Wells Fargo Clearing Services, LLC agreed to a $1.25 million fine and censure from FINRA for violations from November 2016 to November 2023: failing to timely cancel/close out 209 failed municipal securities transactions (~$6.5M) and deliver 106 securities (~$3.8M); failing to promptly obtain possession/control of 178 short positions (~$4.1M); and lacking adequate supervisory systems for compliance.
FINRA Fines Wells Fargo Clearing Services $1.25 million
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