Defendant Name: Wells Fargo Advisors Financial Network, LLC

Defendant Type: Subsidiary of Public Company

Document Reference: 34-106123

Document Details

Legal Case Name In the Matter of Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network, LLC
Document Name Order Authorizing the Transfer of Any Remaining Funds in the Distribution Fund and Any Funds Returned in the Future to the U.S. Treasury and Terminating the Distribution Fund
Document Date 12-Aug-2026
Document Format Administrative Proceeding
File Number 3-19102
Allegation Type Investment Advisers/Investment Companies
Document Summary The Commission ordered that: "A. the remaining funds in the Distribution Fund that are infeasible to return to investors, and any funds returned in the future that are infeasible to return to investors, shall be transferred to the Treasury, subject to Section 21F(g)(3) of the Securities Exchange Act of 1934; and B. the Distribution Fund is terminated."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
The Commission ordered that: "A. the remaining funds in the Distribution Fund that are infeasible to return to investors, and any funds returned in the future that are infeasible to return to investors, shall be transferred to the Treasury, subject to Section 21F(g)(3) of the Securities Exchange Act of 1934; and B. the Distribution Fund is terminated."
Disgorgement Plan
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)

Related Documents:

IA-5199 11-Mar-2019 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, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
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")."
2019-28_3-19102 11-Mar-2019 Press Release--Administrative Proceeding
SEC Share Class Initiative Returning More Than $125 Million to Investors
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")."

Other Defendants in Action:

Wells Fargo Clearing Services, LLC