Wells Fargo- Failure to Establish and Maintain a Supervisory System and Procedures
Wells Fargo Allegedly Disadvantaged Certain Retirement Plan and Charitable Organization Customers Whom Were Eligible to Purchase Class A Shares in Specified Mutual Funds
Wells Fargo, from at least July 1, 2009 through September 12, 2014, allegedly disadvantaged particular retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).
Said Eligible Customers rather were sold Class A shares with a front-end sales charge, the AWC further notes, or Class B or C shares with back-end sales charges and higher ongoing fees and expenses.
Wells Fargo Allegedly Ignored Its Responsibility to Establish and Maintain a Supervisory System and Proper Procedures Designed to Ensure Customers Receive Benefits
Wells Fargo, from at least July 1, 2009 through September 12, 2014, allegedly failed to establish and maintain a supervisory system and procedures adequately designed to ensure that Eligible Customers who bought mutual fund shares received the benefit of applicable sales charge waivers, according to the AWC.
As a consequence of the aforementioned behavior, Wells Fargo allegedly violated NASD and FINRA Rules, the AWC reports.
Wells Fargo, as a result, has been censured by FINRA, and Wells Fargo has purportedly agreed to provide restitution to the aforementioned Eligible Customers before September 30, 2015, according to the AWC.
The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors
The Peiffer Rosca Wolf securities lawyers are assisting investors who lose money as a result of inadequate supervisory systems. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of inadequate supervisory systems are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.