Wells Fargo Clearing Services agreed to pay a $1.25 million fine and accept a censure from the Financial Industry Regulatory Authority for failing to properly resolve 493 municipal securities trades across a seven-year stretch, according to a settlement letter released last week.
According to the letter, Wells Fargo Clearing Services, a broker-dealer subsidiary of Wells Fargo, failed to close out hundreds of inter-dealer municipal bond transactions on time and did not promptly obtain possession or control of customer securities tied to those trades.
The violations spanned more than seven years, from November 2016 through November 2023, and involved $14.4 million in municipal securities.
https://www.fa-mag.com/news/wells-fargo-clearing-fined--1-25m-for-493-muni-bond-violations-85455.html