- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-08-25T16:19:00
The Securities and Exchange Commission (SEC) fined Wells Fargo $35 million for overcharging nearly 11,000 investment advisory accounts over two decades.
Without admitting or denying the SEC’s charges, Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network agreed to pay the penalty. The company previously paid accountholders approximately $40 million, including interest, to reimburse them for the overcharging, the SEC said in a press release Friday.
From at least 2002 through 2022, Wells Fargo and its predecessor firms overcharged approximately 10,945 investment advisory accounts by $26.8 million, the SEC said.
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2023-11-01T16:26:00Z By Aaron Nicodemus
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
2023-09-12T20:28:00Z By Jeff Dale
Mortgage Industry Advisory Corp. agreed to pay $100,000 to settle allegations levied by the Securities and Exchange Commission it failed to adopt and implement written compliance policies and procedures, conduct annual reviews, and establish and enforce a code of ethics.
2023-09-05T19:44:00Z By Kyle Brasseur
Prime Group Holdings agreed to pay $20.6 million as part of a settlement with the Securities and Exchange Commission resolving allegations it failed to adequately disclose it paid millions of dollars in fees to a real estate brokerage firm owned by its CEO.
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
2025-04-11T08:00:00Z By Adrianne Appel
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
2025-04-08T18:18:00Z By Oscar Gonzalez
The U.S. Department of Justice (DOJ) disbanded its crypto investigation unit on Monday, marking another step from President Donald Trump to support the crypto industry and lighten the regulatory burden of potential crypto crime investigations that had started under the Biden administration.
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