UPDATE 1-Wells Fargo brokerage fined over prospectuses

* FINRA accused unit of failing to deliver prospectuses

* Unit was owned by Wachovia at the time

NEW YORK, June 25 (Reuters) - A U.S. regulator has fined Wells Fargo & Co's (WFC.N) brokerage unit $1.4 million for "widespread deficiencies" in its delivery of required information about investments to its customers.

The Financial Industry Regulatory Authority on Thursday said the brokerage once known as Wachovia Securities LLC failed to deliver required prospectuses in about 6,000 transactions, worth about $256 million, out of 22,000 examined for the period from July 2003 to December 2004.

"Disclosure of product information to the public is of paramount importance," FINRA enforcement chief Susan Merrill said. "When a firm fails to provide prospectuses and other offering documents, it deprives the investing public of information valuable in making informed investment decisions."

Wells Fargo did not admit or deny wrongdoing in agreeing to settle, but consented to FINRA's order. Tony Mattera, a spokesman for the company, declined to elaborate.

The violations took place when Wachovia Securities was owned by Wachovia Corp.

Wells Fargo bought Wachovia at the end of 2008, and in May renamed the brokerage unit Wells Fargo Advisors. Prudential Financial Inc (PRU.N) owns 38 percent of the brokerage, and expects to sell that stake to Wells Fargo by Jan. 1, 2010.

FINRA regulates more than 4,800 brokerages. (Reporting by Jonathan Stempel; Editing by Tim Dobbyn)