SEC Fines Wells Fargo $3.5 Million For “Willfully” Failing to Report 50 Cases of Suspicious Wire and Deposit Activity

Posted on December 28th, 2017 at 4:17 PM
SEC Fines Wells Fargo $3.5 Million For “Willfully” Failing to Report 50 Cases of Suspicious Wire and Deposit Activity

From the Desk of Jim Eccleston at Eccleston Law LLC:

According to the SEC, Wells Fargo Advisors consented to a cease-and-desist order, a censure, and a civil penalty of $3.5 million. Wells Fargo Advisors neither admitted nor denied the SEC’s findings.

The SEC found that between 2012 and 2013, Wells Fargo failed to file suspicious activity reports (SARs), follow up on investigations into initial suspicious wire and deposit activity, and neglected to close client accounts when necessary under applicable anti-money laundering laws.

In addition to the cease-and-desist order, censure, and civil penalties, Wells Fargo also was ordered to review and update its policies, procedures and practices for identifying and reporting suspicious activity related to possible money laundering. The firm also has promised to provide additional training to staff to prevent future problems from occurring.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

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As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

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