Defendant Name:
Wells Fargo Securities LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Wells Fargo & Co.
SIC Code:
6021
CUSIP:
94974610
Document Reference:
33-9200
Document Details
Legal Case Name
In the Matter of Wells Fargo Securities LLC (f/k/a Wachovia Capital Markets LLC)
Document Name
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
Document Date
05-Apr-2011
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$6,750,000.00
Shared:
Civil Penalty
Individual:
$4,450,000.00
Shared:
