Wells Fargo has been fined $450,000 for failing to ensure that agents and supervisors were registered with the state of Massachusetts.
More Than 1600 Securities Agents with Lapsed Registration
According to the settlement agreement between Wells Fargo and the Massachusetts securities division, during 30 months in which the state examined the financial institution, over 1,000 agents and over 500 supervisors did not have the appropriate registration. The release further contended that the state securities division had informed Wells Fargo of the lapses in registration more than 150 times.
Wells Fargo Fined and Order to Register All Agents
In addition to the $450,000 fine due to the state, WF agreed to register all its agents conducting securities business with the securities division. Part of the settlement agreement also requires Wells Fargo to review, regulate, and enforce the policies and procedures regarding its registered securities agents.
After the massive fake account scandal that hit Wells Fargo in the recent past, it is surprising to hear that the bank would any additional mass-scale supervisory failures.
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Dimond Kaplan & Rothstein, P.A. has vast experience representing investors who have lost money as a result of securities fraud or brokerage misconduct. We will aggressively pursue claims to recover your losses or damages.
If you are looking for a securities fraud attorney to review your rights and options, the securities fraud lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of securities fraud or brokerage misconduct.