Defendant Name:
Wells Fargo Bank and N.A. Municipal Products Group
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Wells Fargo & Co.
SIC Code:
6021
CUSIP:
94974610
Document Reference:
33-10028
Document Details
Legal Case Name
In the Matter of Wells Fargo Bank, N.A. Municipal Products Group
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 15B(c) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
02-Feb-2016
Document Format
Administrative Proceeding
Allegation Type
Municipal Securities & Public Pensions
Document Summary
On February 2, 2016 the SEC instituted settled administrative and cease-and-desist proceedings against Wells Fargo Bank, N.A. Municipal Products Group. According to the SEC: "This matter involves violations of an antifraud provision of the federal securities laws in connection with Respondent's underwriting of certain municipal securities offerings. Respondent, a registered broker-dealer, conducted inadequate due diligence in certain offerings and as a result, failed to form a reasonable basis for believing the truthfulness of certain material representations in official statements issued in connection with those offerings. This resulted in Respondent offering and selling municipal securities on the basis of materially misleading disclosure documents. As a result of the conduct described herein, Respondent willfully violated Section 17(a)(2) of the Securities Act. The violations discussed in this Order were self-reported by Respondent to the Commission pursuant to the Division of Enforcement's (the 'Division') Municipalities Continuing Disclosure Cooperation Initiative. Accordingly, this Order and Respondent's Offer are based on the information self-reported by Respondent."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Various undertakings
Cooperation Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$440,000.00
Shared: