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September 22, 2014

Posted  January 26, 2016

Wells Fargo Advisors LLC agreed to pay $5 million to settle charges it failed to maintain adequate controls to prevent one of its employees from insider trading based on a customer’s nonpublic information.  The SEC also charged Wells Fargo for unreasonably delaying its production of documents during the SEC’s investigation and providing an altered internal document related to a compliance review of the broker’s trading.  This was the first time the SEC brought charges against a broker-dealer for failing to protect a customer’s material nonpublic information.  SEC

Tagged in: Insider Trading, Regulatory Violations, Securities Fraud,