Defendant Name:
Wells Fargo Advisors Financial Network, LLC
Defendant Type:
Subsidiary of Public Company
Document Reference:
2019-28_3-19102
Document Details
Legal Case Name
In the Matter of Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC
Document Name
SEC Share Class Initiative Returning More Than $125 Million to Investors
Document Date
11-Mar-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On March 11, 2019, the SEC issued an order against Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, stating: "These proceedings arise out of breaches of fiduciary duty and inadequate disclosures by registered investment advisers Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC in connection with mutual fund share class selection practices and the fees Respondents received pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("12b-1 fees")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Undertakings: "Each adviser has also undertaken to review and correct allrelevant disclosure documents concerning mutual fund share class selection and 12b-1 fees and to evaluatewhether existing clients should be moved to an available lower-cost share class and move clients, as necessary."
Self Reporting to SEC
Monetary Penalties:
Disgorgement
(Penalty was noted in document, but no amount was listed)
Pre-Judgment Interest
(Penalty was noted in document, but no amount was listed)
Other Defendants in Action:
