Merrill, Wells Fargo and SEC

Wells Fargo firms, Merrill Lynch to pay $60 mln to settle SEC charges
The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have agreed to pay a combined $60 million in civil penalties to settle charges over compliance failures.
Wells Fargo, Merrill to Pay $60 Million Penalties Over Cash Sweep Accounts: SEC
Advisory clients’ uninvested dollars were automatically swept into bank accounts that paid paltry interest, but were profitable for the companies, the SEC said.
Wells Fargo, Merrill Cash-Sweep Accounts Shortchanged Clients, SEC Alleges
Investment adviser units of Wells Fargo & Co. and Bank of America Corp.’s Merrill shortchanged customers by funneling uninvested cash into sweep accounts that benefited the banks but not their clients,
SEC slams Wells Fargo, Merrill with $60 million in penalties over clients’ cash
“Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs, or BDSPs, as the only cash sweep option for most advisory clients and received a significant financial benefit from advisory client cash in the BDSPs,” the SEC stated.
SEC Settles Charges Against Bank of America, Wells Fargo Units
The units charged by the SEC consented to the entry of orders without admitting or denying the SEC's findings. Wells Fargo Clearing Services agreed to pay a civil penalty of $28 million, Wells Fargo Advisors Financial Network agreed to pay $7 million, and Merrill Lynch, Pierce, Fenner & Smith agreed to pay $25 million.
Wells Fargo, Merrill settle SEC 'sweeps' probe for $60M
Regulators took the wirehouses to task for not having policies directing advisors to consider clients' best interests.
Wells Fargo, Merrill Lynch Pay $60M to Settle Cash Sweep Charges
The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims.
Wells Fargo firms, Merrill Lynch to pay $60 million to settle SEC charges
Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S. Securities and Exchange Commission charges over compliance failures, the regulator said on Friday.
Wells Fargo and Bank of America Agree to Pay Combined $60 Million to Settle SEC Probe
In the enforcement actions announced Friday, the regulator said the two firms agreed to settle the charges without admitting ...
SEC enforcement blitz targets 7 financial firms as Biden administration winds down
The SEC disclosed 7 actions against alleged misbehavior with only three days left for the Biden administration.
Wells Fargo: Strong 2024 Performance and Positive 2025 Outlook Justify Buy Rating
Wells Fargo (WFC – Research Report), the Financial sector company, was revisited by a Wall Street analyst today. Analyst Glenn Thum from ...
Wells Fargo's SWOT analysis: stock outlook amid regulatory challenges
Wells Fargo & Company (NYSE:WFC), one of the largest banks in the United States, has been navigating a complex landscape of ...
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Wells Fargo seeks dismissal of fraud claims linked to fake job interviews
Wells Fargo said there is no proof that its officers acted with intent to defraud or mislead in statements to the public or ...