Wells Fargo to pay $35mln penalty over excessive fees, U.S. SEC says By Reuters

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<span>© Reuters. Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon</span><br />
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<p>NEW YORK (Reuters) – <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Wells Fargo </span></span> (NYSE:) has agreed to pay a $35 million civil penalty to settle U.S. charges that the company overcharged advisory fees, the Securities and Exchange Commission said on Friday.</p>
<p>The SEC said it charged Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC for overcharging more than 10,900 investment advisory accounts more than $26.8 million in advisory fees. </p>
<p>The SEC alleged that Wells Fargo and its predecessor firms overcharged certain clients who opened accounts prior to 2014 for advisory fees through the end of December 2022.</p>
<p>Wells Fargo settled without admitting or denying the charges, the SEC said in a statement. Wells Fargo paid affected account holders about $40 million, including interest, to reimburse them for the overcharging, according to the statement.</p>
<p>Wells did not immediately respond to a request for comment. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/wells-fargo-to-pay-35mln-penalty-over-excessive-fees-us-sec-says-3161514">Source link </a></p><p>The post <a href="https://forextraderhub.com/wells-fargo-to-pay-35mln-penalty-over-excessive-fees-u-s-sec-says-by-reuters.html">Wells Fargo to pay $35mln penalty over excessive fees, U.S. SEC says By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>