Violation Tracker Individual Record

Company: 
Wells Fargo Securities LLC
Current Parent Company: 
Wells Fargo
Penalty: 
$11,000,000
Year: 
2011
Date: 
April 5, 2011
Primary Offense: 
toxic securities abuses
Secondary Offense: 
investor protection violation
Violation Description: 

The Securities and Exchange Commission announced that Wells Fargo Securities LLC agreed to settle allegations that Wachovia Capital Markets LLC engaged in misconduct in the sale of two collateralized debt obligations tied to the performance of residential mortgage-backed securities as the U.S. housing market was beginning to show signs of distress in late 2006 and early 2007.

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.