Wells Fargo Fined $450,000 for Failing to Register Agents and Supervisors
6 September 2019: Wells Fargo has been fined $450,000 by securities regulator, William Galvin, after it failed to register its agents and supervisors in the Bay State.
Over a 30 month examination period, William Galvin found that 1,098 Wells agents and 561 supervisors of those agents failed to complete adequate registrations. The lapses occurred despite repeated warnings from Galvin, who had contacted Wells on 149 occasions to remind them of their registration duties.
Wells Fargo have agreed to now register its agents and to review its existing policies and procedures around the issue.