{"id":2121,"date":"2018-03-07T11:53:28","date_gmt":"2018-03-07T17:53:28","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=2121"},"modified":"2022-03-22T15:48:08","modified_gmt":"2022-03-22T20:48:08","slug":"securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/","title":{"rendered":"Securities News:  Wells Fargo&#8217;s Wealth Management Division is Reportedly Under Investigation, Merrill Lynch is Accused of Gatekeeping Failures Involving Unregistered Securities Sales, and NYSE Must Pay $14M Over Regulatory Failures"},"content":{"rendered":"<h2><strong>SEC Reportedly Investigating Wells Fargo Over Possible Inappropriate Investment Sales to Wealth Management Clients<\/strong><\/h2>\n<p>According to news reports, the US Securities and Exchange Commission is investigating Wells Fargo&#8217;s (WFC) Wealth Management unit to see whether its clients were inappropriately sold certain in-house investment services even though these were not in their best interests. A source told <em>Bloomberg<\/em> that the regulator&#8217;s role in the probe has not been publicly disclosed.<\/p>\n<p>However, in a regulatory filing, Wells Fargo revealed that it is looking into whether <a href=\"https:\/\/www.investorlawyers.com\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\">inappropriate recommendations <\/a>were made related to 401(k) plan rollovers, alternative investments, and brokerage customer referrals to the firm&#8217;s &#8220;investment and fiduciary-services business.&#8221; The bank noted that it was assessing these matters in its wealth management business in the wake of inquiries made by federal agencies.<\/p>\n<p><em>Bloomberg<\/em> notes that it was in 2015 that JPMorgan Chase &amp; Co. (JPM) consented to pay $267M over allegations that its customers were not told that it had profited by placing their funds in certain hedge funds and mutual funds that charged particular fees.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/#more-2121\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC Reportedly Investigating Wells Fargo Over Possible Inappropriate Investment Sales to Wealth Management Clients According to news reports, the US Securities and Exchange Commission is investigating Wells Fargo&#8217;s (WFC) Wealth Management unit to see whether its clients were inappropriately sold certain in-house investment services even though these were not in their best interests. A source [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3800,3740,3760,3795,3761,3836],"tags":[2856,2961,2989],"class_list":["post-2121","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-merrill-lynch","category-miscellaneous","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis","category-wells-fargo","tag-nyse","tag-sec","tag-securities-settlements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Investigating Wells Fargo Wealth Management Unit | Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"The US SEC is investigating Wells Fargo&#039;s Wealth Management unit to see whether its clients were inappropriately sold certain in-house investment services\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Investigating Wells Fargo Wealth Management Unit | Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"The US SEC is investigating Wells Fargo&#039;s Wealth Management unit to see whether its clients were inappropriately sold certain in-house investment services\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Investigating Wells Fargo Wealth Management Unit | Investor Lawyers Blog","description":"The US SEC is investigating Wells Fargo's Wealth Management unit to see whether its clients were inappropriately sold certain in-house investment services","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/","twitter_card":"summary_large_image","twitter_title":"SEC Investigating Wells Fargo Wealth Management Unit | Investor Lawyers Blog","twitter_description":"The US SEC is investigating Wells Fargo's Wealth Management unit to see whether its clients were inappropriately sold certain in-house investment services","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Securities News: Wells Fargo&#8217;s Wealth Management Division is Reportedly Under Investigation, Merrill Lynch is Accused of Gatekeeping Failures Involving Unregistered Securities Sales, and NYSE Must Pay $14M Over Regulatory Failures","datePublished":"2018-03-07T17:53:28+00:00","dateModified":"2022-03-22T20:48:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/"},"wordCount":635,"keywords":["NYSE","SEC","Securities Settlements"],"articleSection":["Financial Firms","Merrill Lynch","Miscellaneous","SEC Enforcement","SEC Settlements","Securities and Exchange Commission","Wells Fargo"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/","url":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/","name":"SEC Investigating Wells Fargo Wealth Management Unit | Investor Lawyers Blog","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2018-03-07T17:53:28+00:00","dateModified":"2022-03-22T20:48:08+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"The US SEC is investigating Wells Fargo's Wealth Management unit to see whether its clients were inappropriately sold certain in-house investment services","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-news-wells-fargos-wealth-management-division-reportedly-investigation-merrill-lynch-accused-gatekeeping-failures-involving-unregistered-securities-sales-nyse-must-pa\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Securities News: Wells Fargo&#8217;s Wealth Management Division is Reportedly Under Investigation, Merrill Lynch is Accused of Gatekeeping Failures Involving Unregistered Securities Sales, and NYSE Must Pay $14M Over Regulatory Failures"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; 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