- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
2024-09-17T14:27:00Z By Aaron Nicodemus
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.
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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