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.
2025-05-08T21:43:00Z By Aaron Nicodemus
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.
2025-01-21T12:51:00Z By Aaron Nicodemus
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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A Wells Fargo subsidiary will pay nearly $3 million to settle allegations that it failed to properly supervise an employee attempting to sell unsuitable investment products to retail investors–the fifth time it has been penalized for similar supervisory failings since 2020.
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A Florida seafood company executive has pleaded guilty to conspiring with competitors to fix the prices he paid to local fishers, an effort that impacted more than $8 million in wholesale fish and cut the pay of hundreds of fishers, the Department of Justice said.
2025-09-16T20:11:00Z By Adrianne Appel
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
2025-09-12T19:40:00Z By Oscar Gonzalez
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
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