SEC FINES WELLS FARGO AND MERRILL LYNCH $60 MILLION FOR COMPLIANCE FAILURES IN CASH SWEEP PROGRAMS
The U.S. Securities and Exchange Commission (SEC) has charged two major financial advisory firms, Wells Fargo and Merrill Lynch, with compliance failures related to their cash sweep programs. The firms have agreed to pay a combined $60 million in penalties as part of a settlement. The SEC found that both companies failed to implement adequate…
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