SEC, Merrill and Wells Fargo

Wells Fargo firms, Merrill Lynch to pay $60 mln to settle SEC charges
The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have agreed to pay a combined $60 million in civil penalties to settle charges over compliance failures.
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 profitable for the companies, the SEC said.
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.
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.
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.
Wells Fargo advisory firms, Merrill Lynch to pay $60M to settle SEC charges
The Securities and Exchange Commission on Friday announced settled charges against registered investment advisers Wells Fargo Clearing Services
SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch with Compliance Failures Relating to Cash Sweep Programs
According to the SEC's orders, Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs (BDSPs) as the only cash sweep option for most advisory clients and received a significant financial benefit from advisory client cash in the BDSPs.
Banks Scrimped on Customer Interest. Now They’re Paying for It.
When the Federal Reserve started raising its benchmark rates in 2022, banks kept paying very little on sweep accounts. That ...
Merrill Lynch Brings More Wealthy Clients to Its Fee-Based Advisory Program
Bank of America’s brokerage unit reported strong growth, as did the company’s private bank, as executives are emphasizing ...
Financial Advisor IQ1d
Merrill, Wells Fargo to Cough Up $60M over Cash Sweep Programs
Merrill and Wells are facing a total of at least 11 lawsuits related to the interest rates in their cash sweep programs, and ...
Ex-Merrill Banker Turned M&A Pro Caught Up in Insider Tips Case
An ex-Merrill Lynch banker turned in-house deals expert lost a ruling over whether a raid of his home in the Paris suburb of ...
InvestmentNews2d
Morgan Stanley wants loan growth. Merrill sells more alts
In the case of Morgan Stanley, the wirehouse wants its financial advisors to increase their banking relationships with ...
Financial Advisor IQ1d
Merrill, Morgan Stanley Bank on Banking for Wealthy Clients
Merrill Lynch and Morgan Stanley executives on Thursday discussed plans to further tap in-house banking services in their ...
Bank of America and Merrill Lynch sell $65 in Nuveen fund shares
Bank of America Corp (NYSE:BAC) and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc. disclosed recent transactions ...
InvestmentNews3d
Ex-Raymond James, Merrill advisors depart for LPL
On Wednesday, the firm announced financial advisors Larry Forlenza and Carl Hanks, who previously oversaw nearly $430 million ...