Defendant Name:
Wells Fargo Advisors Financial Network, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Wells Fargo & Co.
SIC Code:
6021
CUSIP:
94974610
Document Reference:
34-102229
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 Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
17-Jan-2025
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On January 17, 2025, the SEC instituted settled administrative and cease-and-desist proceedings against Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, stating: "These proceedings arise out of registered investment advisers Wells Fargo Advisors’
failure to adopt and implement written policies and procedures reasonably designed to prevent
violations of the Advisers Act and the rules thereunder relating to its cash sweep program,
specifically, its use of a bank deposit sweep program (“BDSP”)."
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:
Other Defendants in Action:
