Yoomi Lee | Bloomberg LawFINRA News Release, FINRA Fines Wells Investment Securities $300,000 for Use of Misleading Marketing Materials for REIT Offering(Nov. 22, 2011); FINRA Letter of Acceptance, Waiver and Consent No. 2009019893801 (Nov. 21, 2011) The Financial Industry Regulatory Authority (FINRA) announced that Wells Investment Securities, Inc. (WIS) submitted a Letter of Acceptance, Waiver and Consent to settle charges for using misleading marketing materials in connection with the sale of Wells Timberland REIT, Inc. (Wells Timberland), a non-traded Real Estate Investment Trust (REIT). Without admitting or denying the charges, WIS accepted censure and consented to a $300,000 fine. In determining the appropriate sanctions, FINRA considered WIS's proactive measures in conducting an investigation and notifying the appropriate authorities and affected customers.
Inadequate Supervisory Procedures
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