SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch …

Jan 17, 2025 · The firms agreed to settle the SEC’s charges and pay $60 million in total civil penalties. According to the SEC’s orders, Wells Fargo Advisors and Merrill Lynch offered bank …

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SEC Charges Pair Of Wells Fargo Advisory Firms And Merrill Lynch …

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Jan 17, 2025 · The firms agreed to settle the SEC’s charges and pay $60 million in total civil penalties. According to the SEC’s orders, Wells Fargo Advisors and Merrill Lynch offered bank …

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Wells Fargo Firms, Merrill Lynch To Pay $60 Million To Settle SEC …

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Jan 17, 2025 · (Reuters) -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 …

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Wells Fargo, Merrill Lynch, LPL Settle SEC Charges

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Jan 21, 2025 · Dive Brief: Two Wells Fargo-affiliated investment advisers and Merrill Lynch agreed to pay $60 million to settle charges with the Securities and Exchange Commission over …

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Wells Fargo, Merrill Lynch Pay $60M To Settle Cash Sweep Charges

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Jan 17, 2025 · The firms have agreed to pay civil penalties of $60 million to settle the charges. The charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial …

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Wells Fargo Advisory Firms, Merrill Lynch To Pay $60M To Settle SEC …

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The firms agreed to settle the SEC’s charges and pay $60M in total civil penalties. According to the SEC’s orders, Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep …

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SEC Fines Wells, Merrill $60 Million Combined Over Cash Sweep ...

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Jan 17, 2025 · The Securities and Exchange Commission fined Wells Fargo Advisors and Merrill Lynch a combined $60 million for failing to pay advisory customers a fair rate on cash sweeps, …

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Wells Fargo Firms, Merrill Lynch To Pay $60 Million To Settle SEC …

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Jan 17, 2025 · By Chris Prentice (Reuters) -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 …

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Wells Fargo Advisory Firms, Merrill Lynch To Pay $60M To Settle SEC ...

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Jan 17, 2025 · The firms agreed to settle the SEC’s charges and pay $60M in total civil penalties. According to the SEC’s orders, Wells Fargo Advisors and Merrill Lynch offered bank deposit …

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SEC Fines Wells Fargo $35M, Merrill Lynch $25M For ‘cash Sweep’ …

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1 day ago · Wells Fargo Advisors (from 2019 to 2024 and Merrill Lynch (from 2022 to 2024) automatically offered only one bank deposit sweep program for most advisory clients and …

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Wells Fargo And Merrill Lynch Settle SEC Charges For $60 Million

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Jan 17, 2025 · The U.S. Securities and Exchange Commission (SEC) has announced a notable agreement involving Wells Fargo Advisory firms and Merrill Lynch, which will collectively pay a …

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Wells Fargo Firms, Merrill Lynch To Pay $60 Million To Settle SEC …

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Jan 17, 2025 · (Reuters) - 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 …

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Wells Fargo, Merrill Lynch Fined $60 Million Over Compliance …

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Jan 28, 2025 · Wells Fargo Advisors and Merrill Lynch have been penalized by the Securities and Exchange Commission over compliance failures related to cash sweep programs, according to …

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SEC Fines Wells Fargo And Merrill Lynch $60 Million For Cash Sweep ...

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Jan 20, 2025 · The SEC found that both Wells Fargo and Merrill Lynch offered bank deposit sweep programs (BDSPs) as the default option for most advisory clients. These programs …

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Wells Fargo Firms, Merrill Lynch To Pay $60 Million To Settle SEC …

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Jan 17, 2025 · By Chris Prentice (Reuters) -Merrill Lynch and two Wells Fargo (NYSE: WFC) advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S. …

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Is Your Brokerage Firm Ripping You Off With Low Interest

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Jan 29, 2025 · In 2025, the SEC fined Wells Fargo Advisors and Merrill Lynch $60 million for failing to consider their client's best interests when choosing cash sweep program options.

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Wells Fargo Firms, Merrill Lynch To Pay $60 Million To Settle SEC …

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(Reuters) - 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 …

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Wells Fargo Firms, Merrill Lynch To Pay $60 Mln To Settle SEC Charges

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Jan 17, 2025 · 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 …

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Osaic Is Focus Of Latest Cash Sweep Class Action Suit

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2 days ago · Osaic is the latest firm hit with the lawsuit calling for a ... Merrill Lynch Pay $60M to Settle Cash Sweep Charges ... the SEC charged Wells Fargo and Merrill Lynch’s advisor units …

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FAQs about SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch … Coupon?

How did Wells Fargo & Merrill Lynch deal with the SEC?

The firms agreed to settle the SEC’s charges and pay $60 million in total civil penalties. According to the SEC’s orders, Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs (BDSPs) as the only cash sweep option for most advisory clients and received a significant financial benefit from advisory client cash in the BDSPs. ...

Did Wells Fargo advisory & Merrill Lynch agree to pay $60 million?

REUTERS/Mike Blake (Reuters) - 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. ...

Did Wells Fargo and Merrill Lynch deny SEC findings?

The firms did not admit or deny the SEC’s findings but agreed to a censure and cease and desist from violating the charged provisions. Wells Fargo Clearing Services agreed to pay $28 million in civil penalties, Wells Fargo Advisors Financial Network will pay $7 million, and Merrill Lynch will pay $25 million. ...

Did Wells Fargo & Merrill Lynch fail a cash sweep program?

The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims. The Securities and Exchange Commission has charged two registered investment advisor units of Wells Fargo and Merrill Lynch with compliance failures relating to their cash sweep programs. ...

Did Merrill Lynch fail to consider clients' best interests?

The charges against Merrill Lynch were similar. The SEC claims the three firms’ policies and procedures did not consider clients’ best interests when evaluating and selecting cash sweep options. They also failed to consider the duties of financial advisors in managing client cash in advisory accounts. ...

Did Wells Fargo clearing services violate the Advisers Act?

Without admitting or denying the SEC’s findings, Wells Fargo Clearing Services, Wells Fargo Advisors Financial Network, and Merrill Lynch consented to the entry of orders finding that they violated the Advisers Act and ordering them to be censured and to cease and desist from violating the charged provisions. ...