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Search resuls for: "Wells Fargo overcharged"


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New York CNN —For years, Wells Fargo overcharged almost 11,000 investment advisory accounts about $27 million in fees, federal regulators alleged on Friday. Wells Fargo agreed to pay a $35 million civil penalty to settle the matter, without admitting or denying the SEC charges. The agency said Wells Fargo also paid account holders about $40 million — including interest — to reimburse customers who’d been overcharged. The SEC also said Wells Fargo overcharged some clients who opened accounts prior to 2014 through the end of 2022. Wells Fargo spokesperson Caroline Szyperski said Wells Fargo Advisors conducted a “thorough review” of accounts and has fully reimbursed affected customers.
Persons: Wells, Wells Fargo, , ” Gurbir Grewal, Edwards, Caroline Szyperski, “ We’re Organizations: New, New York CNN, Securities, Exchange Commission, SEC, Wells Fargo Advisors, Wachovia, Advisors Locations: New York, Wells Fargo overcharged, Wells, Wells Fargo
Wells Fargo paid back $40 million to almost 11,000 customers who for years were overcharged on fees for investment advice, the Securities and Exchange Commission said Friday. Wells Fargo neither admitted nor denied the allegations, the agency said. However, internal systems failed to account for those reduced advisory fees in some cases, the SEC said. (AG Edwards and Wachovia merged in 2007; Wells Fargo and Wachovia then did so in 2008.) Caroline Szyperski, a spokesperson for Wells Fargo, said the firm is "pleased to resolve this matter."
Persons: Wells Fargo, Wells, There's, — AG, Gurbir Grewal, Caroline Szyperski Organizations: Securities and Exchange Commission, SEC, Finance, , — AG Edwards, Wachovia —, Edwards, Wachovia Locations: Wells Fargo
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