Wells Fargo Securities has agreed to pay the SEC $812,500 to settle a pending civil lawsuit against the firm which stemmed from allegations that it misled investors in a $75 million bond offering.
Tagged with "Wells Fargo"
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Wells Fargo Agrees to Settle SEC Allegations of Misrepresenting a $75 Million Bond Offering
Posted on March 22nd, 2019 at 1:59 PM
79 Investment Firms Agree to Reimburse $125 Million In Fund Fees to Investors
Posted on March 14th, 2019 at 3:48 PM
According to the SEC, 79 investment firms, including LPL Financial, Raymond James, Oppenheimer, and Wells Fargo have agreed to return more than $125 million to investors for failing to report conflicts of interest in their sale of mutual funds.
Wells Fargo Enhances “Sunsetting” Program in an Effort to Maintain Customer Assets and Advisors
Posted on March 12th, 2019 at 9:46 AM
Wells Fargo Advisors has announced that starting April 1st, the firm will provide incentives to young advisors to help them buy books of business from retiring colleagues under its new “Summit” program. As one incentive, Wells Fargo Advisors will offer financing in the amount of 100% of a retiring colleague’s T-12 revenue.
Wells Fargo Launches New RIA Platform
Posted on February 14th, 2019 at 2:36 PM
In a recent press release, Wells Fargo announced the launch of its new service offering to help advisors become RIAs through its multi-channel business model. The goal of the model is to allow for ownership, independence and flexibility, as well as business growth. TradePMR, a privately held brokerage and custodian service provider, would provide middle-office support, while also utilizing First Clearing.
Federal Judge Denies Wells Fargo’s Attempt to Quash Class-Action Arbitration Claim for Overtime Pay
Posted on January 22nd, 2019 at 11:00 AM
A New York federal judge has denied Wells Fargo Advisors’ attempt to vacate a ruling from an American Arbitration Association (AAA) arbitrator that a punitive class-action lawsuit involving unpaid overtime could proceed in arbitration.
Wells Fargo Recruits First Adviser to Join Its RIA Channel
Posted on January 17th, 2019 at 9:46 AM
According to Wells Fargo Advisors, a Philadelphia-area advisor will be the first Wells Fargo private wealth employee to join the firm’s new registered investment advisor custody business.
Regional Broker-Dealers are Making a Comeback
Posted on January 16th, 2019 at 3:19 PM
Once overlooked compared to the registered investment adviser and the independent broker-dealer market, regional brokerage firms quietly are making comeback due to recruiting gains at the expense of wirehouses.
Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities
Posted on January 11th, 2019 at 1:28 PM
In a statement announced by Iowa Attorney General Tom Miller, Wells Fargo has agreed to pay $575 million to state attorney generals in all 50 states in order to resolve claims against the bank for violations of consumer protection laws relating to the opening of millions of fake accounts as well as other fraudulent activities.
Former Wells Fargo Broker Charged with 128 Felony Counts in Connection with Orchestrating Ponzi Scheme
Posted on January 7th, 2019 at 11:51 AM
Former Wells Fargo broker, John G. Schmidt of Ohio has been charged with 128 felony counts, including 124 counts of forgery, in connection with perpetrating a $1 million Ponzi scheme.
Eccleston Law Receives Favorable Results in Its Defense of Former Wells Fargo Investment Bankers Related to Dinner Expense Reimbursements
Posted on January 3rd, 2019 at 4:52 PM
FINRA Enforcement continues to issue Rule 8210 inquiries to former investment bankers at Wells Fargo who had allegedly violated the firm’s dinner expense reimbursement policy.
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