Defendant Name:
Wells Fargo Advisors, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Wells Fargo & Co.
SIC Code:
6021
CUSIP:
94974610
Document Reference:
33-10511
Document Details
Legal Case Name
In the Matter of Wells Fargo Advisors, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Section 15(b) 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
Document Date
25-Jun-2018
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
According to the SEC, "From at least January 2009 through June 2013, certain registered representatives at Wells Fargo Advisors, LLC ("WFA") and its predecessor Wells Fargo Investments, LLC ("WFI")2 improperly solicited customers to redeem their market-linked investments ("MLI") early and purchase new MLIs without adequate analysis or consideration of the substantial costs associated with such transactions."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$930,377.00
Shared:
Civil Penalty
Individual:
$4,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$178,064.27
Shared:
Total Penalty
Individual:
$5,108,441.27
Shared:
