SEC headquarters, Washington, D.C. Photo: Diego M. Radzinschi/NLJWells Fargo and Bank of America Agree to Pay Combined $60 Million to Settle SEC Probe
In the enforcement actions announced Friday, the regulator said the two firms agreed to settle the charges without admitting or denying any wrongdoing.
January 17, 2025 at 03:15 PM
2 minute read
The U.S. Securities and Exchange Commission smacked Wells Fargo and Bank of America with a combined $60 million in penalties for allegedly mismanaging the cash sweeps of their clients.
Cash sweeps are a method used by investment firms that automatically collects and deposits leftover cash from the accounts of its customers and channels them into an affiliated bank account, where the brokerage earns interest on it.
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