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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A decision by the Securities and Exchange Commission to close an investigation into the cash sweep program at Morgan Stanley may affect decision-making at other financial institutions under similar scrutiny.
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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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Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
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