Wells Fargo to Pay $3.1 Million as Finra Wraps up UIT Sweep

Dec 13, 2021 · The review concluded on Monday with a settlement with two Wells Fargo Advisors broker-dealers that agreed to pay $3.1 million in fines and restitution over failure to supervise …

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Wells Fargo To Pay $3.1 Million As Finra Wraps Up UIT Sweep

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Dec 13, 2021 · The review concluded on Monday with a settlement with two Wells Fargo Advisors broker-dealers that agreed to pay $3.1 million in fines and restitution over failure to supervise …

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Wells Fargo Fined $3.1 Million As FINRA Completes UIT Sweep

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Dec 15, 2021 · As the sweep concluded, FINRA agreed to a settlement with two Wells Fargo advisors which agreed to pay $3.1 million in fines and restitution for allegedly failing to …

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Wells Fargo To Pay $3.1M In FINRA UIT Investigation - Investor …

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Wells Fargo Clearing Services and Wells Fargo Advisors have arrived at a settlement with the Financial Industry Regulatory Authority (FINRA). The two broker-dealers will pay $3.1M for purportedly not setting up and maintaining a supervisory system that complied with the self-regulatory organization’s (SRO’s) rules involving early unit investment tr...

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Wells Fargo Hit With $3.1 M In Finra UIT Exam Sweep

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Dec 13, 2021 · Wells Fargo Investments LLC has agreed to pay $3.1 million to settle charges it allowed unsuitable sales of reverse convertible securities and for failing to provide sales …

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Wells Fargo Fined $3.1 Million For Sales Of Unit Investment Trusts …

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Dec 22, 2021 · The FINRA UIT investigation started in 2016, triggered by its findings of improper rollovers, in the thousands, by Morgan Stanley Wealth Management brokers. The wirehouse …

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Wells Fargo Handed $3.1m Penalty As Finra Concludes UIT

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Dec 15, 2021 · The Financial Industry Regulatory Authority (Finra) has completed a years-long regulatory investigation over the sale of unit investment trusts (UITs), resulting in settlements …

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Wells Fargo Fined $3.1 Million As FINRA Completes UIT Sweep

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The Financial Industry Regulatory Authority (FINRA) has completed an expansive 5-year sweep of Unit Investment Trust (UIT) sales, which has prompted six fi...

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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, Wedbush Settle Cases On UITs And Unregistered …

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In settlements of separate cases filed this week by FINRA and the SEC, two Wells Fargo units agreed to pay $3.1 million as the last case in a targeted examination of early UIT rollovers …

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FINRA Caps Off UIT Rollover Sweep With $2M Fine On Wells Fargo …

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Dec 13, 2021 · The sweep, which began in 2019, yielded more than $23 million in fines and restitution, FINRA said.

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Wells Fargo On The Hook For $3.1M In Finra UIT Sweep

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In a letter of acceptance, waiver and consent signed by the two Wells Fargo entities in November, they agreed to pay nearly $2.5 million in restitution and a $650,000 fine. Finra sealed the deal …

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UIT - AdvisorHub

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February 9, 2022 Wells Fargo to Pay $3.1 Million as Finra Wraps up UIT Sweep December 13, 2021 Regulator Suspends Another Morgan Stanley Broker over UIT Sales February 9, 2018

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Wells Fargo On The Hook For $3.1M In Finra UIT Sweep - Financial …

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Dec 14, 2021 · Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network have settled with the Financial Industry Regulatory Authority over their alleged failure to supervise …

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Wells Fargo, Wedbush Settle FINRA And SEC Cases - Financial …

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Dec 17, 2021 · In settlements of separate cases filed this week by FINRA and the SEC, two Wells Fargo units agreed to pay $3.1 million as the last case in a targeted examination of early UIT …

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Wells Fargo To Pay Nearly $2.7 Million For Early UIT Rollovers

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Dec 14, 2021 · FINRA Sanctions Wells Fargo and four other BDs for excessive sales charges According to The Financial Industry Regulatory Authority on December 13, the regulator has …

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The Risk Universe

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The review concluded on Monday with a settlement with two Wells Fargo Advisors broker-dealers that agreed to pay $3.1 million in fines and restitution over failure to supervise improper short …

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Wells Fargo, LPL To Pay $1.8 Million Each Over Deficient Trade ...

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Dec 20, 2024 · Wells Fargo Advisors’ broker-dealer unit and LPL Financial have agreed to pay $1.8 million each to settle allegations that they filed deficient trade reports with regulators, …

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FAQs about Wells Fargo to Pay $3.1 Million as Finra Wraps up UIT Sweep Coupon?

How much 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 agreed to pay a civil penalty of $7 million; and Merrill Lynch agreed to pay a civil penalty of $25 million. ...

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. ...

Does Wells Fargo recommend bank programs that share revenue?

Wells Fargo Advisors discloses in client brochures that it has an incentive to recommend certain bank programs that share revenue but could result in lower yields for the customer. ...

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. ...

Does Wells Fargo own allspring Global Investments?

The money market mutual fund is managed by Wells Fargo’s former asset management unit, which was sold off in 2021 and renamed Allspring Global Investments. Wells still has equity ownership in Allspring and agreed to provide Allspring with ongoing services and research for a fee, according to a July 2023 ADV filing. ...

What is the money market fund sweep?

The Money Market Fund Sweep is typically offered to government accounts, insurance companies, banks and credit unions, and invests in the AllSpring Government Money Market Fund, which advertised a 4.93% yield as of October 31. ...