MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, June 5, 2013 FINRA Slaps Merrill and Wells Fargo With Big Fines . If you're thinking of breaking into floating-rate bank loan funds, you might want to pay attention to this regulatory migraine. Reuters reports that FINRA has ordered the brokerage arms of Wells Fargo & Co. and Bank of America Corp to pay, in total, $5 million in reimbursement and fines for selling floating-rate bank loan funds. In specific, FINRA ordered Wells Fargo Advisors LLC to reimburse about $2 million and pay an additional $1.25 million in fine. It also asked Bank of America'sMerrill Lynch unit to reimburse about $1.1 million and pay $900,000 in fines. According to the newswire, FINRA levied the penalties because "the risk tolerance limit and financial conditions of their customers did not justify the purchases." Read FINRA's statement on the fines and reimbursement order here. Printed from: MFWire.com/story.asp?s=44096 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |