Wells Fargo Overcharged Clients $27 Million in Fees, SEC Alleges
- Firm to pay $35 million to settle regulator’s allegations
- Bank failed to deliver on promised advisory-fee discounts: SEC
A customer uses an ATM at a Wells Fargo branch in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Wells Fargo & Co. has agreed to pay a $35 million penalty to settle allegations that it overcharged more than 10,900 investment advisory accounts, the Securities and Exchange Commission said.
The overcharges at two Wells Fargo units amounted to over $26.8 million in advisory fees, the SEC said in a statement Friday.