Jan 16, 10:09 PM

Wells Fargo Executives Face Final Enforcement Fines Over Unauthorized Accounts Amid $60 Million SEC Actions

A recent investigation concluded that former executives at Wells Fargo opened millions of unauthorized customer accounts and engaged in other unethical practices, leading to substantial fines. U.S. bank regulators have stated that these fines represent the final enforcement actions against the executives involved in the sales practices scandal that emerged in 2016. Additionally, the U.S. Securities and Exchange Commission (SEC) has fined Wells Fargo Advisory firms and Merrill Lynch a combined $60 million for compliance failures. The SEC alleged that these investment adviser units shortchanged customers by directing uninvested cash into sweep accounts that primarily benefited the banks rather than their clients.

#Wells Fargo #SEC #Wells Fargo Advisory #Merrill Lynch

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