By Aaron Nicodemus2023-11-01T16:26:00
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.
Wells Fargo offers three options to its investment advisory clients to earn a return on uninvested balances, which include a standard bank deposit sweep, an expanded bank deposit sweep, and a money market fund sweep. The bank did not elaborate which aspect of its cash sweep program the SEC is investigating.
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Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission that their handling of investment accounts’ cash sweep programs violated federal law.
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The firing of a Democrat commissioner of the U.S. Federal Trade Commission by President Donald Trump was illegal, according to a federal judge’s ruling last week.
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