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

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Jan 17, 2025 · 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 …

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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, BofA Units Pay SEC $60M Over Cash Sweeps

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By Sarah Jarvis. Law360 (January 17, 2025, 5:34 PM EST) -- The U.S. Securities and Exchange Commission on Friday announced that Merrill Lynch and two units of Wells Fargo will pay a …

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Wells Fargo, Merrill Settle SEC 'sweeps' Probe For $60M

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Jan 17, 2025 · The scrutiny over cash sweeps reached a fever pitch last year after the Federal Reserve finished hiking its key benchmark rate 11 times to a range of 5.25% to 5.5% in a bid …

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Wells Fargo, Merrill To Pay $60 Million Penalties Over Cash Sweep …

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M errill Lynch and two units of Wells Fargo have agreed to pay $60 million in combined penalties to ... while shares of Bank of America were up 0.3%. ... Penalties Over Cash Sweep Accounts: …

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

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Jan 17, 2025 · According to the SEC’s orders, Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs as the only cash sweep option for most advisory clients and …

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Wells Fargo, And BofA's Merrill Cash-Sweep Accounts …

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Jan 19, 2025 · Wells Fargo Clearing Services agreed to pay a civil penalty of $28 million; Wells Fargo Advisors Financial Network, $7 million; and Merrill, $25 million, according to the SEC’s …

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Wells Fargo Advisors And Merrill Lynch To Pay $60M To Settle SEC ...

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Jan 17, 2025 · Merrill Lynch and Wells Fargo Advisors will pay a total of $60 million to settle Securities and Exchange Commission charges that they lacked required policies and …

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Wells Fargo, Merrill To Pay $60M Over Cash Sweeps - ThinkAdvisor

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Jan 17, 2025 · Clients were pushed into bank sweeps that at times paid far less than other options, the SEC said. Wells Fargo, Merrill to Pay $60M Over Cash Sweeps Tax Facts …

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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 Firms, Merrill Lynch To Pay $60M On SEC Charges

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Jan 17, 2025 · Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle Securities and Exchange Commission charges over …

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Wells Fargo And Merill Lynch Paying $60,000,000 Fine For Allegedly ...

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6 days ago · Two Wall Street titans are shelling out a combined $60 million to the U.S. Securities and Exchange Commission for allegedly serving their own interests at the detriment of clients. …

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SEC Penalizes Wells Fargo, Merrill Lynch Over Cash Sweep Accounts

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Wells Fargo, Merrill to Pay $60 Million Penalties Over Cash Sweep Accounts: SEC. ... Merrill Lynch and two units of Wells Fargo have agreed to pay $60 million in combined penalties to …

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

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4 days ago · 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 Settles Charges Against Bank Of America, Wells Fargo Units

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Jan 17, 2025 · The Securities and Exchange Commission settled charges against units within Bank of America and Wells Fargo that will result in $60 million in total civil penalties. The SEC …

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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 (NYSE: WFC) advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S. Securities and Exchange …

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Merrill, Wells Fargo To Cough Up $60M Over Cash Sweep Programs

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Jan 17, 2025 · Merrill Lynch and Wells Fargo have agreed to pay a total of $60 million to resolve allegations of Advisers Act violations related to the interest rates offered in their cash sweep …

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Owler Reports - Wells Fargo: Wells Fargo, BofA Units Pay SEC …

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Source: Law 360 Wells Fargo: Wells Fargo, BofA Units Pay SEC $60M Over Cash Sweeps The U.S. Securities and Exchange Commission on Friday announced that Merrill Lynch and two …

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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. ...

How much does Wells Fargo pay in sweep accounts?

Wells Fargo currently pays as little as 0.02% in sweep accounts, according to its website, which notes that advisory accounts and nontaxable accounts may receive rates higher than the published rates. Merrill Lynch’s sweep program currently pays advisory clients 4.21%. ...

Does Wells Fargo have a sweep option?

A spokesperson for the company’s Wells Fargo Advisors brokerage unit declined to comment. Wells Fargo Advisors has three sweep options for customer cash in advisory accounts, including two that deposit cash in interest-bearing bank accounts and a third that purchases money market funds. ...

Why did Merrill Lynch & Wells Fargo pay $60 million?

Merrill Lynch and two units of Wells Fargo have agreed to pay $60 million in combined penalties to settle Securities and Exchange Commission charges that they failed to consider the best interest of clients when designing automatic cash sweep programs that paid low interest rates to customers. Welcome to Barron's Advisor! ...

How much did Wells Fargo pay the SEC?

The firms paid $60 million to settle the claims without admitting to or denying the regulator’s allegations. Wells Fargo Clearing Services agreed to pay a civil penalty of $28 million; Wells Fargo Advisors Financial Network, $7 million; and Merrill, $25 million, according to the SEC’s cease-and-desist orders. ...

Did Wells Fargo pay a civil penalty?

Wells Fargo Clearing Services agreed to pay a civil penalty of $28 million; Wells Fargo Advisors Financial Network, $7 million; and Merrill, $25 million, according to the SEC’s cease-and-desist orders. Wealth advisers direct clients into so-called cash sweep accounts before customers make investment decisions. ...