From Law360:
Law360 (November 5, 2020, 5:08 PM EST) — The Financial Industry Regulatory Authority fined a Wells Fargo unit $300,000 on Thursday based on a tip from a senior citizen who reported inconsistent values on her account statements for a real estate investment trust investment.The tip into FINRA’s securities helpline for seniors led the agency to uncover that First Clearing LLC — which soon after the alleged conduct merged with Wells Fargo Advisors to become Wells Fargo Clearing Services — sent noncompliant valuations to more than 2,300 customers invested in REITs and other pooled investments known as direct participation plans, or DPPs, according to a settlement order.First Clearing’s…
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