUARY 1, 2008 AND JULY 1, 2015, WFBNA VIOLATED THE SERVICEMEMBER CIVIL RELEIF ACT (SCRA) BY FAILING TO OBTAIN COURT ORDERS PRIOR TO REPOSSESSING SERVICES MEMBER'S AUTOMOBILES. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Consent 12. Resolution Date (MM/DD/YYYY): 09/29/2016 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ 60,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: ESTABLISH A COMPLIANCE COMMITTEE, CREATE A COMPREHENSIVE ACTION PLAN AND DEVELOP A WRITTEN SCRA COMPLIANCE PROGRAM. C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $60,000.00 FINE PAID 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). N/A
civil judicial · block 15PDF pages 722–724
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO & COMPANY (For individuals, Last, First, Middle) CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) OFFICE OF THE LOS ANGELES CITY ATTORNEY 2. Principal Relief Sought: Injunction Other Relief Sought: DISGORGEMENT, CIVIL PENALTIES, COSTS AND UNSPECIFIED OTHER RELIEF 3. Filing Date of Court Action (MM/DD/YYYY): 05/04/2015 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Banking Products (Other than CD(s)) Other Product Types: 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): SUPERIOR COURT OF THE STATE OF CALIFORNIA, LOS ANGELES, CA DOCKET NUMBER: BC580478 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE COMPLAINT ALLEGES THAT WELLS FARGO PERSONNEL ENGAGED IN VARIOUS ALLEGEDLY IMPROPER ACTS AND PRACTICES DESIGNED TO MEET SALES GOALS AND QUOTAS, SUCH AS OPENING ACCOUNTS WITHOUT CUSTOMER AUTHORIZATION, MISREPRESENTING THAT CERTAIN PRODUCTS WERE AVAILABLE ONLY IN PACKAGES WITH OTHER PRODUCTS, MISUSING CUSTOMER DATA IN CONNECTION WITH THE FOREGOING, AND NOT DISCLOSING SUCH ALLEGED MISUSE TO CUSTOMERS. THE COMPLAINT ALLEGES THAT CUSTOMERS WERE HARMED BY, AMONG OTHER THINGS, INCURRING UNAUTHORIZED FEES. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): 05/05/2015 Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Judgment Rendered 12. Resolution Date (MM/DD/YYYY): 09/13/2016 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ 50,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: MEDIATE CURRENT OR FORMER CALIFORNIA CUSTOMERS WHO INCURRED FEES OR WERE HARMED AS A RESULT OF THE UNAUTHORIZED ACCOUNT OPENING. C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FINE OF $50,000,000.00 PAID 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided).
civil judicial · block 16PDF pages 724–726
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: WELLS FARGO BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) UNITED STATES OF AMERICA 2. Principal Relief Sought: Civil Penalty(ies)/Fine(s) Other Relief Sought: CIVIL ASSET FORFEITURE 3. Filing Date of Court Action (MM/DD/YYYY): 09/27/2021 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Other Other Product Types: FOREIGN CURRENCY 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK (CASE NO. 1:21-CV-08007) 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): WELLS FARGO BANK, N.A. 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE UNITED STATES ATTORNEY'S OFFICE FOR THE SOUTHERN DISTRICT OF NEW YORK ALLEGED THAT FROM 2010 THROUGH 2017, WELLS FARGO BANK, N.A. DEFRAUDED 771 COMMERCIAL CUSTOMERS WHO USED THE BANK'S FX SERVICES BY MISREPRESENTING FX PRICING LEVELS AND ENGAGING IN OTHER IMPROPER FX PRICING PRACTICES IN VIOLATION OF THE MAIL FRAUD, WIRE FRAUD, AND BANK FRAUD STATUTES 18 U.S.C. §§ 1341, 1343, 1344. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Settled 12. Resolution Date (MM/DD/YYYY): 09/27/2021 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ 37,337,319.90 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to p p ) q y g p g g requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: RESTITUTION OF $35,337,319.90 WAS PAID TO AFFECTED CONSUMERS. 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided).
* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.