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, and Wells Fargo Advisors Financial Network, LLC
First Document Date 17-Jan-2025
Initial Filing Format Administrative Action
File Number 3-22430
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Section 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 17-Jan-2025
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-102229 17-Jan-2025 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 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 17, 2025, the SEC instituted settled administrative and cease-and-desist proceedings against Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, stating: "These proceedings arise out of registered investment advisers Wells Fargo Advisors’ failure to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder relating to its cash sweep program, specifically, its use of a bank deposit sweep program (“BDSP”)."
2025-16_3-22430 17-Jan-2025 Press Release--Administrative Proceeding
SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch with Compliance Failures Relating to Cash Sweep Programs; Firms Agree to Pay Civil Penalties of $60 Million Combined to Settle SEC Charges
On January 17, 2025, the SEC "announced settled charges against registered investment advisers Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC (collectively Wells Fargo Advisors) and against Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) for failing to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder relating to the firms’ cash sweep programs. The firms agreed to settle the SEC’s charges and pay $60 million in total civil penalties."

Other Defendants in Action:

Wells Fargo Advisors Financial Network, LLC