26 August 2023
Wells Fargo & Co. has agreed to pay a $35 million penalty to settle allegations that it overcharged more than 10,900 investment advisory accounts, the Securities and Exchange Commission said.
The overcharges at two Wells Fargo units amounted to over $26.8 million in advisory fees, the SEC said in a statement Friday.
Certain financial advisers “agreed to reduce the firms’ standard, pre-set advisory fees for certain clients and made handwritten or typed changes on the clients’ investment advisory agreements that reflected the reduced fees at the time their accounts were opened,” the regulator said in its order.
“We’re pleased to resolve this matter,” Caroline Szyperski, a Wells Fargo spokesperson, said in a statement. “The process that caused this issue was corrected nearly a decade ago. And, as noted in the settlement documents, Wells Fargo Advisors conducted a thorough review of accounts and has fully reimbursed affected customers.”
San Francisco-based Wells Fargo is Minnesota’s second-largest bank by deposit market share.
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