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Company: Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC
Current Parent Company:
Wells Fargo
Parent at the Time of the Penalty Announcement:
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Penalty: $2,075,000
Year: 2020
Date: September 2, 2020
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC agreed to pay more than $1.4 million in restitution, plus interest, to approximately 100 customers and fines totaling $675,000 for failing to supervise recommendations that customers switch from variable annuities to investment company products.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data:
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Notes: FINRA is a securities industry self-regulatory body authorized by the federal government.
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
Update Log.