Violation Tracker Individual Record

Company: 
Wells Fargo
Current Parent Company: 
Wells Fargo
Penalty: 
$6,500,000
Year: 
2012
Date: 
August 14, 2012
Primary Offense: 
toxic securities abuses
Secondary Offense: 
investor protection violation
Violation Description: 

The Securities and Exchange Commission announced that Wells Fargo's brokerage firm and a former vice president settled allegations of selling investments tied to mortgage-backed securities without fully understanding their complexity or disclosing the risks to investors.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.