Defendant Name:
Wells Fargo Clearing Services, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Wells Fargo & Co.
SIC Code:
6021
CUSIP:
94974610
Document Reference:
34-94955
Document Details
Legal Case Name
In the Matter of Wells Fargo Clearing Services, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b) and 21C 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
20-May-2022
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On May 20, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against Wells Fargo Clearing Services, LLC stating: "The Commission stated: "These proceedings arise of Wells Fargo Advisors' failure to timely file certain suspicious activity reports ("SARs") between April 2017 and October 2021. ... Wells Fargo Advisors failed to timely file at least 25 SARs related to such activity as required by the Bank Secrecy Act ("BSA") and willfully violated Section 17(a) of the Exchange Act and Rule 17a-8 thereunder."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$7,000,000.00
Shared:
