Defendant Name: Wells Fargo Securities LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: Wells Fargo & Co.
SIC Code: 6021
CUSIP: 94974610

Initial Case Details

Legal Case Name In the Matter of Wells Fargo Securities LLC (f/k/a Wachovia Capital Markets LLC)
First Document Date 05-Apr-2011
Initial Filing Format Administrative Action
File Number 3-14320
Allegation Type Broker Dealer

Violations Alleged

Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 05-Apr-2011

Related Documents:

33-9200 05-Apr-2011 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On April 5, 2011, the SEC filed an order instituting proceedings against Wells Fargo Securities LLC. The proceedings concern two collateralized debt obligations that the company structured and marketed. The SEC alleges that the company violated the securities laws by charging undisclosed excessive markups in the sale of certain CDOs to certain investors. In addition, the company did not disclose an acquisition with an affiliate at above market prices. Because of this behavior the company committed fraudulent conduct in the offer and sale of securities. The company has offered a settlement that the SEC accepted, which provides for a cease and desist order as well as the payment of disgorgement and penalties.