{"id":21324,"date":"2021-12-20T11:58:10","date_gmt":"2021-12-20T17:58:10","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=21324"},"modified":"2022-03-23T13:25:39","modified_gmt":"2022-03-23T18:25:39","slug":"wells-fargo-uit-investigation","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/","title":{"rendered":"Two Wells Fargo Broker-Dealers to Pay $3.1M in FINRA\u2019s UIT Investigation"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">Supervisory Failures Allegedly Resulted in Unsuitable Trades and Rollovers<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Wells Fargo Clearing Services and Wells Fargo Advisors have arrived at a settlement with the Financial Industry Regulatory Authority (FINRA).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The two broker-dealers will pay $3.1M for purportedly not setting up and maintaining a supervisory system that complied with the self-regulatory organization\u2019s (SRO\u2019s) rules involving early unit investment trust (UIT) rollover trading. FINRA\u2019s action is its final one in its <\/span><a href=\"https:\/\/www.finra.org\/rules-guidance\/guidance\/targeted-exam-letters\/unit-investment-trust-rollover-review\"><span style=\"font-weight: 400;\">targeted probe into the sale of UITs<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/\"  title=\"Continue Reading Two Wells Fargo Broker-Dealers to Pay $3.1M in FINRA\u2019s UIT Investigation\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Supervisory Failures Allegedly Resulted in Unsuitable Trades and Rollovers\u00a0 Wells Fargo Clearing Services and Wells Fargo Advisors have arrived at a settlement with the Financial Industry Regulatory Authority (FINRA).\u00a0 The two broker-dealers will pay $3.1M for purportedly not setting up and maintaining a supervisory system that complied with the self-regulatory organization\u2019s (SRO\u2019s) rules involving early [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":21325,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3941,3836],"tags":[4369,4572,3022],"class_list":["post-21324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-unit-investment-trust","category-wells-fargo","tag-uit-losses","tag-uit-rollover","tag-wells-fargo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wells Fargo to Pay $3.1M in FINRA UIT Investigation | Investor Lawyers<\/title>\n<meta name=\"description\" content=\"In the latest FINRA UIT investigation, two Wells Fargo firms have been fined over $3.1M over unsuitable investment recommendations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Wells Fargo to Pay $3.1M in FINRA UIT Investigation | Investor Lawyers\" \/>\n<meta name=\"twitter:description\" content=\"In the latest FINRA UIT investigation, two Wells Fargo firms have been fined over $3.1M over unsuitable investment recommendations.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/12\/marten-bjork-6dW3xyQvcYE-unsplash-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Two Wells Fargo Broker-Dealers to Pay $3.1M in FINRA\u2019s UIT Investigation","datePublished":"2021-12-20T17:58:10+00:00","dateModified":"2022-03-23T18:25:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/"},"wordCount":594,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/12\/marten-bjork-6dW3xyQvcYE-unsplash-1.jpg","keywords":["UIT losses","UIT rollover","Wells Fargo"],"articleSection":["Unit Investment Trust","Wells Fargo"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/","url":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/","name":"Wells Fargo to Pay $3.1M in FINRA UIT Investigation | Investor Lawyers","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/#primaryimage"},"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/12\/marten-bjork-6dW3xyQvcYE-unsplash-1.jpg","datePublished":"2021-12-20T17:58:10+00:00","dateModified":"2022-03-23T18:25:39+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"In the latest FINRA UIT investigation, two Wells Fargo firms have been fined over $3.1M over unsuitable investment recommendations.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/#primaryimage","url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/12\/marten-bjork-6dW3xyQvcYE-unsplash-1.jpg","contentUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/12\/marten-bjork-6dW3xyQvcYE-unsplash-1.jpg","width":640,"height":427,"caption":"Two Wells Fargo brokerage firms have been accused of unsuitably selling UITs to investors. They have agreed to a $3.1M fine in a FINRA UIT investigation"},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-uit-investigation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Two Wells Fargo Broker-Dealers to Pay $3.1M in FINRA\u2019s UIT Investigation"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/12\/marten-bjork-6dW3xyQvcYE-unsplash-1.jpg","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-5xW","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/21324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=21324"}],"version-history":[{"count":2,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/21324\/revisions"}],"predecessor-version":[{"id":25402,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/21324\/revisions\/25402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media\/21325"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=21324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=21324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=21324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}