Defendant Name:
Wells Fargo Advisors Financial Network, LLC
Defendant Type:
Subsidiary of Public Company
Document Reference:
2025-16_3-22430
Document Details
Legal Case Name
In the Matter of Wells Fargo Clearing Services, LLC, and Wells Fargo Advisors Financial Network, LLC
Document Name
SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch with Compliance Failures Relating to Cash Sweep Programs; Firms Agree to Pay Civil Penalties of $60 Million Combined to Settle SEC Charges
Document Date
17-Jan-2025
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On January 17, 2025, the SEC "announced settled charges against registered investment advisers Wells Fargo Clearing
Services LLC and Wells Fargo Advisors Financial Network LLC (collectively Wells Fargo
Advisors) and against Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch)
for failing to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder relating to the firms’ cash sweep programs. The firms agreed to settle the SEC’s charges and pay $60 million in total civil penalties."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$7,000,000.00
Shared:
Other Defendants in Action:
