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:
34-98221
Document Details
Legal Case Name
In the Matter of Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and 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
Document Date
25-Aug-2023
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On August 25, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network, stating: "From at least 2002 through December 2022, Wells Fargo and its predecessor firms overcharged approximately 10,945 accounts of advisory clients for more than $26.8 million in advisory fees . . . Wells Fargo and its predecessor firms failed to adopt and implement written compliance policies and procedures reasonably designed to prevent this overbilling. As a result of the above, Wells Fargo overcharged certain clients who opened accounts prior to 2014 for advisory fees for several years, through the end of December 2022."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$35,000,000.00
Shared:
Other Defendants in Action:
