Wells Fargo Settles with SEC Over Excessive Advisory Fees, Pays $35 Million Civil Penalty
Wells Fargo has agreed to pay a $35 million civil penalty to resolve charges brought by the Securities and Exchange Commission (SEC) for overcharging more than 10,900 investment advisory accounts a total of over $26.8 million in advisory fees. This settlement highlights the need for stringent compliance procedures to ensure that financial firms honor their agreements with clients, even as they expand through acquisitions.