{"id":53512,"date":"2023-08-27T05:31:49","date_gmt":"2023-08-27T09:31:49","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wells-fargo-to-pay-35-million-penalty-over-excessive-fees-u-s-sec-says\/"},"modified":"2023-08-27T05:31:52","modified_gmt":"2023-08-27T09:31:52","slug":"wells-fargo-to-pay-35-million-penalty-over-excessive-fees-u-s-sec-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53512","title":{"rendered":"Wells Fargo to pay $35 million penalty over excessive fees, U.S. SEC says"},"content":{"rendered":"
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\u00a9 Reuters. Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS\/Jeenah Moon<\/span>
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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.<\/p>\n

The SEC said it charged Wells Fargo <\/span><\/span> (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. <\/p>\n

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.<\/p>\n

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.<\/p>\n

Wells said it was pleased to resolve the matter.<\/p>\n

\u201cThe 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,\u201d it said.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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