Defendant Name:
Wells Fargo & Co.
Defendant Type:
Public Company
SIC Code:
6021
CUSIP:
94974610
Initial Case Details
Legal Case Name
In the Matter of Wells Fargo & Company
First Document Date
21-Feb-2020
Initial Filing Format
Administrative Action
File Number
3-19704
Allegation Type
Issuer Reporting and Disclosure
Resolutions
First Resolution Date
21-Feb-2020
Headline Total Penalty and Disgorgement
$500,000,000
Related Documents:
34-88257
21-Feb-2020
Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On February 21, 2020, the SEC instituted settled cease-and-desist proceedings against Wells Fargo & Company. The SEC stated: "These proceedings arise out of a fraud committed by Wells Fargo from 2012 through 2016, when the Company misled investors regarding the success of the core business strategy of the Community Bank operating segment, its largest business unit."
33-10758
21-Feb-2020
Administrative Proceeding
Order Under Rule 506(d)(2)(ii) of the Securities Act of 1933 Granting a Waiver of the Rule 506(d)(1)(v)(A) Disqualification Provision
The SEC stated: "Based on the facts and representations in the request for a waiver of disqualification submitted by Wells Fargo, and assuming that Wells Fargo complies with the Cease and Desist Order, the Commission has determined that Wells Fargo has made a showing of good cause under Rule 506(d)(2)(ii) of Regulation D that it is not necessary under the circumstances to deny reliance on the Regulation D exemptions by reason of the entry of the Cease and Desist Order."
2020-38
21-Feb-2020
Press Release--Administrative Proceeding
Wells Fargo to Pay $500 Million for Misleading Investors About the Success of Its Largest Business Unit
The SEC stated that: "[It] charged California-based Wells Fargo & Co. for misleading investors about the success of its core business strategy at a time when it was
opening fake accounts for unknowing customers and selling unnecessary products that went unused. Wells Fargo has agreed to pay $500 million to settle the charges, which will be returned to investors. The $500 million payment is part of a combined $3 billion settlement with the SEC and the Department of Justice."
34-88353
10-Mar-2020
Administrative Proceeding
Order Appointing Tax Administrator
The SEC issued an order appointing Miller Kaplan Arase LLP as the Tax Administrator for the Qualified Settlement Fund in proceedings against Wells Fargo & Company.
34-88453
23-Mar-2020
Administrative Proceeding
Extension Order
The Commission stated: "IT IS HEREBY ORDERED that the Division's request for an extension of time until October 30, 2020 to submit a Proposed Plan of Distribution is granted."
34-88921
21-May-2020
Administrative Proceeding
Order Appointing Fund Administrator and Setting Bond Amount
The SEC stated that: "Rust [Consulting, Inc.] is appointed as the fund administrator, pursuant to Rule 1105(a) of the Commission's Rules of Fair Fund and Disgorgement Plans ("Commission's Rules"), and shall obtain a bond in accordance with Rule 1105(c) of the Commission's Rules in the amount of $500,000,000.00."
34-89501
06-Aug-2020
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . That the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the "Plan") for the distribution of monies paid in the above-captioned matter."
Proposed Plan of Distribution
The SEC stated: "The Division of Enforcement submits this proposed plan of distribution (the "Plan") . . . The Plan provides for the distribution of the collected funds . . . to compensate investors harmed by the securities violations of Wells Fargo & Company ("Wells Fargo" or the "Respondent") as described in the Order."
34-90095
06-Oct-2020
Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Plan of Distribution
The SEC stated: "[I]t is ORDERED that pursuant to Rule 1104 of the Commission's Rules, for good cause shown, the time for entering an order approving or disapproving the Plan is extended to January 29, 2021."
34-90898
11-Jan-2021
Administrative Proceeding
Order Approving Plan of Distribution
The Commission stated: "After careful consideration, the Commission concludes that the [distribution plan] should be approved without modification."
Plan of Distribution
The Commission stated: "The Division of Enforcement submits this plan of distribution . . . . As described more specifically below, the Plan provides for the distribution of the collected funds in [this matter] to compensate investors harmed by the securities violations of [the respondent]."
34-95733
12-Sep-2022
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission ordered "that Commission staff shall transfer $452,175,789.98 from the Fair Fund to the Fair Fund's escrow account at The Huntington National Bank, and the Fund Administrator shall distribute such monies to the Eligible Claimants in accordance with the Plan."
34-99216
20-Dec-2023
Administrative Proceeding
Order Directing Second Disbursement of Fair Fund
The Commission ordered that: "the Fund Administrator shall distribute
$17,866,919.23 from the funds held in the Fair Fund’s Escrow Account to the Eligible Claimants
on the payment file in accordance with the Plan."
34-101033
16-Sep-2024
Administrative Proceeding
Order Directing Third Disbursement of Fair Fund
The Commission ordered that: "Commission staff shall transfer $48,824,723.96 from the Fair Fund to the Fair Fund's Escrow Account, and the Fund Administrator shall distribute such monies, along with the $5,835,180.49 held in the Fair Fund's Escrow Account, for a total distribution of $54,659,904.45 in accordance with the Plan."
