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August 25, 2023

Posted  August 25, 2023

Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC (collectively, Wells Fargo), has agreed to pay $35 million in civil penalties to resolve charges of overcharging more than 10,900 investment advisory accounts more than $26.8 million in excessive advisory fees.  The fees were inadvertently charged to certain clients who opened accounts before 2014 through the end of 2022, after account processing staff failed to enter agreed-upon reduced fees into billing systems.  Wells Fargo has already reimbursed affected accountholders approximately $40 million with interest.  SEC

Tagged in: Financial Institution Fraud,