Wells Fargo has reportedly been overcharging nearly 11,000 investment accounts over the past decade. Without admitting to the violation, the bank agreed to pay the SEC $35 million.
Wells Fargo agreed to pay a $35 million civil penalty to settle federal charges that the bank overcharged advisory fees, the Securities and Exchange Commission said on Friday.
Wells Fargo was also accused of ripping off these investors by “failing to adopt and implement written compliance policies and procedures reasonably designed to determine whether the billing systems it adopted contained accurate data and to prevent overbilling of the clients.” Wells Fargo has reportedly been overcharging nearly 11,000 investment accounts $27 million in advisory fees over the past decade. Without admitting to the violation, the 171-year-old bank agreed to pay the SEC $35 million.“Today’s enforcement action underscores the need for firms growing their businesses through acquisition to ensure that their growth does not come at the expense of client protection,” Gurbir Grewal, director of the SEC’s enforcement division, said in a statement.
Wells Fargo, BNP Paribas, SocGen, the Bank of Montreal, boutique brokers Wedbush Securities, Moelis & Company, Houlihan Lokey and Japanese brokers Mizuho and SMBC Nikko Securities agreed to pay a combined $289 million to the SEC.
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