- 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.
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.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
2025-06-19T19:28:00Z By Ruth Prickett
Fraud now accounts for around 40% of all crime in the U.K., posing a major problem for banks and consumers. Ted Datta, head of industry practice for financial crime compliance at Moody’s, warns that the risk is growing fast.
2025-06-16T18:04:00Z By Neil Hodge
Trying to put rules in place to oversee an industry that has grown largely outside of regulation is not without serious challenges. But the UK’s Financial Conduct Authority’s (FCA) latest consultation aims to attract industry views about how some key aspects of crypto trading should be regulated ahead of planned ...
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