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Wells Fargo to pay $35mln penalty over extreme charges, U.S. SEC says By Reuters

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NEW YORK (Reuters) – Wells Fargo (NYSE:) has agreed to pay a $35 million civil penalty to settle U.S. prices that the corporate overcharged advisory charges, the Securities and Alternate Fee stated on Friday.

The SEC stated it charged Wells Fargo Clearing Providers LLC and Wells Fargo Advisors Monetary Community LLC for overcharging greater than 10,900 funding advisory accounts greater than $26.8 million in advisory charges.

The SEC alleged that Wells Fargo and its predecessor companies overcharged sure shoppers who opened accounts previous to 2014 for advisory charges by way of the tip of December 2022.

Wells Fargo settled with out admitting or denying the fees, the SEC stated in an announcement. Wells Fargo paid affected account holders about $40 million, together with curiosity, to reimburse them for the overcharging, in keeping with the assertion.

Wells didn’t instantly reply to a request for remark.

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