{"id":5680,"date":"2014-10-21T00:00:00","date_gmt":"2014-10-21T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/10\/wells_fargo_to_pay_5m_over_ina"},"modified":"2021-12-08T10:52:09","modified_gmt":"2021-12-08T16:52:09","slug":"wells-fargo-to-pay-5m-over-ina","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-to-pay-5m-over-ina\/","title":{"rendered":"Wells Fargo to Pay $5M Over Inadequate Controls, Altered Documents"},"content":{"rendered":"\n

Wells Fargo Advisers LLC has consented to pay $5M to resolve U.S. Securities and Exchange Commission charges accusing the firm of not keeping up adequate controls so that one of its employees would be unable to use a customer\u2019s nonpublic information to engage in insider trading. Wells Fargo also was charged with taking too long to produce documents during the SEC\u2019s probe and giving the regulator an altered document related to a review of a broker\u2019s trading activities.<\/p>\n

Federal law mandates that investment advisers and broker-dealers set up, keep up, and enforce procedures and policies so that material nonpublic data of customers is not misappropriated. This is the first time the Commission has charged a brokerage firm for not protecting a customer\u2019s material, nonpublic data. Wells Fargo is settling the charges without admitting or denying wrongdoing.<\/p>\n

The agency says that Wells Fargo broker Waldyr Da Silva Prado Neto found out in confidence from a customer that private equity firm 3G Capital Partners Ltd. was acquiring Burger King in 2010. The client had placed $50 million in the fund that would go on to acquire the hamburger chain. Prado then traded on the information before it was made public. The regulator filed insider trading charges in 2012. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Wells Fargo Advisers LLC has consented to pay $5M to resolve U.S. Securities and Exchange Commission charges accusing the firm of not keeping up adequate controls so that one of its employees would be unable to use a customer\u2019s nonpublic information to engage in insider trading. Wells Fargo also was charged with taking too long […]<\/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":[3752,3836],"tags":[],"class_list":["post-5680","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-wells-fargo"],"yoast_head":"\nWells Fargo to Pay $5M Over Inadequate Controls, Altered Documents — Investor Lawyers Blog — October 21, 2014<\/title>\n<meta name=\"description\" content=\"Wells Fargo Advisers LLC has consented to pay $5M to resolve U.S. Securities and Exchange Commission charges accusing the firm of not keeping up adequate — October 21, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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