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 ...
Wells Fargo, Merrill Cash-Sweep Accounts Shortchanged Clients, SEC Alleges
Investment adviser units of Wells Fargo & Co. and Bank of America Corp.’s Merrill shortchanged customers by funneling ...
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 ...
WealthManagement.com2d
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.
Financial Planning2d
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.
Financial Advisor2d
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.
InvestmentNews2d
SEC slams Wells Fargo, Merrill with $60 million in penalties over clients’ cash
“Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs, or BDSPs, as the only cash sweep option for most advisory clients and received a significant financial benefit from ...
Financial Planning4d
Despite $50M sweeps hit, Wells Fargo's wealth profits soar
Wells Fargo and other large wealth managers have been under scrutiny from plaintiffs' lawyers and regulators for the returns ...