SEC orders Wells Fargo to pay $35M for overbilling investment advisory clients

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.