Defendant Name: Wells Fargo Advisors Financial Network, 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 Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC
First Document Date 11-Mar-2019
Initial Filing Format Administrative Action
File Number 3-19102
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Sections 206(2), 207 Advisers Act

Resolutions

First Resolution Date 11-Mar-2019
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

IA-5199 11-Mar-2019 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On March 11, 2019, the SEC issued an order against Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, stating: "These proceedings arise out of breaches of fiduciary duty and inadequate disclosures by registered investment advisers Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC in connection with mutual fund share class selection practices and the fees Respondents received pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("12b-1 fees")."
2019-28_3-19102 11-Mar-2019 Press Release--Administrative Proceeding
SEC Share Class Initiative Returning More Than $125 Million to Investors
On March 11, 2019, the SEC issued an order against Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, stating: "These proceedings arise out of breaches of fiduciary duty and inadequate disclosures by registered investment advisers Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC in connection with mutual fund share class selection practices and the fees Respondents received pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("12b-1 fees")."
34-106123 12-Aug-2026 Administrative Proceeding
Order Authorizing the Transfer of Any Remaining Funds in the Distribution Fund and Any Funds Returned in the Future to the U.S. Treasury and Terminating the Distribution Fund
The Commission ordered that: "A. the remaining funds in the Distribution Fund that are infeasible to return to investors, and any funds returned in the future that are infeasible to return to investors, shall be transferred to the Treasury, subject to Section 21F(g)(3) of the Securities Exchange Act of 1934; and B. the Distribution Fund is terminated."

Other Defendants in Action:

Wells Fargo Clearing Services, LLC