In a press release put out earlier today, the SEC likewise confirmed that accountholders directly impacted have also received a collective $40 million plus interest to compensate for being previously defrauded.
Finally, the SEC revealed that Wells Fargo conceded to breaching the Investment Advisers Act of 1940’s Sections 206(2) and 206(4), along with Rule 206(4)-7. The financial services company moreover submitted to censure and an order to cease-and-desist.
More problems coming down the pipeline
When people use banks, credit unions, and other financial services organizations, they routinely count on these companies to do the right thing. This means honoring formal agreements, only charging what is owed, and otherwise operating aboveboard.
Amid the latest drama with the SEC, Wells Fargo is not completely out of the woods. It’s since come to light that their customers are running into issues that are blocking the use of their bank cards, along with the transfer of funds stored in their accounts.
