Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission (SEC) regarding cash sweep options it provides to new investment advisory clients.

The bank revealed the probe in a quarterly filing Tuesday.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...