SEC Whacks Wells Fargo for $5 Million

WASHINGTON (CN) – Wells Fargo will pay $5 million for failing to stop an employee from inside trading based on a customer’s private information, the SEC said Monday.
     Wells Fargo Advisors, in an unusual step in an SEC case, will admit wrongdoing in what the SEC called its first case ever against a broker-dealer for failing to protect a customer’s private information.
     The SEC also charged Wells Fargo with unreasonably delaying production of documents and providing an altered internal document in a compliance review of the broker’s trading.

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