The U.S. Securities and Exchange Commission headquarters in Washington, D.C. Photo: Diego M. Radzinschi/ALMSEC Penalizes Wells Fargo, LPL Financial $900,000 Each for Inaccurate Trading Data
Both companies have made efforts to improving their blue sheet data reporting by hiring more personnel, implementing new governance frameworks and strengthening reporting technology, the U.S. Securities and Exchange Commission stated.
December 20, 2024 at 05:16 PM
3 minute read
Wells Fargo and LPL Financial each agreed to pay $900,000 in civil penalties to settle charges of providing incomplete and inaccurate securities trading information, the U.S. Securities and Exchange Commission announced Friday.
From July 2018 to February 2023, Wells Fargo made about 11,195 inaccurate submissions of trading information, also known as blue sheet data, which resulted in the misreporting of trade data for at least 10.6 million transactions, the SEC stated in its order.
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