FNG - FX News Group

Wells Fargo Fined $1.25 Million by FINRA for Violations Wells Fargo Clearing Services, LLC has been fined $1.25 million by the Financial Industry Regulatory Authority (FINRA) for multiple violations occurring between November 2016 and November 2023. The firm failed to timely cancel or close out 209 failed inter-dealer transactions in municipal securities worth approximately $6.5 million and failed to deliver 106 municipal securities totaling around $3.8 million. Additionally, it did not obtain physical possession or control of 178 short positions worth about $4.1 million. Wells Fargo also lacked a proper supervisory system, violating several regulatory rules. Alongside the fine, the firm has agreed to a censure.