Two more settlements reached by Wells Fargo with regulators in the span of a week impart yet more “what not to do” ethics and compliance lessons.
On Feb. 21, the Department of Justice and Securities and Exchange Commission assessed total penalties of $3 billion against Wells Fargo in the aftermath of its long-running fake account scandal. Just six days later, the SEC reached a separate $35 million settlement with Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for failing to oversee advisers who recommended high-risk investments to risk-averse investors, some of whom were senior citizens.
