From at least June 2019 to November 2024, Wells Fargo failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), that was reasonably designed to achieve compliance with Section 15B(a)(1)(B) of the Securities Exchange Act of 1934, which prohibits unregistered municipal advisory activity. As a result, Wells Fargo violated MSRB Rule G-27 and FINRA Rules 3110(a) and (b) and 2010. For these violations, Wells Fargo is censured and fined $275,000.

Between October 2019 and April 2022, Miller recommended to two retail customers a series of trades that were excessive, unsuitable, and not in the customers' best interests. As a result, Miller willfully violated the Best Interest Obligation under Rule 15l-1(a)(1) of the Securities Exchange Act of 1934 (Regulation BI or Reg BI) and violated FINRA Rules 2111 and 2010. For these violations, Miller is suspended for nine months in all capacities...