Defendant Name: Wells Fargo Clearing Services, 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
First Document Date 20-May-2022
Initial Filing Format Administrative Action
File Number 3-20866
Allegation Type Broker Dealer

Violations Alleged

Other
• Section 17(a) Exchange Act; Rule 17a-8 Exchange Act

Resolutions

First Resolution Date 20-May-2022
Headline Total Penalty and Disgorgement $7,000,000

Related Documents:

34-94955 20-May-2022 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On May 20, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against Wells Fargo Clearing Services, LLC stating: "The Commission stated: "These proceedings arise of Wells Fargo Advisors' failure to timely file certain suspicious activity reports ("SARs") between April 2017 and October 2021. ... Wells Fargo Advisors failed to timely file at least 25 SARs related to such activity as required by the Bank Secrecy Act ("BSA") and willfully violated Section 17(a) of the Exchange Act and Rule 17a-8 thereunder."
2022-85 20-May-2022 Press Release--Administrative Proceeding
SEC Charges Wells Fargo Advisors With Anti-Money Laundering Related Violations
The SEC "announced charges against Wells Fargo Advisors for failing to file at least 34 Suspicious Activity Reports (SARs) in a timely manner between April 2017 and October 2021. Wells Fargo Advisors, the St. Louis-based broker-dealer, has agreed to pay $7million to settle the charges."