Stock Market News

Wells Fargo to pay $35 million penalty over excessive fees, U.S. SEC says

2023.08.25 10:51


© Reuters. Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon

NEW YORK (Reuters) -Wells Fargo has agreed to pay a $35 million civil penalty to settle U.S. charges that the company overcharged advisory fees, the Securities and Exchange Commission (SEC) said on Friday.

The SEC said it charged Wells Fargo (NYSE:) Clearing Services LLC and Wells Fargo Advisors Financial Network LLC for overcharging more than 10,900 investment advisory accounts more than $26.8 million in advisory fees.

The SEC alleged that Wells Fargo and its predecessor firms overcharged certain clients who opened accounts prior to 2014 for advisory fees through the end of December 2022.

Wells Fargo settled without admitting or denying the charges, the SEC said in a statement. Wells Fargo paid affected account holders about $40 million, including interest, to reimburse them for the overcharging, according to the statement.

Wells said it was pleased to resolve the matter.

“The process that caused this issue was corrected nearly a decade ago. And, as noted in the settlement documents, Wells Fargo Advisors conducted a thorough review of accounts and has fully reimbursed affected customers,” it said.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,534.40 0.36%
ethereum
Ethereum (ETH) $ 3,435.44 2.85%
tether
Tether (USDT) $ 1.00 0.15%
solana
Solana (SOL) $ 259.10 1.45%
bnb
BNB (BNB) $ 660.51 2.75%
xrp
XRP (XRP) $ 1.49 4.56%
dogecoin
Dogecoin (DOGE) $ 0.445961 5.08%
usd-coin
USDC (USDC) $ 1.00 0.06%
cardano
Cardano (ADA) $ 1.09 0.26%
staked-ether
Lido Staked Ether (STETH) $ 3,435.23 2.87%
tron
TRON (TRX) $ 0.215618 4.31%
stellar
Stellar (XLM) $ 0.606477 39.16%
avalanche-2
Avalanche (AVAX) $ 42.64 1.98%
the-open-network
Toncoin (TON) $ 6.40 15.72%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 0.33%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,065.38 2.84%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,017.26 0.80%
polkadot
Polkadot (DOT) $ 9.32 32.43%
chainlink
Chainlink (LINK) $ 17.94 7.94%
bitcoin-cash
Bitcoin Cash (BCH) $ 521.85 4.01%
sui
Sui (SUI) $ 3.53 1.05%
weth
WETH (WETH) $ 3,434.32 2.86%
pepe
Pepe (PEPE) $ 0.000021 4.08%
leo-token
LEO Token (LEO) $ 8.67 1.72%
near
NEAR Protocol (NEAR) $ 6.40 4.65%
litecoin
Litecoin (LTC) $ 102.61 1.83%
aptos
Aptos (APT) $ 13.23 5.70%
uniswap
Uniswap (UNI) $ 10.92 7.80%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,620.12 2.97%
hedera-hashgraph
Hedera (HBAR) $ 0.156907 3.60%
internet-computer
Internet Computer (ICP) $ 11.88 7.66%
crypto-com-chain
Cronos (CRO) $ 0.201123 5.89%
usds
USDS (USDS) $ 1.00 0.07%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.591547 13.51%
ethereum-classic
Ethereum Classic (ETC) $ 30.17 3.23%
render-token
Render (RENDER) $ 7.98 5.11%
bittensor
Bittensor (TAO) $ 535.05 3.11%
kaspa
Kaspa (KAS) $ 0.155954 0.63%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 12.95%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.10%
bonk
Bonk (BONK) $ 0.000049 2.57%
cosmos
Cosmos Hub (ATOM) $ 9.30 19.96%
arbitrum
Arbitrum (ARB) $ 0.88325 9.34%
vechain
VeChain (VET) $ 0.044433 14.15%
whitebit
WhiteBIT Coin (WBT) $ 24.80 0.47%
filecoin
Filecoin (FIL) $ 5.90 20.33%
dai
Dai (DAI) $ 1.00 0.14%
dogwifcoin
dogwifhat (WIF) $ 3.36 6.16%
mantra-dao
MANTRA (OM) $ 3.73 4.08%
celestia
Celestia (TIA) $ 7.47 26.66%