Merrill, Wells Fargo and SEC

Wells Fargo firms, Merrill Lynch to pay $60 million to settle SEC charges
Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S. Securities and Exchange Commission charges over compliance failures, the regulator said on Friday.
Wells Fargo, Merrill to Pay $60 Million Penalties Over Cash Sweep Accounts: SEC
Advisory clients’ uninvested dollars were automatically swept into bank accounts that paid paltry interest, but were profitable for the companies, the SEC said.
Merrill, Wells Fargo to Cough Up $60M over Cash Sweep Programs
Merrill and Wells are facing a total of at least 11 lawsuits related to the interest rates in their cash sweep programs, and at least 33 suits — nearly all filed within the past six months — are pending against other firms, according to an FA-IQ tally of filings.
Wells Fargo, Merrill Lynch Pay $60M to Settle Cash Sweep Charges
The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims.
Wells Fargo, Merrill Fined $60M For Low Cash Sweep Rates, SEC Says
The firms failed to consider the best interests of clients when selecting cash sweep programs, the agency said.
Wells Fargo, Merrill settle SEC 'sweeps' probe for $60M
Regulators took the wirehouses to task for not having policies directing advisors to consider clients' best interests.
Wells Fargo firms, Merrill Lynch to pay $60 mln to settle SEC charges
The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have agreed to pay a combined $60 million in civil penalties to settle charges over compliance failures.
Wells Fargo advisory firms, Merrill Lynch to pay $60M to settle SEC charges
The Securities and Exchange Commission on Friday announced settled charges against registered investment advisers Wells Fargo Clearing Services
SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch with Compliance Failures Relating to Cash Sweep Programs
According to the SEC's orders, Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs (BDSPs) as the only cash sweep option for most advisory clients and received a significant financial benefit from advisory client cash in the BDSPs.
Wells Fargo and Bank of America Agree to Pay Combined $60 Million to Settle SEC Probe
In the enforcement actions announced Friday, the regulator said the two firms agreed to settle the charges without admitting ...
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Wells Fargo keeping focus on independent advisors in 2025
Wells Fargo & Co.’s multi-year plan to support and build its independent broker and advisor channel is to keep on rolling in ...